Araştırma Makalesi
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Comparison of Firm Level Corporate Governance Indices - Literature Review

Yıl 2021, , 115 - 135, 28.08.2021
https://doi.org/10.38009/ekimad.917819

Öz

Corporate governance has become an important issue in the markets and then related literature especially due to the crisis and the scandals. In this study, it aims to summarize the academic and commercial corporate governance indexes of the firm level in the literature as a whole and to contribute to the literature by revealing the barriers to the formation of a single corporate governance mechanism in the light of the main studies in the field. A qualitative study was conducted for this purpose; by exaiming the academic and commercial corporate governance indices at the firm level in the literature, the differences and discussions on the corporate governance indexes were summarized. These findings reveal that, due to the reasons stated at the end of the study, it does not seem possible to standardize on corporate governance yet.

Kaynakça

  • Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010). The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of economic literature, 48(1), 58-107.
  • Aktan, C. C. (2005). Kurumsal şirket yönetimi. Organizasyon ve Yönetim Bilimleri Dergisi, 5(1), 150-161.
  • Apreda, R. (2007). Factoring governance risk into investors' expected rates of return by means of a weighted average governance index. Universidad Del Cema Working Paper Series, 356.
  • Ararat, M., & Yurtoğlu, B. B. (2006). Yönetişim ve küresel rekabet. Yönetim Araştırmaları Dergisi, 6(1-2), 5-44.
  • Ashbaugh-Skaife, H., & Lafond, R. (2006). Corporate governance and the cost of equity capital: An analysis of US and non-US firms’ GMI ratings. GovernanceMetrics International-sponsored research.
  • Bauer, R., Guenster, N., & Otten, R. (2004). Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance. Journal of Asset Management, 5(2), 91-104.
  • Bebchuk, L. A., & Cohen, A. (2005). The costs of entrenched boards. Journal of financial economics, 78(2), 409-433.
  • Bebchuk, L., Cohen, A., & Ferrell, A. (2008). What matters in corporate governance? The Review of Financial Studies, 22(2), 783-827.
  • Beiner, S., Drobetz, W., Schmid, M., & Zimmermann (2004). H. An ıntegrated framework of corporate governance and firm valuation–Evidence from Switzerland. ECGI Working Paper Series in Finance, 34.
  • Bhagat, S., & Black, B. (2001). The non-correlation between board independence and long-term firm performance. J. CorP. l., 27, 231.
  • Bhagat, S., Bolton, B. J., & Romano, R. (2008). The promise and peril of corporate governance indices. Colombia Law Review, 108(8), 1800- 1880.
  • Black, B. (2000). Does Corporate Governance Matter--A Crude Test Using Russian Data. U. Pa. L. Rev., 149, 2131.
  • Black, B. (2001). The corporate governance behavior and market value of Russian firms. Emerging markets review, 2(2), 89-108.
  • Black, B. S., Jang, H., & Kim, W. (2003). Predicting firms' corporate governance choices: Evidence from Korea. Stanford Law School, John M. Olin Program in Law and Economics Working Paper, 269.
  • Black, B. S., Jang, H., & Kim, W. (2006). Predicting firms' corporate governance choices: Evidence from Korea. Journal of Corporate Finance, 12(3), 660-691.
  • Black, B. S., Love, I., & Rachinsky, A. (2006). Corporate governance indices and firms' market values: Time series evidence from Russia. Emerging Markets Review, 7(4), 361-379.
  • Brown, J. R., Falaschetti, D., & Orlando, M. J. (2007). Is auditor ındependence endogenous? evidence against common governance ındices and sarbanes-oxley prescriptions. National Felow, Hoover Institution, Stanford University.
  • Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409-434.
  • Campos, C. E., Newell, R. E., & Wilson, G. (2002). Corporate governance develops in emerging markets. McKinsey on finance, 3, 15-18.
  • Chen, A., Kao, L., Tsao, M., & Wu, C. (2007). Building a corporate governance index from the perspectives of ownership and leadership for firms in Taiwan. Corporate Governance: An International Review, 15(2), 251-261.
  • Chen, H. H. (2008). The timescale effects of corporate governance measure on predicting financial distress. Review of Pacific Basin Financial Markets and Policies, 11(01), 35-46.
  • Core, J. E., Guay, W. R., & Rusticus, T. O. (2006). Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. The Journal of Finance, 61(2), 655-687.
  • Core, J., & Guay, W. (1999). The use of equity grants to manage optimal equity incentive levels. Journal of accounting and economics, 28(2), 151-184. Cremers, K. M., & Nair, V. B. (2005). Governance mechanisms and equity prices. The Journal of Finance, 60(6), 2859-2894.
  • Daines, R. M., Gow, I. D., & Larcker, D. F. (2010). Rating the ratings: How good are commercial governance ratings?. Journal of Financial Economics, 98(3), 439-461.
  • Darman, G. M., & Hizmetler, M. T. O. I. F. (2005). Kurumsal yönetimde dünyadaki gelişmeler kurumsal yönetim endeksi ve kurumsal yönetim reytingi. (www.cgscenter.com)
  • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.
  • Denis, D. J., & Denis, D. K. (1995). Performance changes following top management dismissals. The Journal of finance, 50(4), 1029-1057.
  • Derwall, J., & Verwijmeren, P. (2007). Corporate governance and the cost of equity capital: Evidence from gmi's governance rating. European Centre for Corporate Engagement Research Note, 6(1), 1-11.
  • Dinç, E., & Abdiğlu, H. (2009). İşletmelerde kurumsal yönetim anlayışı ve muhasebe bilgi sistemi ilişkisi: İMKB-100 şirketleri üzerine ampirik bir araştırma. Balikesir University Journal of Social Sciences Institute, 12(21).
  • Dinler, A. M. (2009). Kurumsal Yönetişim. Paradoks, Ekonomi, Sosyoloji ve Politika Dergisi, 1-7.
  • Doidge, C. (2004) U.S. Cross-Listings and the Private Benefits of Control: Evidence from Dual Class Firms, Journal of Financial Economics, 72, 519–553.
  • Doidge, C., Karolyi, G. A., & Stulz, R. M. (2007). Why do countries matter so much for corporate governance?. Journal of financial economics, 86(1), 1-39.
  • Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64.
  • Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate governance and expected stock returns: Evidence from Germany. European financial management, 10(2), 267-293.
  • Durnev, A., & Kim, E. H. (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. The Journal of Finance, 60(3), 1461-1493. Dünya Bankası Seminerleri, 2002.(www.worldbank.org)
  • Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of financial economics, 48(1), 35-54.
  • Gang, W., Zezhong, X., Travlos, N., & Hong, Z. (2007). Background of Independent Directors and Corporate Performance [J]. Economic Research Journal, 3. Gillan, S., & Starks, L. T. (2003). Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Journal of applied Finance, 13(2).
  • Gillan, S., Hartzell, J. C., & Starks, L. T. (2006, March). Evidence on corporate governance: The joint determination of board structures and charter provisions. In AFA 2007 Chicago Meetings Paper.
  • Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The quarterly journal of economics, 118(1), 107-156.
  • Hermalin, B. E., & Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial management, 101-112.
  • Huther, J., & Shah, A. (1998). Applying a simple measure of good governance to the debate on fiscal decentralization (Vol. 1894). World Bank Publications.
  • İşcan, Ö. F., & Kayğın, E. (2009). Kurumsal yönetişim sürecinin gelişimi üzerine bir araştırma. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(2), 213-224.
  • Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880.
  • John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of banking & Finance, 22(4), 371-403.
  • Kaplan, S.N., 1989, "The Effects of Management Buyouts on Operating Performance and Value," Journal of Financial Economics, 24, 217-254.
  • Kim, Y. (1999) The Meaning and Future Direction of the Establishment of Best Practices for Korean Corporate Governance, Sang-Jang-Hyup, 39, 1–29.
  • Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728.
  • Klapper, L.F., Laeven, L., Love, I., 2003. What drives corporate governance reform? Firm-level evidence from Eastern Europe. World Bank Policy Research Working Paper No. 3600.
  • Klapper, L., Laeven, L., & Love, I. (2006). Corporate governance provisions and firm ownership: Firm-level evidence from Eastern Europe. Journal of International Money and Finance, 25(3), 429-444.
  • Koehn, D., & Ueng, J. (2005). Evaluating the evaluators: should investors trust corporate governance metrics ratings?. Journal of Management & Governance, 9(2), 111-128.
  • La Porta, R., Lopes-de-Silanes, F., Shleifer A., & Vishny, R. W. (2002). Investor protection and corpo- rate valuation. The Journal of Finance, 57(2), 1147-1170.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1-2), 3-27.
  • Lang M, ve Lundholm R. (1993) Cross Sectional Determinants of Analysts Ratfngs of Corporate Disclosure. Journal of Accounting Research, 31(2):246-271. Larcker, D. F., Richardson, S. A., & Tuna, A. (2005). How important is corporate governance?. Available at SSRN 595821.
  • Lee, T. S., & Yeh, Y. H. (2004). Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance: An International Review, 12(3), 378-388.
  • Leech, D., & Leahy, J. (1991). Ownership structure, control type classifications and the performance of large British companies. The Economic Journal, 101(409), 1418-1437.
  • Lehn, K., Patro, S., & Zhao, M. (2007). Governance indexes and valuation: which causes which?. Journal of Corporate Finance, 13(5), 907-928. Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The business lawyer, 59-77.
  • Lloyd, W. P., Modani, N. K., & Hand, J. H. (1987). The effect of the degree of ownership control on firm diversification, market value, and merger activity. Journal of Business Research, 15(4), 303-312.
  • Loderer, C., & Martin, K. (1997). Executive stock ownership and performance tracking faint traces. Journal of Financial economics, 45(2), 223-255. Love, I., & Klapper, L. F. (2002). Corporate governance, investor protection, and performance in emerging markets. The World Bank.
  • Luo, Q., & Hachiya, T. (2005). Corporate governance, cash holdings, and firm value: evidence from Japan. Review of Pacific Basin Financial Markets and Policies, 8(04), 613-636.
  • Martynova, M., & Renneboog, L. (2010). A corporate governance index: convergence and diversity of national corporate governance regulations. Mc Kisney 2000, 2002. (www.mckinsey.com)
  • McConnell, J., Servaes, H., 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27, 595–612. Miller-Millesen, J. L. (2003). Understanding the behavior of nonprofit boards of directors: A theory-based approach. Nonprofit and voluntary sector quarterly, 32(4), 521-547.
  • Monks, R., & Minow, N. (2002). Corporate Governance Blackwell Pub. 2th ed.
  • Morck, R., Shleifer, A., & Vishny, R. W. (1988). Alternative mechanisms for corporate control, Nber Working Paper Series, no: 2532.
  • Newell, R., & Wilson, G. (2002). A premium for good governance. McKinsey Quarterly, 3(2), 20-23.
  • Nikos, Vafeas (1999) Board Meeting Frequency and Firm Performance. Journal of Financial Economics 53: 1, 113- 142.
  • OECD- Ekonomik İşbirliği ve Kalkınma Örgütü İlkeleri -2004 (www.oecd.org)
  • Rechner, P. L., & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2), 155-160.
  • Salmon, W. J. (1993), “Crisis prevention: how to gear up your board”, Harvard Business Review, January-February, 68-75.
  • Shivdasani, A., (1993). Board composition, ownership structure, and hostile takeovers. Journal of Accounting and Economics 16,167-198.
  • SPK-Sermaye Piyasası Kurulu 14-4/55-3 Araştırma Raporu (1999), (www.spk.gov.tr)
  • SPK-Sermaye Piyasası Kurulu Kurumsal Yönetim İlkeleri (Şubat 2005), (www.spk.gov.tr)
  • Standard & Poor’un Kurumsallık Faaliyetleri: S&P İndeksleri (S&P Policies & Practices Index Methodology), 2002- 2004- 2010. (www.standardandpoors.com)
  • Tang, Y. (2007). An evaluation of corporate governance evaluation, governance index (CGI NK) and performance: Evidence from Chinese listed companies in 2003. Frontiers of Business Research in China, 1(1), 1-18.
  • Yang, H. O., & Shan, K. (2008). An Empirical Analysis of the Effect Components of the Corporate Governance Index on Firm Value: Evidence from Taiwan’s Financial Industry”. The Business Review, 10.
  • Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of financial economics, 40(2), 185-211.

Firma Düzeyinde Kurumsal Yönetim İndekslerinin Karşılaştırılması- Literatür İncelemesi

Yıl 2021, , 115 - 135, 28.08.2021
https://doi.org/10.38009/ekimad.917819

Öz

Kurumsal yönetim, özellikle yaşanan kriz ve skandalların etkisi ile piyasalarda ve sonrasında ilgili literatürde önem kazanan bir konu haline gelmiştir. Bu çalışma literatürde yer alan firma düzeyindeki akademik ve ticari kurumsal yönetim indekslerini bir bütün olarak özetlemek ve alandaki başlıca çalışmalar ışığında tek bir kurumsal yönetim mekanizması oluşmasının önündeki engelleri ortaya koyarak literatüre katkı sağlamayı amaçlamaktadır. Bu amaca yönelik olarak nitel bir çalışma yapılmış, literatürde yer alan firma düzeyindeki akademik ve ticari kurumsal yönetim indeksleri incelenerek aralarındaki farklar ve kurumsal yönetim indekslerine yönelik var olan tartışmalar özetlenmiştir. Bu bulgular çalışmanın sonunda ifade edilen gerekçelerden dolayı kurumsal yönetime dair standartlaşmanın henüz mümkün görünmediğini ortaya koymaktadır.

Kaynakça

  • Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010). The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of economic literature, 48(1), 58-107.
  • Aktan, C. C. (2005). Kurumsal şirket yönetimi. Organizasyon ve Yönetim Bilimleri Dergisi, 5(1), 150-161.
  • Apreda, R. (2007). Factoring governance risk into investors' expected rates of return by means of a weighted average governance index. Universidad Del Cema Working Paper Series, 356.
  • Ararat, M., & Yurtoğlu, B. B. (2006). Yönetişim ve küresel rekabet. Yönetim Araştırmaları Dergisi, 6(1-2), 5-44.
  • Ashbaugh-Skaife, H., & Lafond, R. (2006). Corporate governance and the cost of equity capital: An analysis of US and non-US firms’ GMI ratings. GovernanceMetrics International-sponsored research.
  • Bauer, R., Guenster, N., & Otten, R. (2004). Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance. Journal of Asset Management, 5(2), 91-104.
  • Bebchuk, L. A., & Cohen, A. (2005). The costs of entrenched boards. Journal of financial economics, 78(2), 409-433.
  • Bebchuk, L., Cohen, A., & Ferrell, A. (2008). What matters in corporate governance? The Review of Financial Studies, 22(2), 783-827.
  • Beiner, S., Drobetz, W., Schmid, M., & Zimmermann (2004). H. An ıntegrated framework of corporate governance and firm valuation–Evidence from Switzerland. ECGI Working Paper Series in Finance, 34.
  • Bhagat, S., & Black, B. (2001). The non-correlation between board independence and long-term firm performance. J. CorP. l., 27, 231.
  • Bhagat, S., Bolton, B. J., & Romano, R. (2008). The promise and peril of corporate governance indices. Colombia Law Review, 108(8), 1800- 1880.
  • Black, B. (2000). Does Corporate Governance Matter--A Crude Test Using Russian Data. U. Pa. L. Rev., 149, 2131.
  • Black, B. (2001). The corporate governance behavior and market value of Russian firms. Emerging markets review, 2(2), 89-108.
  • Black, B. S., Jang, H., & Kim, W. (2003). Predicting firms' corporate governance choices: Evidence from Korea. Stanford Law School, John M. Olin Program in Law and Economics Working Paper, 269.
  • Black, B. S., Jang, H., & Kim, W. (2006). Predicting firms' corporate governance choices: Evidence from Korea. Journal of Corporate Finance, 12(3), 660-691.
  • Black, B. S., Love, I., & Rachinsky, A. (2006). Corporate governance indices and firms' market values: Time series evidence from Russia. Emerging Markets Review, 7(4), 361-379.
  • Brown, J. R., Falaschetti, D., & Orlando, M. J. (2007). Is auditor ındependence endogenous? evidence against common governance ındices and sarbanes-oxley prescriptions. National Felow, Hoover Institution, Stanford University.
  • Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409-434.
  • Campos, C. E., Newell, R. E., & Wilson, G. (2002). Corporate governance develops in emerging markets. McKinsey on finance, 3, 15-18.
  • Chen, A., Kao, L., Tsao, M., & Wu, C. (2007). Building a corporate governance index from the perspectives of ownership and leadership for firms in Taiwan. Corporate Governance: An International Review, 15(2), 251-261.
  • Chen, H. H. (2008). The timescale effects of corporate governance measure on predicting financial distress. Review of Pacific Basin Financial Markets and Policies, 11(01), 35-46.
  • Core, J. E., Guay, W. R., & Rusticus, T. O. (2006). Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. The Journal of Finance, 61(2), 655-687.
  • Core, J., & Guay, W. (1999). The use of equity grants to manage optimal equity incentive levels. Journal of accounting and economics, 28(2), 151-184. Cremers, K. M., & Nair, V. B. (2005). Governance mechanisms and equity prices. The Journal of Finance, 60(6), 2859-2894.
  • Daines, R. M., Gow, I. D., & Larcker, D. F. (2010). Rating the ratings: How good are commercial governance ratings?. Journal of Financial Economics, 98(3), 439-461.
  • Darman, G. M., & Hizmetler, M. T. O. I. F. (2005). Kurumsal yönetimde dünyadaki gelişmeler kurumsal yönetim endeksi ve kurumsal yönetim reytingi. (www.cgscenter.com)
  • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.
  • Denis, D. J., & Denis, D. K. (1995). Performance changes following top management dismissals. The Journal of finance, 50(4), 1029-1057.
  • Derwall, J., & Verwijmeren, P. (2007). Corporate governance and the cost of equity capital: Evidence from gmi's governance rating. European Centre for Corporate Engagement Research Note, 6(1), 1-11.
  • Dinç, E., & Abdiğlu, H. (2009). İşletmelerde kurumsal yönetim anlayışı ve muhasebe bilgi sistemi ilişkisi: İMKB-100 şirketleri üzerine ampirik bir araştırma. Balikesir University Journal of Social Sciences Institute, 12(21).
  • Dinler, A. M. (2009). Kurumsal Yönetişim. Paradoks, Ekonomi, Sosyoloji ve Politika Dergisi, 1-7.
  • Doidge, C. (2004) U.S. Cross-Listings and the Private Benefits of Control: Evidence from Dual Class Firms, Journal of Financial Economics, 72, 519–553.
  • Doidge, C., Karolyi, G. A., & Stulz, R. M. (2007). Why do countries matter so much for corporate governance?. Journal of financial economics, 86(1), 1-39.
  • Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64.
  • Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate governance and expected stock returns: Evidence from Germany. European financial management, 10(2), 267-293.
  • Durnev, A., & Kim, E. H. (2005). To steal or not to steal: Firm attributes, legal environment, and valuation. The Journal of Finance, 60(3), 1461-1493. Dünya Bankası Seminerleri, 2002.(www.worldbank.org)
  • Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of financial economics, 48(1), 35-54.
  • Gang, W., Zezhong, X., Travlos, N., & Hong, Z. (2007). Background of Independent Directors and Corporate Performance [J]. Economic Research Journal, 3. Gillan, S., & Starks, L. T. (2003). Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Journal of applied Finance, 13(2).
  • Gillan, S., Hartzell, J. C., & Starks, L. T. (2006, March). Evidence on corporate governance: The joint determination of board structures and charter provisions. In AFA 2007 Chicago Meetings Paper.
  • Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The quarterly journal of economics, 118(1), 107-156.
  • Hermalin, B. E., & Weisbach, M. S. (1991). The effects of board composition and direct incentives on firm performance. Financial management, 101-112.
  • Huther, J., & Shah, A. (1998). Applying a simple measure of good governance to the debate on fiscal decentralization (Vol. 1894). World Bank Publications.
  • İşcan, Ö. F., & Kayğın, E. (2009). Kurumsal yönetişim sürecinin gelişimi üzerine bir araştırma. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(2), 213-224.
  • Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880.
  • John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of banking & Finance, 22(4), 371-403.
  • Kaplan, S.N., 1989, "The Effects of Management Buyouts on Operating Performance and Value," Journal of Financial Economics, 24, 217-254.
  • Kim, Y. (1999) The Meaning and Future Direction of the Establishment of Best Practices for Korean Corporate Governance, Sang-Jang-Hyup, 39, 1–29.
  • Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728.
  • Klapper, L.F., Laeven, L., Love, I., 2003. What drives corporate governance reform? Firm-level evidence from Eastern Europe. World Bank Policy Research Working Paper No. 3600.
  • Klapper, L., Laeven, L., & Love, I. (2006). Corporate governance provisions and firm ownership: Firm-level evidence from Eastern Europe. Journal of International Money and Finance, 25(3), 429-444.
  • Koehn, D., & Ueng, J. (2005). Evaluating the evaluators: should investors trust corporate governance metrics ratings?. Journal of Management & Governance, 9(2), 111-128.
  • La Porta, R., Lopes-de-Silanes, F., Shleifer A., & Vishny, R. W. (2002). Investor protection and corpo- rate valuation. The Journal of Finance, 57(2), 1147-1170.
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1-2), 3-27.
  • Lang M, ve Lundholm R. (1993) Cross Sectional Determinants of Analysts Ratfngs of Corporate Disclosure. Journal of Accounting Research, 31(2):246-271. Larcker, D. F., Richardson, S. A., & Tuna, A. (2005). How important is corporate governance?. Available at SSRN 595821.
  • Lee, T. S., & Yeh, Y. H. (2004). Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance: An International Review, 12(3), 378-388.
  • Leech, D., & Leahy, J. (1991). Ownership structure, control type classifications and the performance of large British companies. The Economic Journal, 101(409), 1418-1437.
  • Lehn, K., Patro, S., & Zhao, M. (2007). Governance indexes and valuation: which causes which?. Journal of Corporate Finance, 13(5), 907-928. Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The business lawyer, 59-77.
  • Lloyd, W. P., Modani, N. K., & Hand, J. H. (1987). The effect of the degree of ownership control on firm diversification, market value, and merger activity. Journal of Business Research, 15(4), 303-312.
  • Loderer, C., & Martin, K. (1997). Executive stock ownership and performance tracking faint traces. Journal of Financial economics, 45(2), 223-255. Love, I., & Klapper, L. F. (2002). Corporate governance, investor protection, and performance in emerging markets. The World Bank.
  • Luo, Q., & Hachiya, T. (2005). Corporate governance, cash holdings, and firm value: evidence from Japan. Review of Pacific Basin Financial Markets and Policies, 8(04), 613-636.
  • Martynova, M., & Renneboog, L. (2010). A corporate governance index: convergence and diversity of national corporate governance regulations. Mc Kisney 2000, 2002. (www.mckinsey.com)
  • McConnell, J., Servaes, H., 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27, 595–612. Miller-Millesen, J. L. (2003). Understanding the behavior of nonprofit boards of directors: A theory-based approach. Nonprofit and voluntary sector quarterly, 32(4), 521-547.
  • Monks, R., & Minow, N. (2002). Corporate Governance Blackwell Pub. 2th ed.
  • Morck, R., Shleifer, A., & Vishny, R. W. (1988). Alternative mechanisms for corporate control, Nber Working Paper Series, no: 2532.
  • Newell, R., & Wilson, G. (2002). A premium for good governance. McKinsey Quarterly, 3(2), 20-23.
  • Nikos, Vafeas (1999) Board Meeting Frequency and Firm Performance. Journal of Financial Economics 53: 1, 113- 142.
  • OECD- Ekonomik İşbirliği ve Kalkınma Örgütü İlkeleri -2004 (www.oecd.org)
  • Rechner, P. L., & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12(2), 155-160.
  • Salmon, W. J. (1993), “Crisis prevention: how to gear up your board”, Harvard Business Review, January-February, 68-75.
  • Shivdasani, A., (1993). Board composition, ownership structure, and hostile takeovers. Journal of Accounting and Economics 16,167-198.
  • SPK-Sermaye Piyasası Kurulu 14-4/55-3 Araştırma Raporu (1999), (www.spk.gov.tr)
  • SPK-Sermaye Piyasası Kurulu Kurumsal Yönetim İlkeleri (Şubat 2005), (www.spk.gov.tr)
  • Standard & Poor’un Kurumsallık Faaliyetleri: S&P İndeksleri (S&P Policies & Practices Index Methodology), 2002- 2004- 2010. (www.standardandpoors.com)
  • Tang, Y. (2007). An evaluation of corporate governance evaluation, governance index (CGI NK) and performance: Evidence from Chinese listed companies in 2003. Frontiers of Business Research in China, 1(1), 1-18.
  • Yang, H. O., & Shan, K. (2008). An Empirical Analysis of the Effect Components of the Corporate Governance Index on Firm Value: Evidence from Taiwan’s Financial Industry”. The Business Review, 10.
  • Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of financial economics, 40(2), 185-211.
Toplam 75 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Makaleler
Yazarlar

Öznur Gülen Ertosun 0000-0001-9339-2610

Gökhan Özer 0000-0002-3255-998X

Yayımlanma Tarihi 28 Ağustos 2021
Gönderilme Tarihi 16 Nisan 2021
Yayımlandığı Sayı Yıl 2021

Kaynak Göster

APA Gülen Ertosun, Ö., & Özer, G. (2021). Firma Düzeyinde Kurumsal Yönetim İndekslerinin Karşılaştırılması- Literatür İncelemesi. Ekonomi İşletme Ve Maliye Araştırmaları Dergisi, 3(2), 115-135. https://doi.org/10.38009/ekimad.917819