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Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme

Yıl 2019, Cilt: 27 Sayı: 41, 113 - 128, 31.07.2019
https://doi.org/10.17233/sosyoekonomi.2019.03.06

Öz

Bu çalışmada, 1991:01-2014:12 dönemi için; Türkiye’de kurumsal kalite ve finansal risk düzeyinin BİST 100 Endeksi, BİST Sınai Endeksi ve BİST Mali Endeksi üzerindeki etkisi Carrioni-Silvestre vd. (2009) çoklu yapısal kırılmalı birim kök testi, Maki (2012) çoklu yapısal kırılmalı eş-bütünleşme testi ve dinamik en küçük kareler (DOLS) yöntemi ile araştırılmıştır. Çalışmada kurumsal yapıyı temsilen Uluslararası Ülke Risk Rehberi (ICRG) tarafından yayınlanan bürokratik kalite, yolsuzluk, demokratik hesap verilebilirlik, etnik gerginlik, dış çatışma, hükümet istikrarı, iç çatışma, politik risk, kanun ve düzen ile yatırım profili ölçütleri kullanılarak temel bileşenler analizi yöntemi ile kurumsal kalite endeksi oluşturulmuştur. Kurumsal kalite endeksinde yüksek değerler düşük kurumsal yapıyı, düşük değerler ise yüksek kurumsal yapıyı temsil etmektedir. Yüksek finansal risk rasyosu ise güçlü finansal yapıyı simgelemektedir. Analiz sonucunda, BİST Mali Endeksi hariç BİST 100 ve BİST Sınai Endeksleri ile açıklayıcı değişkenlerin uzun dönemde birlikte hareket ettiğini bulgusuna ulaşılmıştır. DOLS modellerinin uzun dönem katsayı tahmin sonuçları ise kurumsal kalite endeksi ile BIST 100 ve BIST Sınai Endeksleri arasında uzun dönemde negatif ve %99 önem düzeyinde istatistiksel olarak anlamlı ilişkilerin varlığını ortaya koymaktadır. Çalışmanın bir diğer önemli bulgusu ise finansal risk düzeyinin BİST 100 Endeksi ve BİST Sınai Endeksi üzerindeki pozitif yönlü etkisidir.

Kaynakça

  • Acemoğlu, D. & S. Johnson. & J. Robinson & Y. Thaicharoen. (2003), “Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth”, Journal of Monetary Economics, 50, 49-123.
  • Acemoğlu, D. & J. Robinson. (2010), “The Role of Institutions in Growth and Development”, Review of Economics and Institutions, 1(2).
  • Adkins, L.C. & R.L. Moomaw, & A. Savvides. (2002), “Institutions, Freedom, and Technical Efficiency”, Southern Economic Journal, 69(1), 92-10.
  • Asgharian, H. & L. Lıu. & F. Lundtofte. (2014), Institıtional Quality, Trust and Stock Market Participation: Learning to Forget”, The Knut Wicksell Centre for Financial Studies, Lund University School of Economics and Management.
  • Asongu, S. A. (2012), “Government Quality Determinants of Stock Market Performance in African Countries”, MPRA Working Paper No. 39631.
  • Carrion-i Silvestre, J.L. & D. Kim. & P. Perron. (2009), “GLS-Based Unit Root Tests with Multiple Structural Breaks Under Both the Null and the Alternative Hypotheses”, Econometric Theory, 25, 1754-1792.
  • Collier P. (2006), “Post-Conflict Economic Recovery”, Department of Economics: Oxford University; http://users.ox.ac.uk/~econpco/ research/pdfs/IPA PostConflictEconomicRecovery.pdf
  • Chtourou, N. (2004), “Inefficience Institutionelle et Performance Social”, English Editions Published in Paris, MPRA Paper.
  • Deyshappriya, N.P.R. (2014), “Do the Quality of Institutions, War and Macroeconomic Factors Matter for Stock Market Development? The Evidence from Sri Lanka”, Journal of Economics and Development Studies, Vol: 2(4), 45-62.
  • Dawson, J.W. (2003), “Causality in the Freedom-growth Relationship”, Europen Journal of Political Economy, 19(3), 479-495.
  • Dickey, D.A. & W.A. Fuller. (1979), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74, 427–431.
  • Dickey, D.A. & W.A. Fuller. (1981), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Econometrica, 49, 1057-72.
  • Dritsaki, M. (2005), “Linkage between Stock Market and Macroeconomic Fundamentals: Case Study of Athens Stock Exchange”, Journal of Financial Management &Analysis, 18(1), 38-47.
  • Durham, J.B. (2002), “The Effect of Stock Market Development on Growth and Private Investment in Lower-Income Countries”, Emerging Markets Review, 3(3), 211-232.
  • Durukan, B. (1999), “İstanbul Menkul Kıymetler Borsasında Makroekonomik Değişkenlerin Hisse Senedi Fiyatlarına Etkisi”, IMKB Dergisi, 3(11), 19-47.
  • Gregory, A.W. & B.E. Hansen. (1996), “Residual-Based Tests for Cointegration in Models with Regime Shifts”, Journal of Econometrics, 70(1), 99-126.
  • Hatemi-J, A. (2008), “Tests For Cointegration With Two Unknown Regime Shifts With an Application to Financial Market Integration”, Empirical Economics, 35, 497-505.
  • Humpe, A. & P. Macmillan, (2009), “Can Macroeconomic Variables Explain Long-Term Stock Market Movements? A Comparasion of the US and Japan”, Applied Financial Economics, 19(2), 111-119.
  • Johnson, S. & J. McMillan & C. Woodruff, (2002), “Property Rights and Finance”, American Economic Association, 92(5), 1335-1356. Karan, M. B. (2004), Yatırım Analizi ve Portföy Yönetimi, Gazi Kitabevi, Ankara.
  • Kumar, A. (2011), “An Empirical Analysis of Casual Relationship between Stock Market and Macroeconomic Variables in India”, International Journal of Computer Science & Management Studies, 11(1), ISSN: 2231-5268.
  • Kwiatkowski, D. & P.C.B. Phillips, & P. Schmidt, & Y. Shin. (1992), “Testing the Null Hypothesis of Stationary Against the Alternative of a Unit Root: How Sure are We That Economic Time Series Have a Unit Root?”, Journal of Econometrics, 54(1-3), 159-178.
  • Kwon, C.S. & T.S. Shin. (1999), “Cointegration and Causality between Macroeconomic Variables and Stock Market Returns”, Global Finance Journal, 10(1), 71-81.
  • La Porta, R. & F.L. Silanes, & A. Shleifer. & R. Vishny. (1998). “Law and Finance,” Journal of Political Economy, 106, 1113-1155.
  • Law, S. H. & N. W. Azman-Saini (2008), “The Quality of Institutions and Financial Development”, MPRA Paper No. 12107.
  • Law, S. H. & M. S. Habibullah (2009), “The Determinants of Financial Development: Institutions, Openness and Financial Liberalization”, South African Journal of Economics, 77(1), 45–58.
  • Lee, J. & M.C. Strazicich. (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, Review of Economics and Statistics, 85(4), 1082-1089.
  • Lombardo, D. & M. Pagano (2000), ‘Legal Determinants of the Return on Equity’, Stanford Law School, Working Paper No. 193.
  • Maki, D. (2012), “Tests For Cointegration Allowing For an Unknown Number of Breaks”, Economic Modelling, 29(5), 2011-2015.
  • Manasseh, C.O. & T.E. Mathew. & J.E. Ogbuabor. (2017), “Investigating the Nexus between Institutional Quality and Stock Market Development in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach”, African Development Review, Vol: 29(2), 272-292.
  • Mukherjee, T.K. & A. Naka. (1995), “Dynamic Relations between Macroeconomic Variables and the Japanese Stock Market: An Application of a Vector Error Correction Model”, The Journal of Financial Research, 18(2), 223-237.
  • Nishat, M. & R. Shaheen, (2004), “Macroeconomic Factors and the Pakistani Equity Market”, The Pakistan Development Review, 43(4), 619-637.
  • North, D. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge.
  • Perotti, E.C., & P. Van Oijen, 2001, “Privatization, Political Risk and Stock Market Development,” Journal of International Money and Finance, 20, 43–69.
  • Perron, P. (1989), “The Great Crash, the Oil Price Shock and the Unit Root Hypothesis, Econometrica, 57(6), 1361-1401.
  • Perron, P. & G. Rodriguez. (2003), “GLS Detrending, Efficient Unit Root Tests and Structural Change”, Journal of Econometrics, 115(1), 1-27.
  • Phillips, P.C.B. & P. Perron. (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75(2), 335-346.
  • Pistor, K. & M. Raiser, & S. Gelfer, 2000, “Law and Finance in Transition Economies,” Economics of Transition, 8, 325–368.
  • Rajan, R. & L. Zingales (2003), “The Great Reversals: The Politics of Financial Development in the Twentieth Century”, Journal of Financial Economics, 69, 5–50.
  • Rigobon, R. & D. Rodrik. (2004), “Rule of Law, Democracy, Openness and Income: Estimating the Interrelationships”, NBER Working Paper, No: 10750.
  • Stock, J. H. ve Watson, M.W. (1993), “A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems”, Econometrica, 61(4), 783-820.
  • Svensson, J. (1998), “Investment, Property Rights and Political Instability: Theory and Evidence”, Europen Economic Review, 42(7), 1317-1341.
  • Tavares, J. & R. Wacziarg. (2001), “How Democracy Affects Growth”, Europen Economic Review, 45(8). 1341-1378.
  • Tatoğlu, Y. Ferda. (2013), İleri Panel Veri Analizi-Stata Uygulamalı (2.Baskı). İstanbul: Beta Basım Yayın Dağıtım A.Ş.
  • Westerlund, J. & D. Edgerton. (2006), “Simple Tests for Cointegration in Dependent Panels with Structural Breaks”, Lund University, Department of Economics, Working Papers, No: 13.
  • Winful, E.C.& D. Sarpong. & J. Agyei-Ntiamoah. (2016), “Relationship between Institutional Quality and Stock Market Performance: Evidence from Emerging Economies”, African Journal of Business Management, Vol: 10(9), 469-484.
  • Yartey, C. A. (2008), “The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?”, IMF Working Paper, WP/08/32.
  • Yılmaz, Ö. & B. Güngör. & V. Kaya. (2006), “Hisse Senedi Fiyatları ve Makro Ekonomik Değişkenler Arasında Eşbütünleşme ve Nedensellik”, İMKB Dergisi, 9(34), ss.1-16.
  • Zivot, E. & D.W.K. Andrews,. (1992). “Further Evidence on the Great Crash, the Oil-Price Shock and the Unit-Root Hypothesis”, Journal of Business & Economic Statistic, (10),251-270.

The Influence of Institutional Quality and Financial Risk on Stock Market Index: An Empirical Study for Turkey

Yıl 2019, Cilt: 27 Sayı: 41, 113 - 128, 31.07.2019
https://doi.org/10.17233/sosyoekonomi.2019.03.06

Öz

This paper aims to analyze the -possible- effects of institutional quality and (financial) risk level on BIST 100, BIST Industrial and BIST Financial Indexes via Carrioni-Silvestre (2009) multiple structural breaks unit root test, Maki (2012) multiple structural breaks co-integration test and Dynamic Ordinary Least Squares (DOLS) methodology. In the research model of the study, institutional structure is proxied by an institutional quality index derived from data related to bureaucratic quality, corruption, democratic accountability, ethnic tension, external conflict, government stability, internal conflict, political risk, law and order, and investment profile obtained from International County Risk Guide (ICRG). High values in institutional quality index represent weak institutional structure while low values represent high institutional structure. The high financial risk ratio represents a strong financial structure. The empirical findings of Maki (2012) test indicate that all indexes except BIST Financial Index and explanatory variables show co-integration relationship in the long term. Long run parameters estimated by DOLS methodology indicate that there exists a long-term negative relationship between institutional quality index and BIST 100 and BIST Industrial Indexes, while a positive relationship between financial risk level and BIST 100 and BIST Industrial Indexes.

Kaynakça

  • Acemoğlu, D. & S. Johnson. & J. Robinson & Y. Thaicharoen. (2003), “Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth”, Journal of Monetary Economics, 50, 49-123.
  • Acemoğlu, D. & J. Robinson. (2010), “The Role of Institutions in Growth and Development”, Review of Economics and Institutions, 1(2).
  • Adkins, L.C. & R.L. Moomaw, & A. Savvides. (2002), “Institutions, Freedom, and Technical Efficiency”, Southern Economic Journal, 69(1), 92-10.
  • Asgharian, H. & L. Lıu. & F. Lundtofte. (2014), Institıtional Quality, Trust and Stock Market Participation: Learning to Forget”, The Knut Wicksell Centre for Financial Studies, Lund University School of Economics and Management.
  • Asongu, S. A. (2012), “Government Quality Determinants of Stock Market Performance in African Countries”, MPRA Working Paper No. 39631.
  • Carrion-i Silvestre, J.L. & D. Kim. & P. Perron. (2009), “GLS-Based Unit Root Tests with Multiple Structural Breaks Under Both the Null and the Alternative Hypotheses”, Econometric Theory, 25, 1754-1792.
  • Collier P. (2006), “Post-Conflict Economic Recovery”, Department of Economics: Oxford University; http://users.ox.ac.uk/~econpco/ research/pdfs/IPA PostConflictEconomicRecovery.pdf
  • Chtourou, N. (2004), “Inefficience Institutionelle et Performance Social”, English Editions Published in Paris, MPRA Paper.
  • Deyshappriya, N.P.R. (2014), “Do the Quality of Institutions, War and Macroeconomic Factors Matter for Stock Market Development? The Evidence from Sri Lanka”, Journal of Economics and Development Studies, Vol: 2(4), 45-62.
  • Dawson, J.W. (2003), “Causality in the Freedom-growth Relationship”, Europen Journal of Political Economy, 19(3), 479-495.
  • Dickey, D.A. & W.A. Fuller. (1979), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74, 427–431.
  • Dickey, D.A. & W.A. Fuller. (1981), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Econometrica, 49, 1057-72.
  • Dritsaki, M. (2005), “Linkage between Stock Market and Macroeconomic Fundamentals: Case Study of Athens Stock Exchange”, Journal of Financial Management &Analysis, 18(1), 38-47.
  • Durham, J.B. (2002), “The Effect of Stock Market Development on Growth and Private Investment in Lower-Income Countries”, Emerging Markets Review, 3(3), 211-232.
  • Durukan, B. (1999), “İstanbul Menkul Kıymetler Borsasında Makroekonomik Değişkenlerin Hisse Senedi Fiyatlarına Etkisi”, IMKB Dergisi, 3(11), 19-47.
  • Gregory, A.W. & B.E. Hansen. (1996), “Residual-Based Tests for Cointegration in Models with Regime Shifts”, Journal of Econometrics, 70(1), 99-126.
  • Hatemi-J, A. (2008), “Tests For Cointegration With Two Unknown Regime Shifts With an Application to Financial Market Integration”, Empirical Economics, 35, 497-505.
  • Humpe, A. & P. Macmillan, (2009), “Can Macroeconomic Variables Explain Long-Term Stock Market Movements? A Comparasion of the US and Japan”, Applied Financial Economics, 19(2), 111-119.
  • Johnson, S. & J. McMillan & C. Woodruff, (2002), “Property Rights and Finance”, American Economic Association, 92(5), 1335-1356. Karan, M. B. (2004), Yatırım Analizi ve Portföy Yönetimi, Gazi Kitabevi, Ankara.
  • Kumar, A. (2011), “An Empirical Analysis of Casual Relationship between Stock Market and Macroeconomic Variables in India”, International Journal of Computer Science & Management Studies, 11(1), ISSN: 2231-5268.
  • Kwiatkowski, D. & P.C.B. Phillips, & P. Schmidt, & Y. Shin. (1992), “Testing the Null Hypothesis of Stationary Against the Alternative of a Unit Root: How Sure are We That Economic Time Series Have a Unit Root?”, Journal of Econometrics, 54(1-3), 159-178.
  • Kwon, C.S. & T.S. Shin. (1999), “Cointegration and Causality between Macroeconomic Variables and Stock Market Returns”, Global Finance Journal, 10(1), 71-81.
  • La Porta, R. & F.L. Silanes, & A. Shleifer. & R. Vishny. (1998). “Law and Finance,” Journal of Political Economy, 106, 1113-1155.
  • Law, S. H. & N. W. Azman-Saini (2008), “The Quality of Institutions and Financial Development”, MPRA Paper No. 12107.
  • Law, S. H. & M. S. Habibullah (2009), “The Determinants of Financial Development: Institutions, Openness and Financial Liberalization”, South African Journal of Economics, 77(1), 45–58.
  • Lee, J. & M.C. Strazicich. (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, Review of Economics and Statistics, 85(4), 1082-1089.
  • Lombardo, D. & M. Pagano (2000), ‘Legal Determinants of the Return on Equity’, Stanford Law School, Working Paper No. 193.
  • Maki, D. (2012), “Tests For Cointegration Allowing For an Unknown Number of Breaks”, Economic Modelling, 29(5), 2011-2015.
  • Manasseh, C.O. & T.E. Mathew. & J.E. Ogbuabor. (2017), “Investigating the Nexus between Institutional Quality and Stock Market Development in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach”, African Development Review, Vol: 29(2), 272-292.
  • Mukherjee, T.K. & A. Naka. (1995), “Dynamic Relations between Macroeconomic Variables and the Japanese Stock Market: An Application of a Vector Error Correction Model”, The Journal of Financial Research, 18(2), 223-237.
  • Nishat, M. & R. Shaheen, (2004), “Macroeconomic Factors and the Pakistani Equity Market”, The Pakistan Development Review, 43(4), 619-637.
  • North, D. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge.
  • Perotti, E.C., & P. Van Oijen, 2001, “Privatization, Political Risk and Stock Market Development,” Journal of International Money and Finance, 20, 43–69.
  • Perron, P. (1989), “The Great Crash, the Oil Price Shock and the Unit Root Hypothesis, Econometrica, 57(6), 1361-1401.
  • Perron, P. & G. Rodriguez. (2003), “GLS Detrending, Efficient Unit Root Tests and Structural Change”, Journal of Econometrics, 115(1), 1-27.
  • Phillips, P.C.B. & P. Perron. (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75(2), 335-346.
  • Pistor, K. & M. Raiser, & S. Gelfer, 2000, “Law and Finance in Transition Economies,” Economics of Transition, 8, 325–368.
  • Rajan, R. & L. Zingales (2003), “The Great Reversals: The Politics of Financial Development in the Twentieth Century”, Journal of Financial Economics, 69, 5–50.
  • Rigobon, R. & D. Rodrik. (2004), “Rule of Law, Democracy, Openness and Income: Estimating the Interrelationships”, NBER Working Paper, No: 10750.
  • Stock, J. H. ve Watson, M.W. (1993), “A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems”, Econometrica, 61(4), 783-820.
  • Svensson, J. (1998), “Investment, Property Rights and Political Instability: Theory and Evidence”, Europen Economic Review, 42(7), 1317-1341.
  • Tavares, J. & R. Wacziarg. (2001), “How Democracy Affects Growth”, Europen Economic Review, 45(8). 1341-1378.
  • Tatoğlu, Y. Ferda. (2013), İleri Panel Veri Analizi-Stata Uygulamalı (2.Baskı). İstanbul: Beta Basım Yayın Dağıtım A.Ş.
  • Westerlund, J. & D. Edgerton. (2006), “Simple Tests for Cointegration in Dependent Panels with Structural Breaks”, Lund University, Department of Economics, Working Papers, No: 13.
  • Winful, E.C.& D. Sarpong. & J. Agyei-Ntiamoah. (2016), “Relationship between Institutional Quality and Stock Market Performance: Evidence from Emerging Economies”, African Journal of Business Management, Vol: 10(9), 469-484.
  • Yartey, C. A. (2008), “The Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?”, IMF Working Paper, WP/08/32.
  • Yılmaz, Ö. & B. Güngör. & V. Kaya. (2006), “Hisse Senedi Fiyatları ve Makro Ekonomik Değişkenler Arasında Eşbütünleşme ve Nedensellik”, İMKB Dergisi, 9(34), ss.1-16.
  • Zivot, E. & D.W.K. Andrews,. (1992). “Further Evidence on the Great Crash, the Oil-Price Shock and the Unit-Root Hypothesis”, Journal of Business & Economic Statistic, (10),251-270.
Toplam 48 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Yüksel İltaş 0000-0001-8853-838X

Gülbahar Üçler 0000-0002-5872-8577

Yayımlanma Tarihi 31 Temmuz 2019
Gönderilme Tarihi 25 Aralık 2018
Yayımlandığı Sayı Yıl 2019 Cilt: 27 Sayı: 41

Kaynak Göster

APA İltaş, Y., & Üçler, G. (2019). Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme. Sosyoekonomi, 27(41), 113-128. https://doi.org/10.17233/sosyoekonomi.2019.03.06
AMA İltaş Y, Üçler G. Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme. Sosyoekonomi. Temmuz 2019;27(41):113-128. doi:10.17233/sosyoekonomi.2019.03.06
Chicago İltaş, Yüksel, ve Gülbahar Üçler. “Kurumsal Kalite Ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme”. Sosyoekonomi 27, sy. 41 (Temmuz 2019): 113-28. https://doi.org/10.17233/sosyoekonomi.2019.03.06.
EndNote İltaş Y, Üçler G (01 Temmuz 2019) Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme. Sosyoekonomi 27 41 113–128.
IEEE Y. İltaş ve G. Üçler, “Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme”, Sosyoekonomi, c. 27, sy. 41, ss. 113–128, 2019, doi: 10.17233/sosyoekonomi.2019.03.06.
ISNAD İltaş, Yüksel - Üçler, Gülbahar. “Kurumsal Kalite Ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme”. Sosyoekonomi 27/41 (Temmuz 2019), 113-128. https://doi.org/10.17233/sosyoekonomi.2019.03.06.
JAMA İltaş Y, Üçler G. Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme. Sosyoekonomi. 2019;27:113–128.
MLA İltaş, Yüksel ve Gülbahar Üçler. “Kurumsal Kalite Ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme”. Sosyoekonomi, c. 27, sy. 41, 2019, ss. 113-28, doi:10.17233/sosyoekonomi.2019.03.06.
Vancouver İltaş Y, Üçler G. Kurumsal Kalite ve Finansal Riskin Menkul Kıymetler Borsası Üzerine Etkisi: Türkiye İçin Ampirik Bir İnceleme. Sosyoekonomi. 2019;27(41):113-28.