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THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE

Yıl 2025, Cilt: 23 Sayı: 4, 1 - 21, 19.12.2025

Mustafa Kevser , Seda Doğan

https://doi.org/10.11611/yead.1589703

Öz

This study aims to analyze the impact of Corporate Governance Rating (CGR) on the financial performance of companies listed on the Borsa Istanbul Corporate Governance Index (BIST CG Index) in Turkey, which is classified as a developing country. In this study, 16 firms traded in the BIST Corporate Governance Index and having a corporate governance rating (CGR) between 2009 and 2023 are evaluated. Return on Assets (ROA), Return on Equity (ROE), Earnings Per Share (EPS), Earnings Before Interest and Taxes (EBIT) and Financial Leverage (FIN-LEV) Ratios are the dependent variables, while the independent variable is CGR. Correlation and panel Granger causality analyses were applied to the 209 observation values obtained from the data. The results show that there is a statistically significant but negative relationship between CGR and ROA, ROE, EBIT and financial leverage. Panel Granger causality test results indicate the existence of a unidirectional causality relationship from CGR to EPS. There is no causality relationship between CGR and ROA, ROE, EBIT and financial leverage. The results are important as they show that compliance with corporate governance ratings is a cost element for Türkiye. Accordingly, policymakers in Türkiye should provide more support and incentives to businesses in terms of corporate governance practices and make regulations that will remove the negative impact on their financial structures.

Anahtar Kelimeler

Corporate governance Financial performance Profitability Granger Causality Developing countries

Proje Numarası

Bulunmamaktadır.

Kaynakça

  • Aktan, Ç. C. (2013). “Kurumsal şirket yönetimi”, Organizasyon ve Yönetim Bilimleri Dergisi, 5(1): 150-191. Al-Malkawi, H., Pillai, R. and Bhatti, M. (2011). “CG practices in emerging markets: The case of GCC countries”, Economic Modelling, 38: 133-141. https://doi.org/10.1016/j.econmod.2013.12.019.
  • Almazari, A. A. (2011). “FP evaluation of some selected jordanian commercialbanks”,International Research Journal of Finance and Economics, 5(68): 50-63.
  • Ararat, M., and Ugur, M. (2003). “CG in Türkiye: an overview and some policy recommendations”, CG: The international journal of business in society, 3(1): 58-75.
  • Aydemir, B. (2012). “An empirical analysis of the relationship between SAHA’s CG rating Scores and firm performance at Istanbul Stock Exchange”, Published Master’s Thesis, Södertörn University of Södertörn, Sweden.
  • Aydeniz, E. Ş. (2009). “Makroekonomik göstergelerin firmaların finansal performans ölçütleri üzerindeki etkisinin ölçülmesine yönelik bir araştırma: İMKB’ye kote gıda ve içecek işletmeleri üzerine bir uygulama” Marmara Üniversitesi İ.İ.B.F. Dergisi, XXVII(II): 263-277.
  • Bai, C. E., Liu, Q., Lu, J., Song, F. M. and Zhang, J. (2006). “An empirical study on corporate governance and market valuation in China”, Frontiers of Economics in China, 1(1): 83-111.
  • Ben Amar, W., Boujenoui, A. and Francoeur, C. (2011). “CEO attributes, board composition and acquirer value creation: A Canadian study. Canadian Journal of Administrative Sciences”, 28(4): 480-492.
  • Berthelot, S., Morris, T. and Morrill, C. (2010). “CGR and financial performance: A Canadian study. CG”, 10(5): 635-646. DOI:10.1108/14720701011085599.
  • Briano-Turrent, G-del.D. and Rodriguez-Ariza, L. (2016). “CGRs on listed companies: An institutional perspective in Latin America”, European Journal of Management and Business Economics, 25(2): 63-75. DOI:10.1016/j.redeen.2016.01.001.
  • Brown, L. D. and Caylor, M. L. (2006). “CG and firm valuation”, Journal of Accounting and Public Policy, 25(4): 409-434.
  • Chan, M. C., Watson, J. and Woodliff, D. (2014). “CG Quality and CSR Disclosures”, Journal of Business Ethics, 125(1): 59-73. DOI:10.1007/s10551-013-1887-8.
  • Chen, A. and Kao, L. (2010). “To improve investors’ valuation of accounting earnings in emerging markets: Evidence from Taiwan”, Canadian Journal of Administrative Sciences, 27(4): 376- 390.
  • Cho, S. J., Chung, C. Y. and Young, J. (2019). “Study on the Relationship between CSR and Financial Performance”, Sustainability, 11(2): 343.
  • Daines, R., Gow, I. and Larcker, D. (2010). “Rating the ratings: How good are commercial governance ratings?”, Journal of Financial Economics, 98(3): 439-461.
  • Davis, G. F. (2005). “New directions in CG”, Annual Review of Sociology, 31(1): 143-162. DOI:10.1146/annurev.soc.31.041304.122249.
  • Diwakar, K. and Sahu, S. K. (2023). “How CG Impacts the Financial Health of Companies: Evidence from Indian Listed Companies”, IUP Journal of Business Strategy, 20(1): 1-23.
  • Doğan, S. (2024). “Çevre, sosyal ve kurumsal yönetim (ÇSY) kriterleri ile sürdürülebilir kalkınmahedeflerine yönelik açıklamaların finansal performansa etkisi: BİST sürdürülebilirlik endeksindeki işletmelere yönelik analiz”, Published PhD thesis, University of Anadolu, Eskişehir.
  • Donker, H. and Zahir, S. (2008). “Towards an impartial and effective CGR system”, CG, 8(1): 83-93. DOI:10.1108/14720700810853428.
  • Dwivedi, N. and Jain, A. K. (2005). “CG and performance of Indian firms: The effect of board size and ownership”, Employee Responsibilities and Rights Journal, 17(3): 161-172.
  • Epps, R. and Cereola, S. (2008). “Do institutional shareholder services (ISS) CG ratings reflect a company’s operating performance?”, Critical Perspectives on Accounting, 19(8): 1135-1148. https://doi.org/10.1016/j.cpa.2007.06.007.
  • Ertuğrul, F. (2008). “Paydaş teorisi ve işletmelerin paydaşları ile ilişkilerinin yönetimi”, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (31): 199-223.
  • Ertugrul, M. and Hegde, S. (2009). “CGRs and firm performance”, Financial Management, 38(1): 139-160. Freeman, R. E. (1984). “Strategic Management: A Stakeholder Approach”, Boston: Pitman.
  • Gompers, P. A., Ishii, J. L. and Metrick, A. (2003). “CG and equity prices”, Quarterly Journal of Economics, 118(1): 107-155.
  • Gürarda, S., Özsös, E. and Ateş, A. (2016). “CGR and ownership structure in the case of Türkiye”, International Journal of Financial Studies, 4(8): 1-16. doi:10.3390/ijfs4020008.
  • Haniffa, R. and Hudaib, M. (2006). “CG structure and performance of Malaysian listed companies”, Journal of Business Finance and Accounting, 33(7-8): 1034-1062.
  • Hussainey, K. and Al-Najjar, B. (2012). “Understanding the determinants of riskmetrics/ISS ratings of the quality of UK companies’ CG practice”, Canadian Journal of Administrative Sciences, 29(4): 366-377. https://doi- org.offcampus.anadolu.edu.tr/10.1002/cjas.1227.
  • Isiaka, A. (2014). “CGRs and firm performance: Canadian evidence”, Published Master’s thesis, University of Regina, Canada.
  • Jensen, M. C. and Meckling, W. H. (1976). “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal Of Financial Economics, 3(4): 305-360.
  • Kaewkerd, S. and Soonthonrot, P. (2020). “The Relationship between CG and the Company's Performance in the Stock Exchange of Thailand”, Journal of Accountancy and Management, 12(3): 14-23.
  • Kevser, M. and Doğan, M. (2021). “Kurumsal yönetim derecelendirme notu duyurularının hisse senedi getirisi üzerindeki etkisi: Türkiye için olay çalışması”, Journal of Management and Economics Research, 19(1): 166-184. http://dx.doi.org/10.11611/yead.815123.
  • Kevser, M., Tunçel, M.B., Gürsoy, S. and Zeren, F. (2023). “The impact of environmental, social and governance (ESG) scores on stock market: Evidence from G7 countries”, Journal of Global Responsibility, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JGR-04-2023-0070 .
  • Kumar, N. and Singh, J. P. (2013). “Effect of board size and promoter ownership on firm value: Some empirical findings from India”, CG: The International Journal of Business in Society, 13(1): 88-98.
  • Larcker, D. F., Richardson, S. A. and Tuna, I. (2007). “CG, accounting outcomes and organizational performance”, The Accounting Review, 82(4): 963-1008.
  • Lopez, L. and Weber, S. (2017). “Testing for Granger causality in panel data”, The Stata Journal, 17(4): 972–984.
  • Lu, J. H. and Lai, Y.-hui. (2023). “CGR and firm performance: Evidence from Taiwan”, Journal of Accounting, Finance & Management Strategy, 18(1): 163-203.
  • Lysandrou, P. and Parker, D. (2011). “Commercial CGRs: An alternative view of their use and impact”, International Review of Applied Economics, 26(4): 445-463. https://doiorg.offcampus.anadolu.edu.tr/10.1080/02692171.2011.619971.
  • Mishra, R. and Kapil, S. (2017). “Effect of ownership structure and board structure on firm value: Evidence from India”, CG: The International Journal of Business in Society, 17(4): 700-726.
  • Mutairi, A. M., Tian, G., Hasan, H. and Tan, A. (2012). “CG and corporate finance practices in a Kuwait Stock Exchange market listed firm: A survey to confront theory with practice”, CG, 72(5): 595-615.
  • Orlitzky, M. and Benjamin, J. D. (2001). “Corporate social performance and firm risk: A meta-analytic review”, Business & Society, 40(4): 369-396.
  • Poroy Arsoy, A. and Crowther, D. (2008). “CG in Türkiye: Reform and convergence”, Social Responsibility Journal, 4(3): 407-421.
  • Renders, A., Gaeremynck, A. and Sercu, P. (2010). “Corporate-governance ratings and company performance: A cross-European study”, CG: An International Review, 18(2): 87-106. https://doi-org.offcampus.anadolu.edu.tr/10.1111/j.1467-8683.2010.00791.x.
  • Ross, S. A. (1973). “The economic theory of agency: The principal's problem”, The American economic review, 63(2): 134-139.
  • Schauten, M. B., Van Dijk, D. and van-der-Waal, J. P. (2013). “CG and the value of excess cash holdings of large European firms”, European Financial Management, 19(5): 991- 1016. https://doi.org/10.1111/j.1468-036X.2011.00615.x.
  • Schleicher, T., Hussainey, K. and Walker, M. (2007). “Loss firms’ annual report narratives and share price anticipation of earnings”, The British Accounting Review, 39(2): 153-171.
  • Solakoğlu, M. N. and Orhan, M. (2012). “Impact of Macroeconomic Indicators on Short Selling: Evidence from the Tokyo Stock Exchange”,https://repository.bilkent.edu.tr/server/api/core/bitstreams/ff1762fc-f5bf-4682-8ec5 f306d4135a7e/content , [20.03.2024]
  • Taliento, M., Favino, C. and Netti, A. (2019). “Impact of environmental, social, and governance information on economic performance: Evidence of a corporate ‘sustainability advantage’ from Europe”, Sustainability, 11(6): 1738. https://doi.org/10.3390/su11061738.
  • Tariq, Y. and Abbas, Z. (2013). “Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of CG”, Economic Modelling, (35): 565-575.https://doi.org/10.1016/j.econmod.2013.08.015. Ülgen, H. and Kadri, S. M. (2004), “İşletmelerde stratejik yönetim”, İstanbul: Literatür Yayıncılık.
  • Velte, P. (2017). “Does ESG performance have an impact on FP? Evidence from Germany”, Journal of Global Responsib, 8(2): 169-178. https://doi org.offcampus.anadolu.edu.tr/10.1108/JGR-11-2016-0029.
  • Velte, P. (2019). “The bidirectional relationship between ESG performance and earnings management-empirical evidence from Germany”, Journal of Global Responsibility, 10(4): 322-338. DOI 10.1108/JGR-01-2019-0001
  • Verma, M. (2022). “CGRs and performance indicators: An empirical analysis of S&P cnx nifty firms”, SEYBOLD Report, 17(6): 210-236. DOI: 10.5281/zenodo.7817343
  • Wahyudin, A. (2012). “The effect of ownership structure on debt policy, the principles of Corporate Governance as an intervening variable”, Diponegoro University, Indonesia.
  • Waqar, W. T. and Ma, Y. (2023). “Acquirers’ CGRs and the likelihood of deal completion: Do stakeholders care about the agency hazards of European cross-border acquirers?”, Review of Managerial Science, 1-34. https://doi.org/10.1007/s11846-023-00693- 2.
  • Wei, W. (2016). “Vertical specialization and upgrading utilization of foreign capital: Comparing impacts of conventional trade and processing trade patterns on foreign investment in China”, Achieving Inclusive Growth in China Through Vertical Specialization, 271-348. https://doi.org/10.1016/B978-0-08-100627-6.00008-4.

THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE

Yıl 2025, Cilt: 23 Sayı: 4, 1 - 21, 19.12.2025

Mustafa Kevser , Seda Doğan

https://doi.org/10.11611/yead.1589703

Öz

This study aims to analyze the impact of Corporate Governance Rating (CGR) on the financial performance of companies listed on the Borsa Istanbul Corporate Governance Index (BIST CG Index) in Turkey, which is classified as a developing country. In this study, 16 firms traded in the BIST Corporate Governance Index and having a corporate governance rating (CGR) between 2009 and 2023 are evaluated. Return on Assets (ROA), Return on Equity (ROE), Earnings Per Share (EPS), Earnings Before Interest and Taxes (EBIT) and Financial Leverage (FIN-LEV) Ratios are the dependent variables, while the independent variable is CGR. Correlation and panel Granger causality analyses were applied to the 209 observation values obtained from the data. The results show that there is a statistically significant but negative relationship between CGR and ROA, ROE, EBIT and financial leverage. Panel Granger causality test results indicate the existence of a unidirectional causality relationship from CGR to EPS. There is no causality relationship between CGR and ROA, ROE, EBIT and financial leverage. The results are important as they show that compliance with corporate governance ratings is a cost element for Türkiye. Accordingly, policymakers in Türkiye should provide more support and incentives to businesses in terms of corporate governance practices and make regulations that will remove the negative impact on their financial structures.

Anahtar Kelimeler

Corporate governance Fİnancial performance Profitability Granger causality Developing countries

Etik Beyan

Bu çalışmanın, özgün bir çalışma olduğunu; çalışmanın hazırlık, veri toplama, analiz ve bilgilerin sunumu olmak üzere tüm aşamalarından bilimsel etik ilke ve kurallarına uygun davrandığımı; bu çalışma kapsamında elde edilmeyen tüm veri ve bilgiler için kaynak gösterdiğimi ve bu kaynaklara kaynakçada yer verdiğimi; kullanılan verilerde herhangi bir değişiklik yapmadığımı belirtir etik görev ve sorumluluklara riayet ettiğimi beyan ederim.

Destekleyen Kurum

Bulunmamaktadır.

Proje Numarası

Bulunmamaktadır.

Teşekkür

Çalışmamızı değerlendiren ve desteklerini sunan hakem hocalarımız ile dergi yönetimine emekleri için teşekkür ederim.

Kaynakça

  • Aktan, Ç. C. (2013). “Kurumsal şirket yönetimi”, Organizasyon ve Yönetim Bilimleri Dergisi, 5(1): 150-191. Al-Malkawi, H., Pillai, R. and Bhatti, M. (2011). “CG practices in emerging markets: The case of GCC countries”, Economic Modelling, 38: 133-141. https://doi.org/10.1016/j.econmod.2013.12.019.
  • Almazari, A. A. (2011). “FP evaluation of some selected jordanian commercialbanks”,International Research Journal of Finance and Economics, 5(68): 50-63.
  • Ararat, M., and Ugur, M. (2003). “CG in Türkiye: an overview and some policy recommendations”, CG: The international journal of business in society, 3(1): 58-75.
  • Aydemir, B. (2012). “An empirical analysis of the relationship between SAHA’s CG rating Scores and firm performance at Istanbul Stock Exchange”, Published Master’s Thesis, Södertörn University of Södertörn, Sweden.
  • Aydeniz, E. Ş. (2009). “Makroekonomik göstergelerin firmaların finansal performans ölçütleri üzerindeki etkisinin ölçülmesine yönelik bir araştırma: İMKB’ye kote gıda ve içecek işletmeleri üzerine bir uygulama” Marmara Üniversitesi İ.İ.B.F. Dergisi, XXVII(II): 263-277.
  • Bai, C. E., Liu, Q., Lu, J., Song, F. M. and Zhang, J. (2006). “An empirical study on corporate governance and market valuation in China”, Frontiers of Economics in China, 1(1): 83-111.
  • Ben Amar, W., Boujenoui, A. and Francoeur, C. (2011). “CEO attributes, board composition and acquirer value creation: A Canadian study. Canadian Journal of Administrative Sciences”, 28(4): 480-492.
  • Berthelot, S., Morris, T. and Morrill, C. (2010). “CGR and financial performance: A Canadian study. CG”, 10(5): 635-646. DOI:10.1108/14720701011085599.
  • Briano-Turrent, G-del.D. and Rodriguez-Ariza, L. (2016). “CGRs on listed companies: An institutional perspective in Latin America”, European Journal of Management and Business Economics, 25(2): 63-75. DOI:10.1016/j.redeen.2016.01.001.
  • Brown, L. D. and Caylor, M. L. (2006). “CG and firm valuation”, Journal of Accounting and Public Policy, 25(4): 409-434.
  • Chan, M. C., Watson, J. and Woodliff, D. (2014). “CG Quality and CSR Disclosures”, Journal of Business Ethics, 125(1): 59-73. DOI:10.1007/s10551-013-1887-8.
  • Chen, A. and Kao, L. (2010). “To improve investors’ valuation of accounting earnings in emerging markets: Evidence from Taiwan”, Canadian Journal of Administrative Sciences, 27(4): 376- 390.
  • Cho, S. J., Chung, C. Y. and Young, J. (2019). “Study on the Relationship between CSR and Financial Performance”, Sustainability, 11(2): 343.
  • Daines, R., Gow, I. and Larcker, D. (2010). “Rating the ratings: How good are commercial governance ratings?”, Journal of Financial Economics, 98(3): 439-461.
  • Davis, G. F. (2005). “New directions in CG”, Annual Review of Sociology, 31(1): 143-162. DOI:10.1146/annurev.soc.31.041304.122249.
  • Diwakar, K. and Sahu, S. K. (2023). “How CG Impacts the Financial Health of Companies: Evidence from Indian Listed Companies”, IUP Journal of Business Strategy, 20(1): 1-23.
  • Doğan, S. (2024). “Çevre, sosyal ve kurumsal yönetim (ÇSY) kriterleri ile sürdürülebilir kalkınmahedeflerine yönelik açıklamaların finansal performansa etkisi: BİST sürdürülebilirlik endeksindeki işletmelere yönelik analiz”, Published PhD thesis, University of Anadolu, Eskişehir.
  • Donker, H. and Zahir, S. (2008). “Towards an impartial and effective CGR system”, CG, 8(1): 83-93. DOI:10.1108/14720700810853428.
  • Dwivedi, N. and Jain, A. K. (2005). “CG and performance of Indian firms: The effect of board size and ownership”, Employee Responsibilities and Rights Journal, 17(3): 161-172.
  • Epps, R. and Cereola, S. (2008). “Do institutional shareholder services (ISS) CG ratings reflect a company’s operating performance?”, Critical Perspectives on Accounting, 19(8): 1135-1148. https://doi.org/10.1016/j.cpa.2007.06.007.
  • Ertuğrul, F. (2008). “Paydaş teorisi ve işletmelerin paydaşları ile ilişkilerinin yönetimi”, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (31): 199-223.
  • Ertugrul, M. and Hegde, S. (2009). “CGRs and firm performance”, Financial Management, 38(1): 139-160. Freeman, R. E. (1984). “Strategic Management: A Stakeholder Approach”, Boston: Pitman.
  • Gompers, P. A., Ishii, J. L. and Metrick, A. (2003). “CG and equity prices”, Quarterly Journal of Economics, 118(1): 107-155.
  • Gürarda, S., Özsös, E. and Ateş, A. (2016). “CGR and ownership structure in the case of Türkiye”, International Journal of Financial Studies, 4(8): 1-16. doi:10.3390/ijfs4020008.
  • Haniffa, R. and Hudaib, M. (2006). “CG structure and performance of Malaysian listed companies”, Journal of Business Finance and Accounting, 33(7-8): 1034-1062.
  • Hussainey, K. and Al-Najjar, B. (2012). “Understanding the determinants of riskmetrics/ISS ratings of the quality of UK companies’ CG practice”, Canadian Journal of Administrative Sciences, 29(4): 366-377. https://doi- org.offcampus.anadolu.edu.tr/10.1002/cjas.1227.
  • Isiaka, A. (2014). “CGRs and firm performance: Canadian evidence”, Published Master’s thesis, University of Regina, Canada.
  • Jensen, M. C. and Meckling, W. H. (1976). “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal Of Financial Economics, 3(4): 305-360.
  • Kaewkerd, S. and Soonthonrot, P. (2020). “The Relationship between CG and the Company's Performance in the Stock Exchange of Thailand”, Journal of Accountancy and Management, 12(3): 14-23.
  • Kevser, M. and Doğan, M. (2021). “Kurumsal yönetim derecelendirme notu duyurularının hisse senedi getirisi üzerindeki etkisi: Türkiye için olay çalışması”, Journal of Management and Economics Research, 19(1): 166-184. http://dx.doi.org/10.11611/yead.815123.
  • Kevser, M., Tunçel, M.B., Gürsoy, S. and Zeren, F. (2023). “The impact of environmental, social and governance (ESG) scores on stock market: Evidence from G7 countries”, Journal of Global Responsibility, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JGR-04-2023-0070 .
  • Kumar, N. and Singh, J. P. (2013). “Effect of board size and promoter ownership on firm value: Some empirical findings from India”, CG: The International Journal of Business in Society, 13(1): 88-98.
  • Larcker, D. F., Richardson, S. A. and Tuna, I. (2007). “CG, accounting outcomes and organizational performance”, The Accounting Review, 82(4): 963-1008.
  • Lopez, L. and Weber, S. (2017). “Testing for Granger causality in panel data”, The Stata Journal, 17(4): 972–984.
  • Lu, J. H. and Lai, Y.-hui. (2023). “CGR and firm performance: Evidence from Taiwan”, Journal of Accounting, Finance & Management Strategy, 18(1): 163-203.
  • Lysandrou, P. and Parker, D. (2011). “Commercial CGRs: An alternative view of their use and impact”, International Review of Applied Economics, 26(4): 445-463. https://doiorg.offcampus.anadolu.edu.tr/10.1080/02692171.2011.619971.
  • Mishra, R. and Kapil, S. (2017). “Effect of ownership structure and board structure on firm value: Evidence from India”, CG: The International Journal of Business in Society, 17(4): 700-726.
  • Mutairi, A. M., Tian, G., Hasan, H. and Tan, A. (2012). “CG and corporate finance practices in a Kuwait Stock Exchange market listed firm: A survey to confront theory with practice”, CG, 72(5): 595-615.
  • Orlitzky, M. and Benjamin, J. D. (2001). “Corporate social performance and firm risk: A meta-analytic review”, Business & Society, 40(4): 369-396.
  • Poroy Arsoy, A. and Crowther, D. (2008). “CG in Türkiye: Reform and convergence”, Social Responsibility Journal, 4(3): 407-421.
  • Renders, A., Gaeremynck, A. and Sercu, P. (2010). “Corporate-governance ratings and company performance: A cross-European study”, CG: An International Review, 18(2): 87-106. https://doi-org.offcampus.anadolu.edu.tr/10.1111/j.1467-8683.2010.00791.x.
  • Ross, S. A. (1973). “The economic theory of agency: The principal's problem”, The American economic review, 63(2): 134-139.
  • Schauten, M. B., Van Dijk, D. and van-der-Waal, J. P. (2013). “CG and the value of excess cash holdings of large European firms”, European Financial Management, 19(5): 991- 1016. https://doi.org/10.1111/j.1468-036X.2011.00615.x.
  • Schleicher, T., Hussainey, K. and Walker, M. (2007). “Loss firms’ annual report narratives and share price anticipation of earnings”, The British Accounting Review, 39(2): 153-171.
  • Solakoğlu, M. N. and Orhan, M. (2012). “Impact of Macroeconomic Indicators on Short Selling: Evidence from the Tokyo Stock Exchange”,https://repository.bilkent.edu.tr/server/api/core/bitstreams/ff1762fc-f5bf-4682-8ec5 f306d4135a7e/content , [20.03.2024]
  • Taliento, M., Favino, C. and Netti, A. (2019). “Impact of environmental, social, and governance information on economic performance: Evidence of a corporate ‘sustainability advantage’ from Europe”, Sustainability, 11(6): 1738. https://doi.org/10.3390/su11061738.
  • Tariq, Y. and Abbas, Z. (2013). “Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of CG”, Economic Modelling, (35): 565-575.https://doi.org/10.1016/j.econmod.2013.08.015. Ülgen, H. and Kadri, S. M. (2004), “İşletmelerde stratejik yönetim”, İstanbul: Literatür Yayıncılık.
  • Velte, P. (2017). “Does ESG performance have an impact on FP? Evidence from Germany”, Journal of Global Responsib, 8(2): 169-178. https://doi org.offcampus.anadolu.edu.tr/10.1108/JGR-11-2016-0029.
  • Velte, P. (2019). “The bidirectional relationship between ESG performance and earnings management-empirical evidence from Germany”, Journal of Global Responsibility, 10(4): 322-338. DOI 10.1108/JGR-01-2019-0001
  • Verma, M. (2022). “CGRs and performance indicators: An empirical analysis of S&P cnx nifty firms”, SEYBOLD Report, 17(6): 210-236. DOI: 10.5281/zenodo.7817343
  • Wahyudin, A. (2012). “The effect of ownership structure on debt policy, the principles of Corporate Governance as an intervening variable”, Diponegoro University, Indonesia.
  • Waqar, W. T. and Ma, Y. (2023). “Acquirers’ CGRs and the likelihood of deal completion: Do stakeholders care about the agency hazards of European cross-border acquirers?”, Review of Managerial Science, 1-34. https://doi.org/10.1007/s11846-023-00693- 2.
  • Wei, W. (2016). “Vertical specialization and upgrading utilization of foreign capital: Comparing impacts of conventional trade and processing trade patterns on foreign investment in China”, Achieving Inclusive Growth in China Through Vertical Specialization, 271-348. https://doi.org/10.1016/B978-0-08-100627-6.00008-4.
Toplam 53 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Araştırma Makalesi
Yazarlar

Mustafa Kevser 0000-0003-0586-1662

Seda Doğan 0000-0003-2347-1107

Proje Numarası Bulunmamaktadır.
Gönderilme Tarihi 14 Nisan 2025
Kabul Tarihi 3 Eylül 2025
Erken Görünüm Tarihi 14 Aralık 2025
Yayımlanma Tarihi 19 Aralık 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 23 Sayı: 4

Kaynak Göster

APA Kevser, M., & Doğan, S. (2025). THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE. Yönetim ve Ekonomi Araştırmaları Dergisi, 23(4), 1-21. https://doi.org/10.11611/yead.1589703
AMA Kevser M, Doğan S. THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE. Yönetim ve Ekonomi Araştırmaları Dergisi. Aralık 2025;23(4):1-21. doi:10.11611/yead.1589703
Chicago Kevser, Mustafa, ve Seda Doğan. “THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE”. Yönetim ve Ekonomi Araştırmaları Dergisi 23, sy. 4 (Aralık 2025): 1-21. https://doi.org/10.11611/yead.1589703.
EndNote Kevser M, Doğan S (01 Aralık 2025) THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE. Yönetim ve Ekonomi Araştırmaları Dergisi 23 4 1–21.
IEEE M. Kevser ve S. Doğan, “THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE”, Yönetim ve Ekonomi Araştırmaları Dergisi, c. 23, sy. 4, ss. 1–21, 2025, doi: 10.11611/yead.1589703.
ISNAD Kevser, Mustafa - Doğan, Seda. “THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE”. Yönetim ve Ekonomi Araştırmaları Dergisi 23/4 (Aralık2025), 1-21. https://doi.org/10.11611/yead.1589703.
JAMA Kevser M, Doğan S. THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE. Yönetim ve Ekonomi Araştırmaları Dergisi. 2025;23:1–21.
MLA Kevser, Mustafa ve Seda Doğan. “THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE”. Yönetim ve Ekonomi Araştırmaları Dergisi, c. 23, sy. 4, 2025, ss. 1-21, doi:10.11611/yead.1589703.
Vancouver Kevser M, Doğan S. THE IMPACT OF CORPORATE GOVERNANCE RATINGS ON FINANCIAL PERFORMANCE IN DEVELOPING COUNTRIES: A NEW EVIDENCE FROM TÜRKİYE. Yönetim ve Ekonomi Araştırmaları Dergisi. 2025;23(4):1-21.