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Corporate Governance: An Empirical Analysis of the Relationship between SAHA’s Corporate Governance Rating Scores and Firm Performance at Istanbul Stock Exchange
Södertörn University, School of Social Sciences.
2012 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

This study examines the relationship between SAHA’s corporate governance rating score and firm performance in Turkey for the period between 2008, 2009 and 2010. The purpose of study is to analyze whether there is a relationship between Saha’s corporate governance score which is based on the principles of Capital Market Board of Turkey and firm performance for 16 companies listed in corporate governance index Istanbul Stock Exchange (ISE) by using Saha’s Corporate Governance. It also aims to determine this relationship by attempting to answer the question of whether better governed firms as measured by high corporate governance score have higher firm performance in Turkey. With this purpose three analyses were conducted and random effect model, one type of panel data, is used to analyze whether there is a relationship between corporate governance and firm performance. The conceptual framework for this study is a combinationan of approaches to agency, stakeholder and stewardship theory. Panel data is created as unbalanced data and random effect model is used.Accounting based performance measures of firms: return on asset, return on equity and returnon sales were used to compare with Saha’s Corporate Governance Rating Score based on four sub-indices: 1) shareholder rights, 2) public disclosure and transparency, 3) stakeholders and 4) board of directors. The results based on Saha’s Corporate Governance Score show that corporate governance does matter in Turkey. The study shows that better governed firms measured by high corporate governance score have better performance in Turkey. The result of regressing return on asset, return on equity against Saha’s corporate governance rating score indicates that there is a significantly relationship between corporate governance and firm performace. However, the result of regressing return on sales indicates that there is no statistically significant relation between Saha’s corporate governance score and return on sales.

Place, publisher, year, edition, pages
2012. , 58 p.
Keyword [en]
Corporate Governance, Firm Performance, Saha Corporate Governance Ratings, Istanbul Stock Exchange
National Category
Economics
Identifiers
URN: urn:nbn:se:sh:diva-17380OAI: oai:DiVA.org:sh-17380DiVA: diva2:570596
Subject / course
Economics
Presentation
2012-06-08, 10:00 (English)
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2012-11-20 Created: 2012-11-20 Last updated: 2012-11-20Bibliographically approved

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Essay by Burak Aydemir(1105 kB)3885 downloads
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Type fulltextMimetype application/pdf

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf