Corporate governance compliance : a study of the publicly traded companies on Istanbul stock exchange

Erensoy, Müjde
In the contemporary global world, corporate governance is one of the most frequently referred business term. This study examines the corporate governance compliance reports submitted to Capital Markets Board (CMB) by the publicly traded companies on İstanbul Stock Exchange (ISE). In the analysis, relation among corporate governance compliance and size and ownership structure is investigated. Corporate governance compliance scores of the companies are obtained from Corporate Governance Index constructed based on CMB’s Corporate Governance Principles. The results indicate that size for the entire sample of companies has positive effect on total corporate governance score and all sub index scores; in addition, under different sector categories, size affects total and sub index scores positively except service sector. The public ownership percentage singly measures ownership concentration and it affects corporate governance scores positively except stakeholders and board of directors sub indices scores for all companies. For sector categories, ownership concentration has positive effect on only general corporate governance compliance and shareholders sub index scores for finance companies. Foreign ownership percentage has positive effect on shareholders sub index score derived for all and manufacturing sector companies while its effect is negative for all other scores measured. The findings of this study contribute to the relevant literature and welcome new research initiatives within the same area in Turkey.


Volatility indexes and an implementation of the Turkish BIST 30 index
Karakurt, Caner; Uğur, Ömür; Department of Financial Mathematics (2018)
In 1993, by representing of CBOE Vix, global financial markets met volatility indexes. In 2003, methodology of the CBOE Vix is updated and it took the form which used today. Day after day, volatility indexes have attracted more and more investors and financial institutions, and soon volatility indexes have succeeded in becoming one of the most followed financial indicators. Following these developments, many countries have introduced their implied volatility indexes by using CBOE Vix methodology or its vari...
The effect of financial news on BIST stock prices: a machine learning approach
Kanmaz, Medet; Küçükşenel, Serkan; Department of Economics (2018)
This thesis examines the relationship between the price data of companies in different sectors in the Borsa Istanbul (BIST) stock exchange and the verbal data revealed in the financial news related to these companies. In this work, sentiment analysis, natural language processing and the effect of financial news on individual stock performances are studied with a simple and novel method. Sentiment analysis is created by automatically labelling the news for companies publicly traded in BIST as positive or neg...
Trade-based manipulation in financial markets
İmişiker, Serkan; Gaygısız Lajunen, Esma; Department of Economics (2013)
The purpose of this thesis is to empirically explore the characteristics of the monetary transmission mechanism, with a particular emphasis on the role of banks, in Turkey. By looking at the banking sector at the micro level and exploiting dynamic panel data modeling approaches, the heterogeneity in banks’ response in terms of their lending and risk-taking to changes in policy interest rates is analyzed. The first essay is an empirical analysis of the bank lending channel of monetary transmission. In this r...
Financial innovations in developing countries : the case of Turkey
Hergüner, Armağan Önder; Ağır, Münis Seven; Department of Economics (2015)
Financial innovation is an important phenomenon in the development scheme of financial markets, gaining more ground after the 1980s. The primary aim of this thesis is to investigate two cases of financial innovation in Turkey: Credit card installments and gold accounts. Financial innovation literature lacks an examination of financial innovations in developing countries and does not present any alternative explanations behind their emergence. Differences between institutional structures and the effect of fi...
Stock market liquidity analysis: evidence from the İstanbul Stock Exchange
Özdemir, Duygu; Gaygısız Lajunen, Esma; Department of Economics (2011)
The purpose of this thesis is to identify the factors playing a key role in the determination of the Turkish stock market liquidity in aggregate terms in a time series context and discuss the joint dynamics of the market-wide liquidity with its selected determinants and the trade volume. The main determinants tested are the level of return, the return volatility and the monetary stance of the Central Bank of the Republic of Turkey. The expected positive relationship between the liquidity and the return is c...
Citation Formats
M. Erensoy, “Corporate governance compliance : a study of the publicly traded companies on Istanbul stock exchange ,” M.B.A. - Master of Business Administration, Middle East Technical University, 2011.