Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/317503 
Year of Publication: 
2021
Citation: 
[Journal:] Journal of Business Economics and Management (JBEM) [ISSN:] 2029-4433 [Volume:] 22 [Issue:] 4 [Year:] 2021 [Pages:] 884-904
Publisher: 
Vilnius Gediminas Technical University, Vilnius
Abstract: 
Corporate governance (CG) is a fundamental criteria for enhancing investors' and stakeholders' trust, relatively recently recognized in emerging markets. This study investigates the effects of CG practices on the firm-level financial performance of Borsa Istanbul XKURY-indexed companies during 2007-2019. Four specific aspects of CG are analysed: shareholders' rights, public disclosure and transparency, stakeholders' rights, and board of directors functioning, as defined by the Turkish Code of Corporate Governance, in line with international principles of CG issued by OECD. Alternative estimations of panel regression analysis indicate a positive association between stakeholder-oriented governance practices and firm-level financial performance expressed by accounting measures for both financial and non-financial companies. Shareholder protection policies have a negative influence on accounting-based performance, especially for non-financial industries, whereas the corporate practices related to board of directors and public disclosure vary between financial and non-financial entities. These findings contribute to international research on CG implications for emerging markets, providing evidence about the importance of stakeholders' protection and the distinctive effects of CG dimensions for corporate financial performance.
Subjects: 
corporate governance
transparency and disclosure
shareholders
stakeholders
board of directors
financial performance
emerging markets
JEL: 
G32
G34
M10
L25
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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