Articlehybrid2012

Is There a Relationship Between Corporate Governance and Value‐based Financial Performance Measures? A Study of Turkey as an Emerging Market

Ali Bayrakdaroğlu · Ersan Ersoy · Levent Çıtak

53 citations0/0 files storedAsia-Pacific Journal of Financial Studies

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Financial Reporting and Valuation Research Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

Abstract The purpose of this study is to investigate the relationship of value‐based performance measures – economic value added (EVA), market value added (MVA) and cash value added (CVA) – with corporate governance using data on 41 corporations listed on the Istanbul Stock Exchange‐100 Index. Multiple panel regression is used covering the 1998–2007 period. The findings indicate that EVA, MVA, and CVA increase if the CEO is a member of the board at the same time, and board size does not significantly affect performance. Ownership concentration is significantly related to all performance measures except for MVA, while manager ownership is not a significant variable in increasing corporate performance. Foreign ownership is found to increase EVA but decrease MVA.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 53 citations exist upstream.

References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2003Testing for unit roots in heterogeneous panels 2002Unit root tests in panel data: asymptotic and finite-sample properties 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1999A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test 1933The Modern Corporation and Private Property 1996Higher market valuation of companies with a small board of directors 1985The Structure of Corporate Ownership: Causes and Consequences

Cited by

2021The Impact of Carbon Disclosure on Firm Value with Foreign Ownership as A Moderating Variable

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.