Work

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

Year: 2012

Type: article

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.

Source: Asia-Pacific Journal of Financial Studies

DOI: 10.1111/j.2041-6156.2012.01071.x

Authors: Ali Bayrakdaroglu, Ersan Ersoy, Levent Citak

Institutions: Muğla University, Nevşehir Hacı Bektaş Veli University, Erciyes University

Language: English

Topic: Financial Reporting and Valuation Research

Subfield: Strategy and Management

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $2,810

OpenAlex ID: W1511504033

FWCI: 9.514

Cites: 48

Cited by: 53

Related to: 10