Abstract:

One of the most important indicators of the extent to which companies comply with the corporate governance principles is the corporate governance rating ratings given to the companies by the rating agencies. The purpose of this study is to examine the corporate governance ratings of the companies included in the Corporate Governance Index after the latest published corporate governance communique. For this purpose, the ratings of the companies included in the Corporate Governance Index have been obtained for each year in the period of 2013-2018 and it has been examined whether these ratings differ according to the sector, the organization making the rating, whether the companies are also included in the Sustainability Index and the ownership structure. Kruskal Wallis and Mann Whitney U test were used in the study. According to the results of the study, it is observed that the ratings of the companies in the corporate governance index have generally increased. In addition, it is concluded that the locomotive of the Corporate Governance Index is the financial sector and manufacturing sector companies, and the corporate governance ratings differ significantly between the sectors. Another result of the study is that approximately 70% of the companies included in the Corporate Governance Index are rated by SAHA Corporate Governance Rating Agency. Moreover, it has been observed that corporate governance ratings are higher in companies included in the Sustainability Index along with the Corporate Governance Index and companies with high domestic ownership.

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