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Türkiye’de Sermaye Piyasası Kurulu (SPK) tarafından 2007 yılından itibaren firmalara kurumsal yönetim ilkelerine uymalarına göre derecelendirmeleri için bazı kuruluşlara yetki verilmiştir. Bu çalışmada 2011-2017 yılları arasında kurumsal yönetim ilkelerine uymalarına göre derece alan firmalar tespit edilmiştir. Derecelendirme notlarını alan Borsa İstanbul (BİST) Kurumsal Yönetim Endeksi’nde bulunan 47 firmadan oluşturulan portföylerin performansları ölçülmüştür. BİST’de 2011-2017 yılları arasında işlem gören firmalardan üç farklı portföy oluşturulmuştur. Birinci portföy Kurumsal yönetim derecelendirme notuna sahip ve piyasa değeri en büyük olan 10 firmadan oluşturulmuştur. İkinci portföy kurumsal yönetim derecelendirme notuna sahip olmayan ve piyasa değeri en büyük olan 10 firmadan oluşturulmuştur. Üçüncü portföy kurumsal yönetim derecelendirme notuna sahip olan tüm firmalardan oluşturulmuştur. Oluşturulan portföylerde bütün firmaların 84 aylık hisse senedi getirileri kullanılmıştır. Oluşturulan portföylerin performansları Jensen Yöntemi’ne göre basit regresyon analizi ile ölçülmüştür. Basit regresyon modeli Tekli Endeks Modeli’ne göre kurgulanmıştır. Yapılan analiz sonucunda birinci ve ikinci portföyün başarılı ancak üçüncü portföyün başarısız olduğu tespit edilmiştir. Diğer bir ifadeyle kurumsal yönetim derecelendirme notu almanın portföy performansları üzerinde önemli bir etkisi olmadığı sonucuna ulaşılmıştır.
In Turkey, the Capital Markets Council (SPK) has authorized companies from 2007 to rank them according to the principles of corporate management. In this study, companies that have graduated according to the corporate management principles between 2011 and 2017 have been identified. The performance of portfolios created from 47 companies found in the Borsa Istanbul (BIST) Corporate Management Index, which received rating notes, has been measured. Three different portfolios were created from companies that were traded between 2011 and 2017. The first portfolio is created from 10 companies with corporate management rating and market value. The second portfolio is created from 10 companies with no corporate management rating and market value. The third portfolio is created from all companies with the corporate management rating rating. In the portfolios created, all companies’ 84 month stock returns were used. The performance of the portfolios created was measured by a simple regression analysis according to Jensen Method. The simple regression model is established according to the Single Index Model. The analysis found that the first and second portfolios were successful, but the third portfolios failed. In other words, it has been concluded that receiving corporate management rating not has a significant impact on portfolio performance.
Since 2007, Capital Markets Board of Turkey (CMB) has authorized some firms to grade companies in terms of their compliance with the corporate governance principles. In this study, companies that have been ranked according to corporate governance principles between 2011-2017 have been identified. The performances of the portfolios created from 47 companies in the Borsa İstanbul (BIST) Corporate Governance Index, which received their ratings, were measured. Three different portfolios were created from companies traded at BIST between 2011-2017. The first portfolio is composed of 10 firms with corporate governance ratings and the highest market value. The second portfolio is composed of 10 companies that do not have a corporate governance rating and have the largest market value. The third portfolio was created from all firms with corporate governance ratings. In the portfolios created, 84-month stock returns of all companies were used. The performances of the created portfolios were measured by simple regression analysis according to the Jensen Method. The simple regression model is based on the Single Index Model. As a result of the analysis, it was determined that the first and the second portfolio were successful, but the third portfolio was unsuccessful. In other words, it is concluded that obtaining a corporate governance rating has no significant effect on portfolio performances.
Alan : Güzel Sanatlar; Hukuk; İlahiyat; Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Uluslararası
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