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Market reaction to director independence at Borsa Istanbul

Author

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  • Emrah Arioglu

Abstract

This study investigates the market reaction to appointments and departures of independent directors to boards and various board committees, as well as the magnitude of the market reaction based to the expertise and busyness of these directors. The findings suggest that investors in Turkish capital markets do not value the existence of independent directors on boards or committees of boards. In addition, the findings suggest that investors do not value the expertise of independent directors. However, investors appear to value the busyness of independent directors. The findings are robust to various model specifications.

Suggested Citation

  • Emrah Arioglu, 2015. "Market reaction to director independence at Borsa Istanbul," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 15(4), pages 259-271, December.
    • Handle: RePEc:bor:bistre:v:15:y:2015:i:4:p:259-271
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    File URL: http://www.sciencedirect.com/science/article/pii/S2214845015300016
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    Citations

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    Cited by:

    1. Shivan Sarpal, 2018. "Does Endogeneity in Causal Relationships Matter: A Case of Board Independence and Firm’s Market Valuation," Emerging Economy Studies, International Management Institute, vol. 4(1), pages 19-39, May.

    More about this item

    Keywords

    Independence; Corporate governance; Borsa Istanbul; Expertise; Busyness;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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