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The Relationship Between Corporate Governance Rating And Return Of The Stocks: An Investigation On Companies Of Bist Real Estate Investment Trust

Author

Listed:
  • Huseyin Çetin

    (NECMETTIN ERBAKAN UNIVERSITY, FACULTY OF POLITICAL SCIENCES)

  • Mehmet Nuri Salur

    (NECMETTIN ERBAKAN UNIVERSITY, FACULTY OF POLITICAL SCIENCES)

  • Ahmet Akusta

    (KONYA TEKNİK UNIVERSITESI, REKTÖRLuK)

Abstract

This paper, by using Cumulative Abnormal Returns method, investigates that whether the stocks have abnormal returns after the announcement of the corporate governance ratings of the companies in both BIST Corporate Governance Index and BIST Real Estate Investment Trust Index to the public in 2018, Event study method was used. Announcement of the corporate governance ratings is determined as event day (t0). Two event windows were selected, five days before and after the event day (t-5, t0, t+5), and five days following the event day (t0, t+5). It was determined that cumulative abnormal return was obtained for selected event windows. The stock prices are also more stable after the event day. After the Announcement of the corporate governance ratings, both abnormal returns stability of stock values indicates that the market is semi-strong form efficient.

Suggested Citation

  • Huseyin Çetin & Mehmet Nuri Salur & Ahmet Akusta, 2020. "The Relationship Between Corporate Governance Rating And Return Of The Stocks: An Investigation On Companies Of Bist Real Estate Investment Trust," Ekonomi Maliye Isletme Dergisi, Adil AKINCI, vol. 3(1), pages 66-74, June.
    • Handle: RePEc:gnx:emid43:2020-3-1-746029
    DOI: 10.46737/emid.746029
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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other

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