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Market Reaction to Director Busyness and Expertise at Borsa Istanbul

Author

Listed:
  • Emrah ARIOĞLU

    (Çukurova Üniversitesi)

Abstract

This study investigates how investors in Turkish capital markets react to the announcements of appointments (departures) of busy and expert directors to (from) boards and audit committees of boards of public firms quoted at Borsa Istanbul. The findings suggest that investors in Turkish capital markets do not value the existence of directors with multiple board memberships and professional expertise highly. Still, the findings do not suggest that markets value the existence of these directors lower than the existence of directors with no additional board seats or no professional expertise. However, market reaction to the departures of busy directors from boards appears to be lower compared to the departures of non-busy directors in the most immediate days surrounding the departure announcements. In addition, investors appear to react positively to the announcements of appointments of financial experts and professors on the announcement days.

Suggested Citation

  • Emrah ARIOĞLU, 2015. "Market Reaction to Director Busyness and Expertise at Borsa Istanbul," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 30(355), pages 55-84.
    • Handle: RePEc:iif:iifjrn:v:30:y:2015:i:355:p:55-84
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    More about this item

    Keywords

    Busyness; Expertise; Corporate Governance; Borsa Istanbul;
    All these keywords.

    JEL classification:

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

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