Corporate Governance: A Comparative Study of Firms in Northern Cyprus and Turkey
Autori:
Mustafa AVCIN, Hasret BALCIOGLU
Cod: ISSN: 1583-3410 (print), ISSN: 1584-5397 (electronic)
Dimensiuni: pp. 182-201
How to cite this article:Avcin, M., Balcioglu, H. (2017). Corporate Governance: A Comparative Study of Firms in Northern Cyprus and Turkey. Revista de Cercetare si Interventie Sociala, 57, 182-201. |
Abstract:
This paper investigates and compares whether, implementing proper Internal
and External governance provisions and practicing Corporate Governance Principles
have positive association with corporate performance and profitability.
First, the study investigates the impact of the corporate market culture elements
(internal governance mechanism – firm based performance) and corporate capital
market culture elements (external governance mechanism – capital market based
performance) on unlisted firms’ performance in Northern Cyprus where, Collaboration,
Control, Creativity and Compete are designated as corporate market
culture elements in inducing Corporate Market Culture behaviour and the impact
of Board of Directors Managerial Incentives, Capital Structure Provisions and
Control Systems, Law and Regulations and Capital Markets are designated as
corporate capital market culture elements reflecting Corporate Capital Market
Culture behaviour. Secondly, investigates the performance of corporate governance
index firms in the Istanbul Stock Exchange practicing the Corporate Governance
Principles of Turkey make difference in listed firms’ performance. The
Return on Assets and Return on Equity are designated as firm based performance
and Tobin’s q as capital market based performance. The empirical evidence give
support to the view that, the Internal and External governance provisions are
complementary and positively associated with corporate performance then Return
on Assets, Return on Equity and Tobin’s q.
Keywords:
corporate governance, return on assets, return on equity, Tobin’s q, internal governance, external governance, North Cyprus, Turkey.
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