Browsing by Author "Taskin Yesilova, F. Dilvin"

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CORPORATE GOVERNANCE AND PERFORMANCE: THE DIVERGENCE OF OPERATING AND SHARE PERFORMANCE
(INT JOURNAL CONTEMPORARY ECONOMICS & ADMINISTRATIVE SCIENCES, 2018) F. Dilvin Taskin Yesilova; Mustafa Reha Okur; Taskin Yesilova, F. Dilvin; Okur, Mustafa Reha
Corporate governance principles are trying to ensure reliable and well-functioning firms and sound financial systems thus well-governed firms are expected to be performing better than their counterparts. The aim of this paper is to analyze the impact of corporate governance applications on operating performance and share performance of companies that are traded in Borsa Istanbul for the period 2007-2014. In order to understand the impact of corporate governance traits on share performance we assume that we buy and hold the stock for 1 year and sell it at the end of the accounting period to match it with the accounting data and panel regressions are run to analyze the factors that have significant explanatory power over operating and share performance. According to the results the corporate governance traits do not affect stock returns but have a significant explanatory power over operating performance measured by ROA and ROE. This divergence shows that good governance results with superior operating performance, however governance benefits are not priced by the investors. The paper has significant implications since it analyses one of the most attractive emerging equity markets namely Borsa Istanbul which has approximately sixty percent share of foreign investors. The results are important for both policy makers and for the broad range of investors that are players in the market.
THE IMPACT OF FINANCIAL CRISES ON THE COMMERCIAL BANK NET INTEREST MARGINS: EVIDENCE FROM THE TURKISH BANKING INDUSTRY
(INT JOURNAL CONTEMPORARY ECONOMICS & ADMINISTRATIVE SCIENCES, 2019) F. Dilvin Taskin Yesilova; Taskin Yesilova, F. Dilvin
This paper investigates the impact of financial crisis on the determinants of bank interest rate margin (NIM) in Turkey over the period 1995-2018. Turkey witnessed two recent major economic crises a local crisis in 2001 and the global crisis in 2008. The sample period is divided into three sub-periods: pre-crisis period (1995-2001) post-local crisis period (2002-2007) and post-global crisis period (2008-2018). The NIMs are specified as a function of bank and market-specific variables such as operating cost liquidity credit risk implicit interest payments size managerial efficiency and concentration. The results of the analysis show that determinants of NIMs following the local crisis and global crisis are significantly changed. After the local crisis credit risk levels were considered more crucial and costs and efficiency is considered as the focus in the aftermath of the global financial crisis.