Kurumsal Yönetim Performansının Hisse Senedi Getirileri ile İlişkisi: Türkiye Örneği.

In all economies, companies usually begin their commercial activities as a family company. This situation, which has not posed problems at first in terms of size, can be reversed by extending the field of activity of the company in the future. Applying the concept of institutionalization to their companies has always been the most important turning point in front of a family company advancing in the course of normal development. In this study, the relationship between corporate governance performance and yield on common stocks of the companies which are associate with the BIST Corporate Governance Index is examined. Possible relationship has been tested with panel data for the 2010-2017 period in Turkey. In the framework of panel data analysis, firstly cross-sectional dependence and homogeneity tests have been applied. The results of tests have showed that no cross-sectional dependence. Then, the first generation unit root tests have been started. Because of being the series stable, the Pedroni Cointegration Test has been performed. The coefficients for the cointegration series are estimated by FMOLS method. The existence of a causality is determined by Panel VECM. The results of the analysis showed that good corporate governance had a positive and significant effect on stock return. [ABSTRACT FROM AUTHOR]