IDEAS home Printed from https://ideas.repec.org/a/acc/malfin/v36y2021i116p57-72.html
   My bibliography  Save this article

Corporate Governance and Portfolio Performance: Evidence from BRICS Countries

Author

Listed:
  • Aslı Aybars

    (Marmara University)

  • Mehtap Öner

    (Marmara University)

  • Emre Zehir

    (Istanbul Kultur University)

Abstract

Together with the corporate governance scandals in last two decades, firms have increased corporate governance applications to achieve transparent and accountable structures. These applications’ impact on firms’ financial performance and stock returns has become an appealing research topic. In this paper, the performance of portfolios constructed with BRICS firms having corporate governance applications between years 2011-2019 have been investigated by utilizing CAPM and Fama-French Three Factor Model. The findings show no abnormal returns in portfolios formed on the basis of corporate governance scores consistent with the Efficient Market Hypothesis. Furthermore, market risk premium has also no impact on portfolio returns

Suggested Citation

  • Aslı Aybars & Mehtap Öner & Emre Zehir, 2021. "Corporate Governance and Portfolio Performance: Evidence from BRICS Countries," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 36(116), pages 57-72, October.
    • Handle: RePEc:acc:malfin:v:36:y:2021:i:116:p:57-72
    DOI: https://doi.org/10.33203/mfy.829883
    as

    Download full text from publisher

    File URL: https://dergipark.org.tr/en/download/article-file/1410338
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.33203/mfy.829883?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Corporate governance; portfolio performance; efficient markets; BRICS;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:acc:malfin:v:36:y:2021:i:116:p:57-72. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Süleyman Kale (email available below). General contact details of provider: https://dergipark.org.tr/en/pub/mfy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.