IDEAS home Printed from https://ideas.repec.org/a/mes/emfitr/v51y2015is2ps84-s100.html
   My bibliography  Save this article

Does Governance Efficiency Affect Equity Agency Costs? Evidence from Borsa Istanbul

Author

Listed:
  • Guler Aras
  • Ozlem Kutlu Furtuna

Abstract

In this article, we investigate whether the governance efficiency variables mitigate the costs arising from agency problems for companies listed on the Borsa Istanbul (BIST). The empirical analyses are conducted on nonfinancial firms during the 2005–11 period. Four models have been implemented for each of the agency-cost proxies, and all of them are estimated by panel data regressions with fixed effects. This study provides evidence from an emerging market about which governance variables and control variables differently reduce the extent of conflicts of interest between managers and shareholders. The findings also indicate that highly concentrated firms in Turkey are more engaged with agency problems and do not effectively control excessive perquisite consumption and facilitate asset utilization.

Suggested Citation

  • Guler Aras & Ozlem Kutlu Furtuna, 2015. "Does Governance Efficiency Affect Equity Agency Costs? Evidence from Borsa Istanbul," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(S2), pages 84-100, March.
  • Handle: RePEc:mes:emfitr:v:51:y:2015:i:s2:p:s84-s100
    DOI: 10.1080/1540496X.2014.998944
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/1540496X.2014.998944
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1080/1540496X.2014.998944?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
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ghazali Ahmad & Bilal Ahmad Raza, 2017. "Analyzing the Link Between Agency Problems, Governance and Control Attributes for Pakistan," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(3), pages 43-65, September.

    More about this item

    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:mes:emfitr:v:51:y:2015:i:s2:p:s84-s100. 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MREE20 .

    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.