Scopus İndeksli Yayınlar Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12469/1248

Browse

Now showing 1 - 4 of 4

Citation - Scopus: 3
Cash Holdings and Corporate Governance: Evidence From Turkey
(IGI Global, 2019) Akben Selçuk, Elif; Şener, Pınar
This chapter investigates the empirical factors affecting corporate cash holdings with special emphasis on corporate governance variables for a sample of Turkish-listed nonfinancial firms over the period 2006 to 2010. The findings reveal a significant non-linear relation between family ownership and cash holdings. In addition, while board structure does not significantly affect the level of cash holdings, tunneling increases cash reserves of firms. Furthermore, the results indicate that cash flow, leverage, other liquid assets that can be used as cash substitutes, the degree of tangibility of assets, and firm size are important in determining cash holdings among Turkish companies.
Citation - WoS: 12
Citation - Scopus: 17
Corporate Diversification and Firm Value: Evidence From Emerging Markets
(Emerald Group Publishing Limited, 2015) Akben Selçuk, Elif
Purpose - The purpose of this paper is to investigate the impact of corporate diversification on firm value in a sample of nine emerging markets including Brazil Chile Indonesia Malaysia Philippines Poland South Africa Thailand and Turkey. For the purpose of this study a company is classified as diversified when it is operating in two or more lines of business defined by the two-digit SIC codes. Design/methodology/approach - Employing panel data from 1568 companies for the period 2005-2010 this paper estimates both a fixed effects model and a dynamic generalized method of moments model. Data are collected both at company level and segment level within each firm. Findings - Overall analysis results suggest that for the period from 2005 to 2010 diversified firms in emerging markets are valued more compared to single-segment firms operating in similar industries providing support for diversification premium. Originality/value - The effect of diversification on company value in emerging markets is an important managerial and public policy concern. Although the literature on developed country diversified firms is rich only a few studies have examined diversification-value relationship in the context of developing countries. Furthermore most previous research on the value effects of corporate diversification in emerging markets has taken the form of case studies within countries and concentrated on the 1990s. This paper tries to fill these gaps by using a larger sample and more recent data and methodology.
Citation - WoS: 5
Citation - Scopus: 6
Determinants of Corporate Cash Holdings: Firm Level Evidence From Emerging Markets
(Springer, 2017) Akben Selçuk, Elif; Altiok-Yilmaz, Ayse
The objective of this chapter is to investigate the factors affecting corporate cash holdings in five emerging markets namely Brazil Indonesia Mexico Russia and Turkey. The sample consists of 1991 firms listed on the major stock exchange of their countries and covers the period between 2009 and 2015. The model is estimated by Arellano–Bond dynamic generalized method of moments. Results show that firms which use higher leverage in their capital structure hold more cash. More profitable firms are shown to have higher levels of cash holdings. Another variable which has a positive effect on the level of cash holdings in any given period is the level of cash holdings in the previous period as shown by the positive and significant coefficient of the lagged dependent variable in the model. Liquidity and firm size have a negative and statistically significant impact on the level of corporate cash holdings. Firms with higher level of capital expenditures are also shown to hold less cash. Finally growth opportunities do not have a significant impact on the level of cash holdings for the firms in the emerging markets analyzed. © Springer International Publishing AG 2017.
Citation - WoS: 12
Citation - Scopus: 14
Family Involvement, Corporate Governance and Dividends in Turkey
(Emerald Group Publishing Limited, 2019) Sener, Pinar; Akben Selçuk, Elif
Purpose: The purpose of this paper is to investigate the relationship between dividends and family involvement as well as corporate governance characteristics among Turkish public firms. Design/methodology/approach: Using panel data on Turkish firms listed on the Borsa Istanbul 100 index for 2006–2014 three models are estimated. For the first two models where the dependent variables are the dividend payout ratio and dividend yield respectively tobit regressions are run. The last model which employs a dividend dummy as the dependent variable is estimated with logistic regression. Findings: There is a positive and concave relationship between family ownership and dividends. The existence of a family chairman reduces dividends. There is a positive association between board size and dividends and this relationship is weaker for firms with higher levels of family ownership. Finally the ratio of independent directors on the board is negatively associated with dividends. Practical implications: The findings imply that firms with substantial family ownership and active family participation in management are more likely to send a negative signal to minority shareholders by paying lower dividends. In addition minority shareholders should pay attention to the board structure of firms in which they invest. Originality/value: This study is one of the few to analyze the nonlinear relationship between family ownership and dividend payments as well as the role of family management in a developing country. Second it investigates the role of board characteristics in explaining dividend payment decisions. © 2019 Emerald Publishing Limited.

Browse

Browsing Scopus İndeksli Yayınlar Koleksiyonu by Institution Author "Akben Selçuk, Elif"