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Abstract


THE EFFECT OF CORPORATE GOVERNANCE RATING GRADES ON COMPANIES PROFITABILITY RATIOS (ASSET PROFITABILITY AND EQUITY PROFIT)

In the study, the existence of a cointegration relationship between the Corporate Governance Principles Compliance Rating scores given by rating institutions to a total of 15 businesses operating in the manufacturing sector that were continuously included in the Borsa Istanbul Corporate Governance Index between 2013-2017 and the profitability ratios, which are among the elements that determine the financial performance of these companies. It has been investigated. In order to examine the existence of this relationship, shareholders, public disclosure and transparency, stakeholders and board principles scores given to companies as independent variables, and return on assets and return on equity ratios as dependent variables were used. In this study, panel data analysis method was used, and first, the cross-sectional dependency was determined between the series that make up the panel using the Breusch Pagan (1980) LM Test. In the second step, Pesaran (2007) CADF test, which is one of the second generation panel unit root tests, was applied to the series, and it was observed that the variables of return on equity, return on assets, shareholders, transparency, stakeholders, board of directors, total score were stable with a difference I (1). In the last step, with the help of Westerlund (2007) panel cointegration test, the existence of cointegration relationship between series was examined and variables representing profitability ratios representing financial performance are (equity profitability, return on assets) and independent variables representing corporate governance rating scores are (shareholders, transparency, stakeholders, the board of directors) It has been determined that there is a cointegration relationship between.



Keywords
Corporate Governance, Financial Performance, Borsa İstanbul Corporate Governance Index



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