Corporate Governance and Portfolio Performance: Evidence From BRICS Countries

Aslı Aybars, Mehtap Öner and Emre Zehir
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Aslı Aybars: Marmara University
Mehtap Öner: Marmara University
Emre Zehir: Istanbul Kultur University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2021, vol. 36, issue 116, 57-72

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

Keywords: Corporate governance; portfolio performance; efficient markets; BRICS (search for similar items in EconPapers)
JEL-codes: G11 G12 G14 G18 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:36:y:2021:i:116:p:57-72

DOI: 10.33203/mfy.829883

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