Market Reaction to Director Busyness and Expertise at Borsa Istanbul
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Emrah Arioğlu: Çukurova Üniversitesi
Iktisat Isletme ve Finans, 2015, vol. 30, issue 355, 55-84
This study investigates how investors in Turkish capital markets react to the announcements of appointments (departures) of busy and expert directors to (from) boards and audit committees of boards of public firms quoted at Borsa Istanbul. The findings suggest that investors in Turkish capital markets do not value the existence of directors with multiple board memberships and professional expertise highly. Still, the findings do not suggest that markets value the existence of these directors lower than the existence of directors with no additional board seats or no professional expertise. However, market reaction to the departures of busy directors from boards appears to be lower compared to the departures of non-busy directors in the most immediate days surrounding the departure announcements. In addition, investors appear to react positively to the announcements of appointments of financial experts and professors on the announcement days.
Keywords: Busyness; Expertise; Corporate Governance; Borsa Istanbul (search for similar items in EconPapers)
JEL-codes: G34 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:iif:iifjrn:v:30:y:2015:i:355:p:55-84
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