Market Reaction to Director Busyness and Expertise at Borsa Istanbul

Autor:	Emrah Arioğlu
Rok vydání:	2015
Předmět:	Finance business.industry Turkish Corporate governance Value (economics) Audit committee language Market reaction Accounting Business Capital market language.human_language Professional expertise
Zdroj:	İktisat İşletme ve Finans. 30
ISSN:	1308-4658 1300-610X
DOI:	10.3848/iif.2015.355.4553
Popis:	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.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::266886facdbad468bcee4d1ec27dd2b2 https://doi.org/10.3848/iif.2015.355.4553 Zobrazit plný text záznamu