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KURUMSAL YATIRIMCILARIN YATIRIM TERCİHLERİ

INVESTMENT PREFERENCES OF INSTITUTIONAL INVESTORS

Journal Name:

  • Yönetim ve Ekonomi Araştırmaları Dergisi

Publication Year:

  • 2013

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
This paper examines the determinants of institutional investment. Firm specific characteristics, information asymmetry level and governance mechanisms are the main determinants that are included in this study. Large firms, firms with low book-to-market-ratio, firms with less leverage, firms with high level of past performance, less volatile firms and firms with high liquidity are chosen by institutional investors. They also invest in stocks which have low level of information asymmetry. Institutional investors prefer to invest in countries with high level of investment protection and strong disclosure requirements. Finally, they give importance to country level governance quality. As a result, they invest in countries with high level of governance quality.
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Abstract (Original Language): 
Bu çalışmada kurumsal yatırımcıların yatırım kararlarına etki eden unsurlar incelenmektedir. Şirket özellikleri, asimetrik bilgi seviyesi ve yönetim mekanizmaları çalışmada kullanılan başlıca etkenlerdir. Şirket özelliklerine bakıldığında, büyük firmalar, defter değeri/ piyasa değeri oranı düşük olan firmalar, kaldıraç oranı düşük olan firmalar, geçmiş dönem performansı yüksek olan firmalar, düşük riskli firmalar ve likiditesi yüksek olan firmaların kurumsal yatırımcılar tarafından tercih edildiği saptanmaktadır. Ayrıca, asimetrik bilgi seviyesi açısından değerlendirildiğinde, yatırımcıların asimetrik bilgi seviyesi düşük olan firmalara yatırım yaptıkları gözlenmektedir. Yönetim mekanizmaları açısından incelendiğinde ise, kurumsal yatırımcıların, yatırımcı koruması ve açıklığı yüksek seviyede olan ülkeleri tercih ettikleri görülmektedir. Ayrıca, yönetim kalitesi yüksek olan ülkeler kurumsal yatırımcıları çekmektedirler.
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