Does Corporate Governance Matter for Market Efficiency? Evidence from Turkish markets



This article examines informational efficiency in the Corporate Governance Index comprising of firms having corporate governance ratings in Turkish equity markets. By using ARFIMA FIGARCH model, it is empirically showed that Corporate Governance Index does not display long-memory effect, thus is in weak-form efficiency. The article has originality in that it examines Corporate Governance Index in Turkey in terms of market efficiency by employing ARFIMA-FIGARCH model that consider coexistence of long-term memory in return and volatility.

Key words: Corporate governance, market efficiency, long-memory models, Turkish equity markets


JEL codes: G32, G14, C14

Full Text:



Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.

To make sure that you can receive messages from us, please add the '' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.

Copyright © Macrothink Institute ISSN 1941-899X

'Macrothink Institute' is a trademark of Macrothink Institute, Inc.