All Outputs (11)

Foreign institutional ownership and demand for accounting conservatism: evidence from an emerging market (2019)
Journal Article
Khalil, M., Ozkan, A., & Yildiz, Y. (2020). Foreign institutional ownership and demand for accounting conservatism: evidence from an emerging market. Review of Quantitative Finance and Accounting, 55(1), 1-27. https://doi.org/10.1007/s11156-019-00834-3

© 2019, The Author(s). This study investigates how foreign institutional ownership interacts with accounting conservatism in an emerging market setting. We posit that weak investor protection and a high degree of information asymmetry between insider... Read More about Foreign institutional ownership and demand for accounting conservatism: evidence from an emerging market.

Board independence, audit quality and earnings management: evidence from Egypt (2016)
Journal Article
Khalil, M., & Ozkan, A. (2016). Board independence, audit quality and earnings management: evidence from Egypt. Journal of emerging market finance, 15(1), 84-118. https://doi.org/10.1177/0972652715623701

Using a unique dataset for Egyptian firms, we investigate the relationship between board independence, audit quality and earnings management. We test whether firm-level corporate governance provisions matter in an emerging market setting characterise... Read More about Board independence, audit quality and earnings management: evidence from Egypt.

Directors’ share dealings and corporate insolvencies: evidence from the UK (2015)
Journal Article
Ozkan, A., Poletti-Hughes, J., & Trzeciakiewicz, A. (2017). Directors’ share dealings and corporate insolvencies: evidence from the UK. The European journal of finance, 23(5), 427-455. https://doi.org/10.1080/1351847X.2015.1040168

This paper investigates the relation between insider trading and the likelihood of insolvency with a specific focus on the directors’ sale and purchase transactions preceding insolvency. We use a unique data set on directors’ dealings in 474 non-fina... Read More about Directors’ share dealings and corporate insolvencies: evidence from the UK.

Informative content of insider purchases: evidence from the financial crisis (2014)
Journal Article
Ozkan, A., & Trzeciakiewicz, A. (2014). Informative content of insider purchases: evidence from the financial crisis. Review of Behavioural Finance, 6(1), 26-45. https://doi.org/10.1108/RBF-01-2014-0008

Purpose – The purpose of this paper is to investigate the impact of insider trading on subsequent stock returns in the UK, with a specific focus on the impact of the global financial crisis of 2007-2008 on the relation between CEO and CFO stock purch... Read More about Informative content of insider purchases: evidence from the financial crisis.

Financial flexibility, corporate investment and performance: evidence from financial crises (2013)
Journal Article
Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: evidence from financial crises. Review of Quantitative Finance and Accounting, 42(2), 211-250. https://doi.org/10.1007/s11156-012-0340-x

This study examines the impact of financial flexibility on the investment and performance of East Asian firms over the period 1994-2009. We employ a sample of 1,068 firms and place particular emphasis on the periods of the Asian crisis (1997-1998) an... Read More about Financial flexibility, corporate investment and performance: evidence from financial crises.

Managerial ownership and performance (2009)
Journal Article
Florackis, C., Kostakis, A., & Ozkan, A. (2009). Managerial ownership and performance. Journal of business research, 62(12), 1350-1357. https://doi.org/10.1016/j.jbusres.2008.12.001

This study revisits the classical debate about the nature of the relationship between managerial ownership and corporate performance by using a semi-parametric estimation approach. The semi-parametric approach helps sidestep concerns associated with... Read More about Managerial ownership and performance.

The impact of managerial entrenchment on agency costs: An empirical investigation using UK panel data (2007)
Journal Article
Florackis, C., & Ozkan, A. (2009). The impact of managerial entrenchment on agency costs: An empirical investigation using UK panel data. European Financial Management, 15(3), 497-528. https://doi.org/10.1111/j.1468-036x.2007.00418.x

This paper empirically investigates the relationship between managerial entrenchment and agency costs for a large sample of UK firms over the period 1999-2005. To measure managerial entrenchment, we use detailed information on ownership and board str... Read More about The impact of managerial entrenchment on agency costs: An empirical investigation using UK panel data.

Institutional investors and director pay: An empirical study of UK companies (2007)
Journal Article
Dong, M., & Ozkan, A. (2008). Institutional investors and director pay: An empirical study of UK companies. Journal of Multinational Financial Management, 18(1), 16-29. https://doi.org/10.1016/j.mulfin.2007.06.001

This paper empirically examines the determinants of director pay for a sample of listed non-financial firms in the UK by focusing on the effects of institutional ownership on both director pay and pay-performance relationship. Our analysis reveals th... Read More about Institutional investors and director pay: An empirical study of UK companies.

International evidence on the non-linear impact of leverage on corporate cash holdings (2006)
Journal Article
Guney, Y., Ozkan, A., & Ozkan, N. (2007). International evidence on the non-linear impact of leverage on corporate cash holdings. Journal of Multinational Financial Management, 17(1), 45-60. https://doi.org/10.1016/j.mulfin.2006.03.003

This paper investigates cash holding behaviour of firms from France, Germany, Japan, the UK and the US using data for 4069 companies over the period 1996–2000. Our focus is particularly on the relation between cash holdings and leverage. We argue tha... Read More about International evidence on the non-linear impact of leverage on corporate cash holdings.

Capital structure decisions of Turkish firms (2006)
Book Chapter
Guney, Y., Ozkan, A., & Yalciner, K. (2006). Capital structure decisions of Turkish firms. In S. G. Altug, & A. Filiztekin (Eds.), The Turkish Economy : The Real Economy, Corporate Governance and Reform (149-171). Routledge. https://doi.org/10.4324/9780203018439

Since the seminal work of Modigliani and Miller (1958) the theory on capital structure has successfully investigated the conditions under which the capital structure decision of a firm would be relevant for its value. Among the factors identified in... Read More about Capital structure decisions of Turkish firms.

New insights on the importance of agency costs for corporate debt maturity decisions (2005)
Journal Article
Guney, Y., & Ozkan, A. (2005). New insights on the importance of agency costs for corporate debt maturity decisions. Applied financial economics letters, 1(4), 233-238. https://doi.org/10.1080/17446540500117610

This study provides new insights on the relationship between corporate debt maturity and agency costs by investigating empirically the impact of managerial ownership and the divergence between control and cash-flow rights on debt maturity. A signific... Read More about New insights on the importance of agency costs for corporate debt maturity decisions.