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Is corporate hedging always beneficial? A theoretical and empirical analysis (2020)
Journal Article
Ahmed, H., Fairchild, R., & Guney, Y. (in press). Is corporate hedging always beneficial? A theoretical and empirical analysis. The European journal of finance, 1-35. https://doi.org/10.1080/1351847x.2020.1785909

This paper investigates, theoretically and empirically, the impact of corporate hedging activities on firm value/performance. In a perfect market, with self-less management, aiming to maximise shareholder wealth, it may be expected that hedging would... Read More about Is corporate hedging always beneficial? A theoretical and empirical analysis.

Why do some merger and acquisitions deals fail? A global perspective (2020)
Journal Article
Attah-Boakye, R., Guney, Y., Hernandez-Perdomo, E., & Mun, J. (in press). Why do some merger and acquisitions deals fail? A global perspective. International journal of finance & economics : IJFE,

We analyze why some merger and acquisitions (M&A) deals are withdrawn paying particular attention to the economic freedom and legal environment of countries. We use a large dataset based on deals worldwide from over 140 countries during the period 19... Read More about Why do some merger and acquisitions deals fail? A global perspective.

In search of stock repurchases determinants in listed Indonesian firms during regulatory changes (2020)
Journal Article
Moin, A., Guney, Y., & Kalak, I. E. (2020). In search of stock repurchases determinants in listed Indonesian firms during regulatory changes. Journal of Economic Behavior and Organization, 176, 145-165. https://doi.org/10.1016/j.jebo.2020.04.013

Motivated by the introduction of share repurchases regulations in 1998 and 2007 coupled with unique characteristics of the Indonesian market, we investigate the effect of firms’ sub-optimal financial position on their share repurchases decisions. The... Read More about In search of stock repurchases determinants in listed Indonesian firms during regulatory changes.

The effects of board structure on corporate performance: Evidence from East African frontier markets (2020)
Journal Article
Guney, Y., Karpuz, A., & Komba, G. (2020). The effects of board structure on corporate performance: Evidence from East African frontier markets. Research in international business and finance, 53, 101222. https://doi.org/10.1016/j.ribaf.2020.101222

The effectiveness of the well-known corporate governance practices may not be universal due to fundamental differences in the environments under which firms operate. By using hand-collected data from all the non-financial firms listed on the unexplor... Read More about The effects of board structure on corporate performance: Evidence from East African frontier markets.

The impact of governmental intervention on the association between initial public offering and future stock issuance (2020)
Journal Article
Gounopoulos, D., Guney, Y., Leng, J., & Patsika, V. (in press). The impact of governmental intervention on the association between initial public offering and future stock issuance. British Journal of Management, https://doi.org/10.1111/1467-8551.12400

We examine the effect of initial public offering (IPO) characteristics on seasoned equity offering (SEO) decisions in relation to governmental intervention in China. Our results confirm the process of underpriced IPOs in promoting earlier and larger... Read More about The impact of governmental intervention on the association between initial public offering and future stock issuance.

The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia (2019)
Journal Article
Moin, A., Guney, Y., & El Kalak, I. (2020). The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia. Review of Quantitative Finance and Accounting, https://doi.org/10.1007/s11156-019-00862-z

We investigate how a firm's decision to hold excessive cash or to overinvest could influence its dividend payout policy in Indonesia. Additionally, we examine the association between corporate ownership structure and cash dividends. Using a data set... Read More about The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia.

Does relative strength in corporate governance improve corporate performance? Empirical evidence using MCDA approach (2019)
Journal Article
Guney, Y., Hernandez-Perdomo, E., & Rocco, C. M. (in press). Does relative strength in corporate governance improve corporate performance? Empirical evidence using MCDA approach. Journal of the Operational Research Society, 1-26. https://doi.org/10.1080/01605682.2019.1621216

Academics and practitioners have developed different constructs to quantify corporate governance quality. Despite the limitations of the existing measures, they are still being commonly used. The literature finds that the relationship between perform... Read More about Does relative strength in corporate governance improve corporate performance? Empirical evidence using MCDA approach.

A reliability model for assessing corporate governance using machine learning techniques (2018)
Journal Article
Hernandez-Perdomo, E., Guney, Y., & Rocco, C. M. (2019). A reliability model for assessing corporate governance using machine learning techniques. Reliability Engineering and System Safety, 185, 220-231. doi:10.1016/j.ress.2018.12.027

Corporate governance assesses the efficiency and effectiveness of companies’ operations and decisions to ensure value creation for shareholders and optimal risk taking. As investors’ decision making process largely depends on financial information an... Read More about A reliability model for assessing corporate governance using machine learning techniques.

Host country institutions and firm-level R&D influences: An analysis of European Union FDI in China (2018)
Journal Article
Cai, H., Boateng, A., & Guney, Y. (2019). Host country institutions and firm-level R&D influences: An analysis of European Union FDI in China. Research in international business and finance, 47, 311-326. doi:10.1016/j.ribaf.2018.08.006

The paper investigates the effects of institutions and their interaction with firms’ research & development (R&D) levels on foreign direct investment (FDI) inflows in China based on a sample of 680 European Union (EU) firms over the period of 1998 to... Read More about Host country institutions and firm-level R&D influences: An analysis of European Union FDI in China.

Dividend policy of Indonesian listed firms: The role of families and the state (2018)
Journal Article
Duygun, M., Guney, Y., & Moin, A. (2018). Dividend policy of Indonesian listed firms: The role of families and the state. Economic modelling, 75, 336-354. https://doi.org/10.1016/j.econmod.2018.07.007

We investigate factors influencing the dividend policy of the listed Indonesian firms by focusing on agency costs and ownership structure. Our study finds that firms with higher conflicts of interest among managers and shareholders pay lower dividend... Read More about Dividend policy of Indonesian listed firms: The role of families and the state.

Initial public offerings in China: Underpricing, statistics and developing literature (2018)
Journal Article
Azevedo, A., Guney, Y., & Leng, J. (2018). Initial public offerings in China: Underpricing, statistics and developing literature. Research in international business and finance, 46, 387-398. doi:10.1016/j.ribaf.2018.04.011

We review more than two decades of literature on initial public offerings (IPOs) in China, discussing the research hypotheses that have been studied as well as the main findings. We summarize past and current developments in the literature and highli... Read More about Initial public offerings in China: Underpricing, statistics and developing literature.

Financial and corporate social performance in the UK listed firms: the relevance of non-linearity and lag effects (2018)
Journal Article
Adegbite, E., Guney, Y., Kwabi, F., & Tahir, S. (2019). Financial and corporate social performance in the UK listed firms: the relevance of non-linearity and lag effects. Review of Quantitative Finance and Accounting, 52(1), 105-158. https://doi.org/10.1007/s11156-018-0705-x

Using environmental, social and governance scores compiled by Reuters Datas-tream for each company's corporate social performance (CSP), we examine the relationship between CSP and corporate financial performance (CFP) of 314 UK listed companies over... Read More about Financial and corporate social performance in the UK listed firms: the relevance of non-linearity and lag effects.

R&D investments and credit lines (2017)
Journal Article
Guney, Y., Karpuz, A., & Ozkan, N. (2017). R&D investments and credit lines. Journal of Corporate Finance, 46, 261-283. https://doi.org/10.1016/j.jcorpfin.2017.07.011

Using data for 939 publicly listed firms from 17 European countries over the period from 2004 to 2013, we investigate the effect of used credit lines on R&D investments, controlling for other determinants of R&D investments, i.e., cash flows, cash ho... Read More about R&D investments and credit lines.

Herding in frontier markets: Evidence from African stock exchanges (2016)
Journal Article
Guney, Y., Kallinterakis, V., & Komba, G. (2017). Herding in frontier markets: Evidence from African stock exchanges. Journal of International Financial Markets, Institutions and Money, 47, 152-175 . https://doi.org/10.1016/j.intfin.2016.11.001

We investigate herding in eight African frontier stock markets between January 2002 and July 2015, given the limited evidence on herding in frontier markets. Herding appears significant throughout the 2002-2015 period for all markets, with smaller st... Read More about Herding in frontier markets: Evidence from African stock exchanges.

An international examination of the economic effectiveness of banking recapitalization (2016)
Journal Article
Adegbite, E., Tahir, S., Guney, Y., & Adegbite, E. A. (2017). An international examination of the economic effectiveness of banking recapitalization. International Business Review, 26(3), 417-434. https://doi.org/10.1016/j.ibusrev.2016.10.002

© 2016 Elsevier Ltd While the literature on capital adequacy and bank recapitalization agrees on the importance of a minimum capital requirement, recurring financial crises across the world do little to suggest that capital adequacy is enough protect... Read More about An international examination of the economic effectiveness of banking recapitalization.

Testing for the weak-form market efficiency of the Dar es Salaam Stock Exchange (2016)
Book Chapter
Guney, Y., & Komba, G. (2016). Testing for the weak-form market efficiency of the Dar es Salaam Stock Exchange. In P. Andrikopoulos, G. Gregoriou, & V. Kallinterakis (Eds.), Handbook of frontier markets: The European and African evidence, 3-26. Elsevier Academic Press. https://doi.org/10.1016/b978-0-12-803776-8.00001-x

This chapter investigates the weak-form efficiency of the Dar es Salaam Stock Exchange (DSE), a frontier market, in Tanzania. The study covers the period from Jan. 2007 to Dec. 2014. To establish the consistency and robustness of the obtained conclus... Read More about Testing for the weak-form market efficiency of the Dar es Salaam Stock Exchange.

The effect of hedging on firm value and performance: Evidence from the nonfinancial UK firms (2014)
Conference Proceeding
Ahmed, H., Azevedo, A., & Guney, Y. (2014). The effect of hedging on firm value and performance: Evidence from the nonfinancial UK firms

We examine the effect of hedging with financial derivatives on firm value and financial performance, relying on a new dataset which comprises information on 288 nonfinancial firms listed in the FTSE-All share index at the London Stock Exchange (LSE)... Read More about The effect of hedging on firm value and performance: Evidence from the nonfinancial UK firms.

Corporate dividend policy in Thailand: theory and evidence (2013)
Journal Article
Fairchild, R., Guney, Y., & Thanatawee, Y. (2014). Corporate dividend policy in Thailand: theory and evidence. International review of financial analysis, 31, (129-151). doi:10.1016/j.irfa.2013.10.006. ISSN 1057-5219

This paper examines dividend changes in an emerging market: Thailand. We begin by considering the possible effects of the Thai corporate environment on dividend policy. We develop a theoretical model that considers the relationship between the streng... Read More about Corporate dividend policy in Thailand: theory and evidence.

Heterogeneous effect of ethnic networks on international trade of Thailand: The role of family ties and ethnic diversity (2013)
Journal Article
Duanmu, J., & Guney, Y. (2013). Heterogeneous effect of ethnic networks on international trade of Thailand: The role of family ties and ethnic diversity. International Business Review, 22(1), 126-139. https://doi.org/10.1016/j.ibusrev.2012.02.009

Ethnic networks have been found to have a pro-trade effect in previous research. However, the heterogeneous effect of different ethnicities is under-studied. Drawing on the literature on social structure, this paper attempts to untangle the heterogen... Read More about Heterogeneous effect of ethnic networks on international trade of Thailand: The role of family ties and ethnic diversity.

The relationship between product market competition and capital structure in Chinese listed firms (2011)
Journal Article
Guney, Y., Li, L., & Fairchild, R. (2011). The relationship between product market competition and capital structure in Chinese listed firms. International review of financial analysis, 20(1), (41-51). doi:10.1016/j.irfa.2010.10.003. ISSN 1057-5219

Financial and industrial economists have increasingly recognized the interaction between product market competition and financing decisions of firms. This paper analyzes the relationship between product market competition (measured by Tobin's Q) and... Read More about The relationship between product market competition and capital structure in Chinese listed firms.


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