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Dr Yilmaz Guney

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Yilmaz Guney

Reader in Accounting and Finance


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

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

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

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

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

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

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

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

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

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