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The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey

Doski, Shivan Ahmed Mohammad (2012) The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey. PhD. thesis, Universiti Utara Malaysia.

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Abstract

This study investigated the moderating influence of risk taking (RT) on the association between ownership structure (OS), economic factors (EF) and stock market performance (SMP). This study was motivated basically by the inconsistent findings in the latest literature related to the relationship between OS, EF and stock market performance. Therefore, a new research emerged which suggests examining the influence of the third factor (RT) that may better describe and explain this relationship. This study integrated two theories; the agency theory (AT) and the capital asset pricing model (CAPM). Due to the lack of the studies thatemphasized all the sectors and subsectors in the emerging markets, therefore this study targeted all the listed companies in Istanbul stock exchange in Turkey divided to five sectorscovering the period from 2004 to 2010 for both RT and industrial ownership ratio. The study followed a rigorous process for econometrics testing by using Eviews statistical software package and utilizes hierarchal regression throughusing SPSS statistical software package. The findings of this study showed that both OS, EF were statistically significant predictors of stock market performance. Moreover, this study supported the expected outcomes of both agency theory and capital asset pricing model confirming the importance of RT behavior to any decisions made by the companies’ top management regarding investing decisions that affect the company performance which in its turn affect the overall performance of the stock market. In addition, this study revealed the point that the foreign ownership in Turkey has a large shareholding percentage out of total company’s ownership. The results of this study indicated that RT is moderating the influence between some of the ownership structure variables and stock market performance measured by stock market capitalization, while the moderation effect depends on the moderate variable measurement that divided by five sectors, similarly to the economic factors, in which the effect of some economic factors is moderated by RT in different sectors.

Item Type: Thesis (PhD.)
Uncontrolled Keywords: Ownership Structure, Economics Factors, Risk Taking, Stock Market Performance, Turkey
Subjects: H Social Sciences > HG Finance
Divisions: Othman Yeop Abdullah Graduate School of Business
Depositing User: Mr. Badrulsaman Hamid
Date Deposited: 25 Aug 2013 00:42
Last Modified: 19 Apr 2016 02:41
URI: http://etd.uum.edu.my/id/eprint/3469

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