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

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

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 bet...

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Main Author: Doski, Shivan Ahmed Mohammad
Format: Thesis
Language:eng
eng
Published: 2012
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HG Finance
Online Access:https://etd.uum.edu.my/3469/1/s92229.pdf
https://etd.uum.edu.my/3469/8/s92229.pdf
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institution Universiti Utara Malaysia
collection UUM ETD
language eng
eng
advisor Ahmad, Nor Hayati
Ishak, Zuaini
topic HG Finance
spellingShingle HG Finance
Doski, Shivan Ahmed Mohammad
The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey
description 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.
format Thesis
qualification_name Ph.D.
qualification_level Doctorate
author Doski, Shivan Ahmed Mohammad
author_facet Doski, Shivan Ahmed Mohammad
author_sort Doski, Shivan Ahmed Mohammad
title The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey
title_short The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey
title_full The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey
title_fullStr The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey
title_full_unstemmed The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey
title_sort role of risk taking in moderating the influence of ownership structure and selected economic factors on stock market in turkey
granting_institution Universiti Utara Malaysia
granting_department Othman Yeop Abdullah Graduate School of Business
publishDate 2012
url https://etd.uum.edu.my/3469/1/s92229.pdf
https://etd.uum.edu.my/3469/8/s92229.pdf
_version_ 1747827579787673600
spelling my-uum-etd.34692016-04-19T02:41:05Z The Role of Risk Taking in Moderating the Influence of Ownership Structure and Selected Economic Factors on Stock Market in Turkey 2012-12 Doski, Shivan Ahmed Mohammad Ahmad, Nor Hayati Ishak, Zuaini Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance 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. 2012-12 Thesis https://etd.uum.edu.my/3469/ https://etd.uum.edu.my/3469/1/s92229.pdf text eng validuser https://etd.uum.edu.my/3469/8/s92229.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Aaboen, L., Lindelof, P., Koch, C. & Lofsten, H. (2006). Corporate governance and performance of small high-tech firms in Sweden. Technovation, 26(8), 955-968. Abraham, S., & Cox, P. (2007). 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