Finansal gelişmenin kurumsal yönetişimi: Türkiye örneği

The purpose of the study is to test the long-term relationship of financial development, which is a key determinant of sustainable economic growth, with the institutional governance mechanism in the case of Turkey. To construct the analytical framework to be used, the governance is discussed from three different institutionalist perspectives. To test the relationship in question, financial development is examined under two different titles as the development of the banking sector and capital markets. In the empirical part of the study, using the quarterly time series data between 1992-2019, this period is divided into two sub-periods as 1992-2001 and 2002-2019. The relationship of the development of the banking sector and capital markets with macro-financial and macro non-financial governance variables, which have been developed by Akan, is tested for both sub-periods with the help of the ARDL Cointegration Approach and Error Correction Model (ECM). As a result of the empirical study, while no long-term relationship is detected between the development of the banking sector and governance mechanisms for both periods, it is observed that the development of capital markets is negatively affected by macro-financial governance in both periods. On the other hand, the positive effect of macro non-financial governance on stock market development, having existed in the first period, has disappeared in the second period.