Abstract:
The purpose of this study is to investigate the relationship of value-based performance measures
– economic value added (EVA), market value added (MVA) and cash value added
(CVA) – with corporate governance using data on 41 corporations listed on the Istanbul
Stock Exchange-100 Index. Multiple panel regression is used covering the 1998–2007 period.
The findings indicate that EVA, MVA, and CVA increase if the CEO is a member of the
board at the same time, and board size does not significantly affect performance. Ownership
concentration is significantly related to all performance measures except for MVA, while
manager ownership is not a significant variable in increasing corporate performance. Foreign
ownership is found to increase EVA but decrease MVA.
