Ownership Patterns and Control in Turkish Listed Companies

The purpose of this paper is to document the prevalent ownership concentration, structure and control in the top 100 companies listed on the Istanbul Stock Exchange. The results are discussed in the context of emerging corporate governance trends in Turkey. Where appropriate, comparisons with other...

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Bibliographic Details
Published in:Corporate governance : an international review 2003-01, Vol.11 (1), p.40-51
Main Authors: Demirag, Istemi, Serter, Mehmet
Format: Article
Language:English
Subjects:
control
Corporate governance
Enterprises
Firm theory
Management science
Ownership
Turkey
Turkish companies
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Summary:The purpose of this paper is to document the prevalent ownership concentration, structure and control in the top 100 companies listed on the Istanbul Stock Exchange. The results are discussed in the context of emerging corporate governance trends in Turkey. Where appropriate, comparisons with other countries are provided. The results of the study indicate that ownership of Turkish companies is highly concentrated, families being the dominant shareholders. The separation of ownership and control among Turkish companies is mainly achieved through pyramidal ownership structures and the presence of big business groups. However, the cash flow and voting rights in Turkish companies are relatively more aligned compared to other family–ownership–dominated insider–system countries.
ISSN:0964-8410
1467-8683
DOI:10.1111/1467-8683.00300