Changing ownership in the Turkish non-financial corporations listed on Borsa Istanbul (BIST)
Open Access
- 1 January 2015
- journal article
- Published by Virtus Interpress in Corporate Ownership and Control
- Vol. 13 (1), 1419-1429
- https://doi.org/10.22495/cocv13i1c11p13
Abstract
Purpose of the study is to investigate the changing ownership structures in the Turkish non-financial corporations listed on Borsa Istanbul (BIST) for the period of 1992-2014. This time frame entails the structural changes in the Turkish economy as well as Turkish corporations. With respect to ownership concentration, Turkish non-financial corporations reveal a concentrated nature. Most changes in ownership structures are triggered by the local and global economic and financial factors. In the years of research, excluding the economic crises periods, we witness a decrease in the shares of the largest shareholders and an increase in the shares owned by the minority shareholders. This finding can be interpreted as the democratization of capital in Turkish corporations. The initial public offerings and privatizations in Turkey tend to increase before the financial and economic crises, implying that democratization of capital needs stable economic environment. Findings assert that most of the new initial public offerings are mainly from the family owned corporations, which yield a promising sign in favor of improving corporate governance practices.Keywords
This publication has 17 references indexed in Scilit:
- New Capitalism in TurkeyPublished by Edward Elgar Publishing ,2014
- Ownership Concentration and Corporate Performance on the Budapest Stock Exchange: do too many cooks spoil the goulash?Corporate Governance: An International Review, 2005
- The Relationship Between Valuation and Ownership of Listed Firms in ChinaCorporate Governance: An International Review, 2003
- Ownership Patterns and Control in Turkish Listed CompaniesCorporate Governance: An International Review, 2003
- The separation of ownership and control in East Asian CorporationsJournal of Financial Economics, 2000
- Corporate Governance and CompetitionPublished by Cambridge University Press (CUP) ,2000
- Corporate Ownership Around the WorldThe Journal of Finance, 1999
- Corporate ownership and control structures: An international comparisonReview of Industrial Organization, 1995
- Managerial Incentives for Short‐term ResultsThe Journal of Finance, 1985
- The Structure of Corporate Ownership: Causes and ConsequencesJournal of Political Economy, 1985