Applicability of Corporate Governance Principles to Family Businesses in Turkey

Asuman Sönmez and Andaç Toksoy
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Asuman Sönmez: İstanbul Kültür University
Andaç Toksoy: İstanbul Kültür University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2011, vol. 26, issue 92, 51-90

Abstract: Corporate governance is getting more and more important both for World and Turkish economies, thanks to increasing competitiveness conditions among companies. Especially some surveys proved that non-institutionalized companies can be inadequate in corporate governance applications. Corporate governance is as important as financial performance in international business area in respect of investment decisions as well. Contribution of corporate governance can be more effective and productive for family-owned companies. In this frame, low capital cost, new financial solutions, liquidity increase and resisting to economic crises can be listed as benefits of corporate governance for companies. Applications of corporate governance principles can show differences from country to country. In other words, it is not possible to mention a unique model existence for corporate governance principals for all countries and/or companies. Changes of economic and social conditions are most significant factors in these differences. Nevertheless, standard rules as fairness, transparency especially in financial figures, accountability and responsibility are unchangeable and inarguable rules of corporate governance for all countries. In this study, corporate governance concept and its principles will be searched both for theoretical and practical view and furthermore their adaptation to the family-owned companies in Turkey will be evaluated.

Keywords: Management; Corporate Governance Principles; Family-owned Companies (search for similar items in EconPapers)
Date: 2011
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