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Public Disclosure Levels of ISE Companies: Ownership and Corporate Governance Effects

Bengi Ertuna and Ali Tukel

Istanbul Stock Exchange Review, 2008, vol. 10, issue 40, 1-36

Abstract: The aim of this paper is to measure public disclosure performance of the ISE companies and investigate the sources of differences among the companies. Disclosure performance is measured using a self-constructed public disclosure index (PDI) and applied to companies in the ISE-50 Index. Differences in PDI levels are analyzed using ownership and corporate governance characteristics, in an emerging market context dominated by concentrated ownership structure. The share of foreign portfolio investors is found to be the only significant variable influencing the PDI, especially its voluntary component. The findings support the argument of the Capital Market Board of Turkey, which emphasizes the role of corporate governance in attracting foreign capital.

Date: 2008
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