A Different Perspective on Ownership in Firms Quoted at Borsa Istanbul
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Emrah Arioğlu: Çukurova Üniversitesi
Iktisat Isletme ve Finans, 2015, vol. 30, issue 346, 65-80
This study aims to investigate ownership in Turkish public firms from a different perspective than in previous studies. It investigates various patterns in the interaction of ownership measures and other corporate governance mechanisms. I find that compared to controlled firms, firms that are not controlled favor director elections triennially, have more blockholders, have less of their shares owned by these blockholders and have less of their shares held by foreign blockholders. However, the difference in terms of shares owned by foreign blockholders appears to be driven by whether the firm is a value or a growth firm. Also, these non-controlled firms out-perform controlled firms, having higher risk-adjusted returns. Lastly, the findings also reveal that almost all of the public firms have at least one blockholder, and the average board size and the number of independent directors increase as the number of blockholders in the firm increases.
Keywords: Ownership; Corporate Governance; Borsa Istanbul; Blockholders (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:iif:iifjrn:v:30:y:2015:i:346:p:65-80
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