Equity ownership structure and its consequences : an empirical investigation in Turkish firms
Author
Gürsoy, Güner
Advisor
Aydoğan, Kürşat
Date
2001Publisher
Bilkent University
Language
English
Type
ThesisItem Usage Stats
101
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Abstract
The study describes the main characteristics of ownership structure of the Turkish
nonfinancial firms listed on the Istanbul Stock Exchange (ISE) and examines the impact
of ownership structure on performance and risk-taking behavior of Turkish firms.
Turkish corporations can be characterized as highly concentrated, family owned firms
attached to a group of companies generally owned by the same family or a group of
families. Ownership structure is defined along two attributes: concentration and identity
of the owner(s). We conclude that there is a significant impact of ownership structure -
ownership concentration and ownership mix- on both performance and risk-taking
behavior of the firms in our sample. Higher concentration leads to better market
performance but lower accounting performance. Family-owned firms, contrast to
conglomerate affiliates, seem to have lower performance with lower risk. Governmentowned
firms have lower accounting, but higher market performance with higher risk.