Browsing by Subject "Corporate governance."
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Item Open Access Banking relationship and firm performance(Bilkent University, 2013) Sungu, GözdeThis thesis examines the relationship between firm performance and the number of banking relationships for the publicly traded Turkish firms listed in the Borsa Istanbul (BIST) for the period 2003-2011, by using 2SLS model. In the analysis, banks are categorized according to their nationalities, ownership structures and orientations; firms are classified based on their size as small and large, the sample period is divided into two as crisis and non- crisis years, considering the effect of the 2008 global crisis on the Turkish economic and financial system. I find that firm performance decreases as the number of banking relationships increases, regardless of bank types. However, this negative relationship between firm performance and the number of banks is observed only in non-crisis times and for only small-sized firms. I also find that firm age, size, obtaining funding from external sources other than bank loans, belonging to a group, related lending, being a multinational company, incentives obtained from government and state-ownership are significant factors affecting the number of banking relationships. However, the significances of these variables differ for different bank and firm types, and for sub-periods.Item Open Access The composition & functioning of the Turkish corporate boards : an empirical study(Bilkent University, 1994) Aktuğ, DenizThis study focuses on the composition and functioning of the Turkish corporate boards to better understand the roles undertaken by the boards while steering the companys’ into the future. The research sample consists of 20 organizations that include 9 holdings, 3 joint ventures, 4 small firms, and 4 independent cases. These independent cases refer to those organizations that do not fit into any of the subgroups listed above. The results are based on the responses of the board members to the open-ended questions during 30-40 minute interviews. The comparative evaluation and discussion of the observed board practices in each subgroup are presented in full detail. The compatibility of the findings with the research perspectives used in previous studies are pointed out. In spite of the limited sample size, the findings enable the generation of valuable research hypotheses which can be tested by more extensive studies in the future.Item Open Access Equity ownership structure and its consequences : an empirical investigation in Turkish firms(Bilkent University, 2001) Gürsoy, GünerThe 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.