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A Different Perspective on Ownership in Firms Quoted at Borsa Istanbul

Author

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  • Emrah ARIOĞLU

    (Çukurova Üniversitesi)

Abstract

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.

Suggested Citation

  • Emrah ARIOĞLU, 2015. "A Different Perspective on Ownership in Firms Quoted at Borsa Istanbul," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 30(346), pages 65-80.
    • Handle: RePEc:iif:iifjrn:v:30:y:2015:i:346:p:65-80
    as

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    More about this item

    Keywords

    Ownership; Corporate Governance; Borsa Istanbul; Blockholders;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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