A Different Perspective on Ownership at Borsa Istanbul

16 Pages Posted: 25 Jun 2014 Last revised: 17 Nov 2014

Date Written: June 23, 2014

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.

Keywords: Ownership, corporate governance, Borsa Istanbul, blockholders

JEL Classification: G32, G34

Suggested Citation

Arioglu, Emrah, A Different Perspective on Ownership at Borsa Istanbul (June 23, 2014). Available at SSRN: https://ssrn.com/abstract=2458121 or http://dx.doi.org/10.2139/ssrn.2458121

Emrah Arioglu (Contact Author)

Cukurova University ( email )

Saricam ilcesi
Balcali
Adana, 01330
Turkey

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