Changing Ownership in the Turkish Non-Financial Corporations Listed on Borsa Istanbul (BIST)

Corporate Ownership & Control Journal, Volume 13, Issue 1, Autumn 2015, pp. 1062-1072

11 Pages Posted: 15 Jan 2016

See all articles by Gonca Atici

Gonca Atici

Istanbul University

Guner Gursoy

Istanbul Kemerburgaz University

Date Written: December 22, 2015

Abstract

Purpose of the study is to investigate the changing ownership structures in the Turkish non-financial corporations listed on Borsa Istanbul (BIST) for the period of 1992-2014. This time frame entails the structural changes in the Turkish economy as well as Turkish corporations. With respect to ownership concentration, Turkish non-financial corporations reveal a concentrated nature. Most changes in ownership structures are triggered by the local and global economic and financial factors. In the years of research, excluding the economic crises periods, we witness a decrease in the shares of the largest shareholders and an increase in the shares owned by the minority shareholders. This finding can be interpreted as the democratization of capital in Turkish corporations. The initial public offerings and privatizations in Turkey tend to increase before the financial and economic crises, implying that democratization of capital needs stable economic environment. Findings assert that most of the new initial public offerings are mainly from the family owned corporations, which yield a promising sign in favor of improving corporate governance practices.

Keywords: Ownership Structure, Ownership Concentration, Corporate Governance, Initial Public Offerings, Privatization, Foreign Direct Investment, Borsa Istanbul (BIST)

JEL Classification: G32, G34, B22

Suggested Citation

Atici, Gonca and Gursoy, Guner, Changing Ownership in the Turkish Non-Financial Corporations Listed on Borsa Istanbul (BIST) (December 22, 2015). Corporate Ownership & Control Journal, Volume 13, Issue 1, Autumn 2015, pp. 1062-1072, Available at SSRN: https://ssrn.com/abstract=2715439

Gonca Atici (Contact Author)

Istanbul University ( email )

Istanbul Business School
Avcilar Campus
Istanbul, 34322
Turkey

Guner Gursoy

Istanbul Kemerburgaz University ( email )

Mahmutbey Dilmenler cad No 26
Bagcilar
Istanbul
Turkey

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