Effect of corporate ownership concentration on firm performance has been researched in various fields. We investigate the effect of family and foreign ownership on firm performance – both market and accounting- for companies listed on the Istanbul Stock Exchange-Turkey- from 2005 to 2009. We find a positive relationship between family and foreign ownership and market performance during the period. Our results also show that foreign ownership concentration loses its effect on market performance during 2008-2009 – a period
marked by the economic crisis, which might be attributed to the global source of the crisis. Interestingly, effects of family and foreign ownership concentration on firm performance diminish, and even disappear, when performance is measured by using accounting data.
Ortaklık yapısının şirket performansı üzerindeki etkisine ilişkin çeşitli alanlarda araştırmalar yapılmıştır. Bu araştırmada aile ve yabancı ortaklık paylarının şirket performansı üzerindeki etkileri, 2005-2009 yılları arasında İstanbul Menkul Kıymetler Borsasında işlem gören şirketler için incelenmiştir. Araştırma döneminde piyasa performansı ile aile ve yabancı ortaklık payı arasında pozitif ilişki saptanmıştır. Ayrıca sonuçlar, ekonomik kriz dönemi olan 2008-2009 yıllarında yabancı ortaklık yoğunlaşmasının piyasa performansı üzerindeki etkisinin azaldığını da göstermektedir ki bu da krizin küresel nitelikte olmasına bağlanabilir. Araştırmanın dikkate değer bir başka sonucu ise, aile ve yabancı ortaklık yoğunlaşması etkilerinin, performans muhasebe verileri kullanılarak ölçüldüğünde azalması ve hatta etkilerin ortadan kalkmasıdır.
Primary Language | English |
---|---|
Subjects | Business Administration |
Journal Section | MAIN SECTION |
Authors | |
Publication Date | March 31, 2015 |
Submission Date | December 18, 2014 |
Published in Issue | Year 2015 Volume: 17 Issue: 1 |
Authorship
MBDD follows the guidelines in COPE Authorship Guideline to ensure fair recognition of contributions to a research paper (https://publicationethics.org/guidance/discussion-document/authorship ). Authorship carries both credit and responsibility, and it is essential that all listed authors have made significant contributions to the research.
For multi-author studies, the Contributions of Authors must be declared after the conclusion and before the bibliography of the paper. The authors' initials and last names should be used to indicate which author contributed to which part of the manuscript. Details can be found by clicking the “Article Submission Checklist” button. The authors can acknowledge contributions that do not merit authorship.
The author(s) should disclose the use of generative Artificial Intelligence (AI) and AI-assisted tools in design and implementation of the research. Such use need to be disclosed within the methodology section of the manuscript. Use of AI does not preclude the manuscript from publication, rather provides a transparent picture of the research.