OWNERSHIP CONCENTRATION EFFECT ON FIRM PERFORMANCE IN TURKEY

Year 2015, Volume: 17 Issue: 1, 33 - 56, 31.03.2015

Nazlı Hoşal Akman Can Simga Mugan Orhan Akışık

Abstract

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.

Keywords

Family ownership, foreign ownership, firm performance, ROA, Tobin’s q

TÜRKİYE’DE ORTAKLIK YOĞUNLAŞMASININ ŞİRKET PERFORMANSINA ETKİSİ

Abstract

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.

Keywords

Aile ortaklık yapısı, yabancı ortaklık, şirket performansı, varlık getirisi, Tobin’s q

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