THE EFFECTS OF OWNERSHIP CONCENTRATION ON FIRM PERFORMANCE: EMPRICAL EVIDENCE FROM THE BIST FOOD AND BEVERAGE INDEX

Year 2015, Issue: 15, 123 - 134, 20.06.2015

Fatih Konak Selçuk Kendirli

https://doi.org/10.18092/ijeas.40158

Cited By: 3

Abstract

There have been various discussion on the issue of affects of ownership concentration on firm performance so far. In this perspective, the main objective of this research is to discover the relationship between ownership concentration and firm performance of companies listed in the BIST Food and Beverage Index. When the ROA and ROE were considered as performance criteria, it was found that there is negative and statistically significant realtionship between ownership concentration and firm performance. It should also be noted that although this negative relationship still exists for market performance indicator, Tobins‟ q, it is not statistically significant. According to outcomes, it can be claimed that ownership concentration effects firm performance negatively

Keywords

Firm Performance, Ownership Concentration

SERMAYE YOĞUNLAŞMASININ FİRMA PERFORMANSI ÜZERİNE ETKİSİ: BİST GIDA ve İÇECEK ENDEKSİ UYGULAMASI

Abstract

Mülkiyet yapısında ki yoğunlaşma veya sermayenin sahiplik yapısı ile firma performansı arasındaki ilişki, uzun yıllardır tartışılmakta ve dikkatle incelenmektedir. Bu perspektifte çalışmanın amacı, BİST Gıda ve İçecek Endeksi’nde yer alan şirketlerin performansları ile mülkiyet yapılarındaki yoğunlaşma arasındaki ilişkinin ortaya çıkarılmasıdır. ROA ve ROE performans ölçütleri dikkate alındığında, mülkiyet yapısı ile firma performansı arasında istatiksel olarak anlamlı ve negatif ilişki bulunmasına rağmen, aynı şekilde negatif ilişkinin tespit edildiği Tobins’ q ölçütünde sonuç anlamlı çıkmamıştır. Bu sonuçlar doğrultusunda, sermaye yapısında ki yoğunlaşmanın firma performansı üzerinde olumsuz etkisinden söz edilebilmektedir.

Anahtar Kelimeler: Firma Performansı, Sermaye Yoğunlaşması

JEL Sınıflandırması: G30, G32

 THE EFFECTS OF OWNERSHIP CONCENTRATION ON FIRM PERFORMANCE: EMPRICAL EVIDENCE FROM THE BIST FOOD AND BEVERAGE INDEX

ABSTRACT

There have been various discussion on the issue of affects of ownership concentration on firm performance so far. In this perspective, the main objective of this research is to discover the relationship between ownership concentration and firm performance of companies listed in the BIST Food and Beverage Index. When the ROA and ROE were considered as performance criteria, it was found that there is negative and statistically significant realtionship between ownership concentration and firm performance. It should also be noted that although this negative relationship still exists for market performance indicator, Tobins’ q, it is not statistically significant. According to outcomes, it can be claimed that ownership concentration effects firm performance negatively.

Keywords: Firm Performance, Ownership Concentration

JEL Classification: G30,G32

Keywords

Firma Performansı, Sermaye Yoğunlaşması

References

• AGRAWAL, A. & KNOEBER, C. R., “Firm Performance and Mechanisms to Control Agency Problems Between Managers and Shareholders”, Journal of Financial and Quantitative Analysis, 31, 1996, 377-397.
• AKSOY, Mine (2013), “Day of the Week Anomaly for Istanbul Gold Exchange: Gold and Silve Data”, Muhasebe ve Finansman Dergisi.
• AMIHUD, Y., & Lev, B. (1981), “Corporation Risk Reduction as a Managerial Motive for Conglomerate Mergers”, The Bell Journal of Economics, 12(2), 605-617.
• BARCLAY, M. J., Holderness, C. G. (1989), “Private Benefit from Control of Public Corporations”, Journal of Financial Economics, 25, 371-395.
• BAYRAKDAROĞLU, Ali (2010), “Mülkiyet Yapısı ve Finansal Performans: İMKB Örneği”, Ekonomi Bilimleri Dergisi, Cilt 2, Sayı 2.
• BERLE, A. A., MEANS, G. C. (1932), “The Modern Corporations and the Private Property”, MacMillan, New York.
• CHEN, Y. M. and S. C. GONG (2000), “Ownership Structure and Corporate Performance, Some Chinese Evidence”, Advances in Pacific Basin Financial Markets, 6, pp. 177-193.
• DEMSETZ, H., LEHN, K. ( 1985), “The Structure of Corporate Ownership: Causes and Consequences”, Journal of Political Economy 93:1155–1177.
• ERCAN, Metin K. ve BAN, Ünsal (2005), Değere Dayalı İşletme Finansı: Finansal Yönetim, Gazi Kitapevi, 6. Baskı, 15-17.
• FAMA, Eugene F. ve JENSEN, Michael C. (1983), “Separation of Ownership and Control, Journal of Law & Economics, University of Chicago Press, vol. 26 (2), ss. 301 – 32
• GÜNDÜZ, Lokman, ve TATOĞLU, Ekrem (2003), A” Comparison of the Financial Characteristics of Group Affiliated and Independent Firms in Turkey”. European Business Review, 15(1), 48-54. http://dx.doi.org/10.1108/095553403
• -
• JENSEN, M. C., and W. MECKLING (1976), “Theory of the firm: Managerial Behaviour, Agency costs and Ownership Structure”, Journal of Financial Economics, 3, pp. 305-60.
• KARACA, S. Serdar ve EKŞİ, H. İbrahim (2012), “The Relationship between Ownership Structure and Firm Performance: An Empirical Analysis over Istanbul Stock Exchange (ISE) Listed Companies”, International Business Research, Vol 5, No.1
• LAUTERBACH, Beni ve A. VANINSKY(1999), “Ownership Structure and Firm Performance: Evidence From Israel”, Journal of Management And Governance, 3:189-201.
• LEECH, D. and J. LEAHY(1991), “Ownership Structure, Control Type Classifications and the Performance of Large British Companies”, The Economic Journal, 101, pp. 1418-37.
• LELAND, Hayne E. (1998), “Agency Costs Risk Management and Capital Structure”, http://www.haas.berkeley.edu/groups/finance/WP/rpf278.pdf
• MCKNIGHT, Phillip J. and WEIR, Charlie (2009), “Agency Costs, Corporate Governance Mechanism and Ownership Structure in Large UK Publicly Quoted Companies: A Panel Date Analysis”, The Quarterly Review of Economics and Finance, 49: 139-158.
• MORCK, R., A. SHLEIFER and R. VISHNY (1998), “Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics, 20: pp. 293-316.
• SHLEIFER A, VISHNY R. (1986), “Large Shareholders and Corporate Control”. Journal of Political Economy, 94:461-488.
• ŞAMİLOĞLU, Famil, & Ulaş ÜNLÜ (2010), “The Relationship Between Ownership Structure and Firm Performance”, The Journal of Accounting and Finance, 46: 66-73.
• TANRIÖVEN, Cihan ve AKSOY, E. Emine (2010), “İMKB’de İşlem Gören Şirketlerde Ortaklık Yoğunlaşmasının Firma Performansı Üzerine Etkisi”, Muhase-be ve Finansman Dergisi, Sayı 46.
• TIAN, L. (2002), “Government Shareholding and the Value of China’s Mo-dern Firms”, Working Paper, London Business School.
• TURABOĞLU, Tuncay (2002), “Vekalet Teorisi: Firma Sahiplik Yapısı ve Performans İlişkisi Türkiye Uygulaması”, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü, Adana.