WHAT GOOD CORPORATE GOVERNANCE PRACTICES CAN TURKEY LEARN FROM THE UK?

Yıl 2012, Cilt: 4 Sayı: 2, 137 - 151, 01.12.2012

Irem Tore

Öz

Globalization has led to an increase in opportunities to make foreign investments.
However, some developing countries, such as Turkey, cannot fully benefit from
foreign investment. One of the reasons for this is ineffective application of
corporate governance. In fact, Turkey can learn a lot from the good practices of
developed countries. For instance, the UK has a well established corporate
governance framework. First of all, Turkey needs to follow the UK’s example in
respect of rule making and law enforcement. As a result, principles and the
implementations of principles in Turkey would be more efficient.
The principal aim of the paper is to discuss the corporate governance
implementation in Turkey and offer some recommendations for improvement.
The problems of Turkish Corporate Governance occur because of the ownership
structure of Turkish companies, which is mainly family ownership. These
problems will be discussed in this paper. Later UK arrangements will be
examined and later the following conclusions will be drawn; revising the codes is
not done regularly enough in Turkey which inhibits the revision of its codes.
Moreover law enforcement is not effective. Besides, ownership structure is not
suitable for corporate governance.

Anahtar Kelimeler

Corporate Goverance, Turkey, the UK

Kaynakça

• Ahmet Mentes, (2009) Kurumsal Yonetisim ve Turkiye Analizi (Derin Yayinlari, Istanbul)
• Ararat, M. and Ugur, M., (2003), ‘Corporate Governance in Turkey: An Overview and Some Policy Recommendations’ Corporate Governance Vol.3 No 1 pp. 58-75
• Ararat, M., (2007) ‘Corporate Governance: Turkish Transparency And Disclosure Survey http://www2.standardandpoors.com/portal/site/sp/en/eu/page.article/3,1,1,0,11484 html#ID90 Pace Of Improvement Has Slowed’ Ararat, http://www.sabanciuniv.edu/ybf/cgft/tr/SunumVeKonusmalar/documents/24kasim final.pdf ‘Corporate Governance Challenges in Turkey’
• Arcot, S., Bruno, V., and Faure-Grimaud, A., (2010) ‘Corporate Governance in the UK: Is the Comply or Explain Approach Working?’ International Review of
• Law and Economics Vol.30 No.2 pp. 193-201
• Arsoy, A. P., and Crowther, D., (2008) ‘Corporate Governance in Turkey: Reform and Convergence’ Social Responsibility Journal Vol.4 No.3 pp.407-421
• Arsoy, A.,P.. (2008) ‘Kurumsal Seffaflik ve Muhasebe Standartlari’ Afyon
• Kocatepe Üniversitesi, İ.İ.B.F. Dergisi Vol.10 No.2 pp.17-35
• Capital Markets Board of Turkey, (2003) ‘Corporate Governance Principles’
• Dinler, A. M.,(2009) ‘Kurumsal Yonetisim’(Corporate Governance) Paradoks Ekonomi, http://www.paradoks.org ISSN 1305-7979 ve Politika Dergisi, (e-dergi), Vol.5 No.2
• Eren, E., (2005) Stratejik Yonetim ve Isletme Politikasi (Beta Yayinlari, Istanbul)
• FRC, (2010) ‘The UK Corporate Governance Code’ FRC, http://www.frc.org.uk/documents/pagemanager/Corporate_Governance/May%202
• %20report%20on%20Code%20consultation.pdf Code’ (2010) FSA, http://fsahandbook.info/FSA/html/handbook/ Rules and Transparency Rules DTR
• Hacimahmutoglu, S., (2007) ‘The Problems of Minority Protection and their
• Solutions within the Legal Framework in Turkish Corporate Governance’, Journal of Banking Regulation Vol.8 No.2 pp.131-158
• IIF, (2005) ‘Corporate Governance in Turkey: An Investor Perspective, Task Force http://www.goodprogram.org/docs/IIFCorpGovTurkey_0405.pdf Report
• Kayihan, S., (2005) ‘Turk Hukukunda Halka Acik Anonim Ortakliklarinda
• Azinligin Yonetime Girmesi Imkani: Birikimli Oy Sistemi’ Manas Universitesi Sosyal Bilimler Dergisi Vol:14 pp.89-105
• Kendall, N., and Kendall, A., (1998) Real-World Corporate Governance (Pitman Publishing, London)
• Kurt, M., and Kayacan, M., (2007) ‘Bir Yonetim Pratigi Olarak Kurumsal
• Yonetisim ve Turkiyede Yayilimi’ (in edit. Kurt M., Bayraktaroglu S., Türkiye’de İşletmecilikte Yeni Perspektifler pp. 245-257,Gazi Kitapevi, Ankara) Pacces, A. M., (2009) ‘Why Investor Protection is not all that Matters in
• Corporate Law and Economics’ The Icfai University Journal of Corporate and Securities Law, Vol. 6, No. 2, pp. 8-28 SPK, http://www.spk.gov.tr/displayfile.aspx?action=displayfile&pageid=68&fn=68.pdf &submenuheader=null Yonetim Uygulama Anketi Sonuclari, The Association of Investment Companies, ‘Corporate Governance Update’ (2008) http://www.theaic.co.uk/files/technical/AICCorporateGovernanceupdateAugust20 pdf
• Yurtoglu, B.,(2003) ‘ Corporate Governance and Implications for minority
• Shareholders in Turkey’ Journal of Corporate Ownership &Control Vol.1 No.1 pp.73-89
• Yurtoglu, B.B., (2000) ‘Ownership, Control and Performance of Turkish Listed
• Firms’, Emprica Vol. 27 No.2 pp.193-222