Ownership concentration and firm performance: evidence from turkish firms

This paper examines the determinants of ownership concentration and the relationship between ownership structure and firm performance in Turkish firms. The empirical results show that ownership concentration increases with firm size, controlling for total risk and the industry of the firm. The results also suggest that the measure of firm performance is important in analyzing the relationship between firm performance and its ownership structure. A quadratic relationship between the largest shareholder’s concentration and Tobin’s Q is observed in Turkish firms. Furthermore, the findings indicate that the relationships obtained for developed markets cannot be generalized to emerging markets.

Ownership Concentration ,

Firm Performance ,

Turkish Firms ,

Bu çalısmada Türk sirketlerinin mülkiyet yogunlugunu belirleyen faktörler ve mülkiyet yapısı ile sirket performansı arasındaki iliski incelenmektedir. Yapılan analizlerde, sirketin toplam riski ve bulundugu endüstri kontrol edildiginde, sirketin büyüklügü arttıkça, mülkiyet yogunlugunun yükseldigi görülmüstür. Türk firmalarında en büyük hissedarın payı ile Tobin Q arasında ikinci dereceden bir iliski bulunmustur. Sonuçlar, gelismis ülkelerdeki mülkiyet ve performans iliskilerinin, gelismekte olan piyasalar için genellenemeyecegini göstermektedir.

Mülkiyet Yoğunluğu ,

Şirket Performansı ,

Türk Şirketleri ,