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Journals / Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2026 / Cilt: 44 Sayı: 2

The Relationship Between Ownership Structure and Tax Avoidance: Empirical Evidence from Borsa Istanbul

Sahiplik Yapısı ve Vergiden Kaçınma Arasındaki İlişki: Borsa İstanbul’da Ampirik Bir İnceleme

Gülhan Suadiye(HATAY MUSTAFA KEMAL ÜNİVERSİTESİ)0000-0003-2619-2146
Pages
504–524
Publication Date
2026-06-30
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

According to the results, there is a positive relationship between institutional ownership and foreign ownership, and between CETR and both, and a negative relationship between managerial ownership and CETR.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The purpose of this study is to examine the relationship between ownership structure and tax avoidance behavior.
📊
Key Findings & Data:This relationship is estimated using the Panel Corrected Standard Errors (PCSE) method with data from 182 firms listed on Borsa Istanbul (BIST) between 2008 and 2022.
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Conclusion & Impact:According to the results, there is a positive relationship between institutional ownership and foreign ownership, and between CETR and both, and a negative relationship between managerial ownership and CETR.
🔬Design:Modeling & Simulation
📍Scope:2008 Verileri
⚙️Variables:Sahiplik Yapısı · Vergiden Kaçınma · Nakit Efektif Vergi Oranı

Abstract

The purpose of this study is to examine the relationship between ownership structure and tax avoidance behavior. This relationship is estimated using the Panel Corrected Standard Errors (PCSE) method with data from 182 firms listed on Borsa Istanbul (BIST) between 2008 and 2022. Ownership structure is represented by three different variables: institutional ownership, foreign ownership and managerial ownership. Tax avoidance is measured by the cash effective tax rate (CETR). Firm-specific indicators such as firm size, return on assets, leverage ratio, and tangible fixed asset intensity are also included in the model as control variables. According to the results, there is a positive relationship between institutional ownership and foreign ownership, and between CETR and both, and a negative relationship between managerial ownership and CETR. These statistically significant findings reveal that institutional and foreign ownership structures limit tax avoidance, while managerial ownership increases tax avoidance tendencies. The results also show that firm size is positively associated with tax burden, whereas return on assets, leverage ratio, and tangible fixed asset intensity are negatively associated with tax burden at statistically significant levels. This study is expected to contribute to the literature by revealing the different effects of ownership structures on tax strategies and to provide valuable implications for policymakers and audit authorities.

Özet

Sahiplik Yapısı ve Vergiden Kaçınma Arasındaki İlişki: Borsa İstanbul’da Ampirik Bir İnceleme Bu çalışmanın amacı, işletmelerin sahiplik yapısı ile vergiden kaçınma davranışları arasındaki ilişkiyi incelemektir. Bu ilişki, 2008-2022 yılları arasında Borsa İstanbul’da (BİST) işlem gören 182 firmanın verileri kullanılarak Panel Düzeltilmiş Standart Hatalar (PCSE) yöntemi ile tahmin edilmiştir. Sahiplik yapısı; kurumsal sahiplik, yabancı sahiplik ve yönetimsel sahiplik olmak üzere üç ayrı değişkenle temsil edilmiştir. Vergiden kaçınma ise nakit efektif vergi oranı (CETR) ile ölçülmüştür. Firma büyüklüğü, aktif kârlılığı, borçlanma oranı ve maddi duran varlık yoğunluğu gibi firmaya özgü göstergeler de kontrol değişkeni olarak modele dâhil edilmiştir. Analiz sonuçlarına göre, kurumsal sahiplik ve yabancı sahiplik ile CETR arasında pozitif yönlü, yönetimsel sahiplik ile CETR arasında ise negatif yönlü bir ilişki bulunmaktadır. İstatistiksel olarak anlamlı olan bu bulgular, kurumsal ve yabancı sahipliğin vergiden kaçınmayı sınırlandırdığını, buna karşılık yönetimsel sahipliğin vergiden kaçınma eğilimini artırdığını ortaya koymaktadır. Bulgular ayrıca, firma büyüklüğünün vergi yüküyle pozitif yönlü; aktif kârlılığı, borçlanma oranı ve maddi duran varlık yoğunluğunun ise vergi yüküyle negatif yönlü ve istatistiksel olarak anlamlı ilişkiler sergilediğini göstermektedir. Çalışmanın, sahiplik yapılarının vergi stratejileri üzerindeki farklı etkilerini ortaya koymak bakımından literatüre katkı sağlayacağı, politika yapıcılar ve denetim otoriteleri için değerli çıkarımlar sunacağı öngörülmektedir.

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Cite This Article

Suadiye, G. (2026). The Relationship Between Ownership Structure and Tax Avoidance: Empirical Evidence from Borsa Istanbul. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt: 44 Sayı: 2, 504–524. https://doi.org/10.17065/huniibf.1727433

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