Abstract
The premise of this study is to explore ownership structure characteristics of Turkish non-financial companies listed on the Istanbul Stock Exchange (ISE). Ownership structure is considered to be one of the most dominant factors that shape the corporate governance system of a firm. In order to shed some light on ownership structure issues, the data sample has been constructed by including all non-financial Turkish firms listed on the ISE between 1992 and 2002. Ownership structure is explored in two dimensions: ownership concentration and ownership mix by incorporating both the influencing power of shareholders as well as the identity of owners with their unique preferences and incentive mechanisms. It is found out that Turkish firms are highly concentrated and families have significant involvement in the governance systems of their firms. Large shareholders, mainly families, are playing major role in the Turkish corporate governance system. Cross ownership and pyramidal structures are not unusual, especially in the conglomerate affiliates. Additionally, we are witnessing a constant state ownership and a slightly increasing foreign ownership in the Turkish non-financial firms listed on the ISE.
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