Ownership concentration and firm performance: Evidence from Turkish firms

Download
2003-12-1
Önder, Zeynep
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.

Suggestions

Heterogeneous Effects of Financial Indicators on Firms' Exports: Evidence from Turkish Manufacturing Firms
Şahin, Yavuz Selim; Akbostancı Özkazanç, Elif; Department of Economics (2022-12-21)
Using an extensive firm-level database that combines customs and balance sheets data, this paper investigates the heterogeneity in the effects of financial indicators on the exports of Turkish manufacturing firms. The panel data estimations for the period 2010-2020 suggest that improvement in the firm-level financial indicators have stimulating effects on the firms’ exports. More specifically, it is found that profitability and liquidity ratios are positively associated with firms’ exports, while increases ...
INNOVATION CLUSTERING AND FIRMS' PRODUCTIVITY IN ITALY
Ferragina, Anna M.; Nunziante, Giulia; Taymaz, Erol (2018-06-01)
Purpose: In this paper we explore how firms' productivity is affected by agglomeration of firms, clustering of innovation and localisation of FDI in Italy. The analysis aims to provide a measure of spillovers on productivity from geographical and sectorial clustering of firms and from their innovation. Firm's absorptive capacity is also taken into account by interacting the variables of agglomeration and innovation at region-sector level with size and technology.
Foreign direct investment as a signal
Koska, Onur A.; Long, Ngo Van ; Staehler, Frank (2018-02-01)
This paper models oligopolistic competition among potential multinational firms in an environment of firm heterogeneity, incomplete information on costs, and strategic interactions. We show that foreign direct investment is more likely if it can serve as a signal of productivity in an environment of incomplete information as firms would like to avoid sending a low productivity signal. Our model shows that this effect is strong enough such that foreign direct investment can be an optimal foreign entry mode e...
Innovation patterns in firms and intra-industry heterogeneity empirical evidence from Turkey
Yurtseven, Alp Eren; Pamukcu, Mehmet Teoman (2022-03-01)
This paper aims to explore sector-level sources of intra-industry heterogeneity of innovation patterns among Turkish firms. We constructed a taxonomy of innovative firms and explored the different modes of innovation. We then analyzed the sector-level determinants of intra-industry heterogeneity. Analysis results indicate that groups of firms within the same sector that display distinct innovation characteristics and firm's resource position, knowledge base, and cooperation behavior have a bearing on firms'...
Trade liberalization and innovation decisions of firms: A case study for Turkish manufacturing industries
Pamukcu, Mehmet Teoman (null; 2000-11-01)
The purpose of this paper is the identification of determinants, and the assessment of their influence, of the decision to innovate in Turkish manufacturing firms, with an emphasis on the impact of trade liberalization. A binomial logit model is used to assess the influence of explanatory variables on the probability that firms will innovate. Size, market structure, and profitability exert a positive impact on that probability. Competition on international markets, international technology transfers, skill ...
Citation Formats
Z. Önder, “Ownership concentration and firm performance: Evidence from Turkish firms,” ODTÜ Gelişme Dergisi, vol. 30, no. 2, pp. 181–203, 2003, Accessed: 00, 2020. [Online]. Available: http://www2.feas.metu.edu.tr/metusd/ojs/index.php/metusd/article/view/33.