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Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from Turkey

Author

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  • Mandacı Pınar

    (Faculty of Business, Department of Accounting and Finance, Dokuz Eylul University)

  • Gumus Guluzar

    (Faculty of Business, Department of Accounting and Finance, Dokuz Eylul University)

Abstract

This study examines the effects of ownership concentration and managerial ownership on the profitability and the value of non-financial firms listed on the Istanbul Stock Exchange (ISE) in the context of an emerging market. We measure the firm's performance by Return on Assets (ROA) and Tobin's Q ratios, where the former measures profitability and the latter the value of the firm. In addition, we give detailed information on the main characteristics of the ownership structures of the firms in our sample and find that ownership of Turkish firms is highly concentrated. In addition, the unlisted holding companies have the highest average percentage of shares, which supports the belief that individuals or families establish the holding companies in order to control their listed firms. After controlling for investment intensity, leverage, growth and size, we find that ownership concentration has a significantly positive effect on both firm value and profitability, while managerial ownership has a significantly negative effect on firm value.

Suggested Citation

  • Mandacı Pınar & Gumus Guluzar, 2010. "Ownership Concentration, Managerial Ownership and Firm Performance: Evidence from Turkey," South East European Journal of Economics and Business, Sciendo, vol. 5(1), pages 57-66, April.
    • Handle: RePEc:vrs:seejeb:v:5:y:2010:i:1:p:57-66:n:5
    DOI: 10.2478/v10033-010-0005-4
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    Cited by:

    1. S. M. Kalbin Salema, 2023. "Ownership Structure, Board Characteristics and Firm Performance: Evidence from Bangladesh," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 15(3), pages 1-35, March.

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