Ownership Patterns and Control in Turkish Listed Companies

Istemi Demirag, M. Serter

Research output: Contribution to journalArticlepeer-review

53 Citations (Scopus)


The purpose of this paper is to document the prevalent ownership concentration, structure and control in the top 100 companies listed on the Istanbul Stock Exchange. The results are discussed in the context of emerging corporate governance trends in Turkey. Where appropriate, comparisons with other countries are provided. The results of the study indicate that ownership of Turkish companies is highly concentrated, families being the dominant shareholders. The separation of ownership and control among Turkish companies is mainly achieved through pyramidal ownership structures and the presence of big business groups. However, the cash flow and voting rights in Turkish companies are relatively more aligned compared to other family–ownership–dominated insider–system countries.
Original languageEnglish
Pages (from-to)40-51
Number of pages12
JournalCorporate Governance An International Review
Issue number1
Publication statusPublished - Jan 2003

ASJC Scopus subject areas

  • Business, Management and Accounting(all)
  • Management of Technology and Innovation
  • Strategy and Management

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