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  • Corporate governance and firm performance in emerging markets: Evidence from Turkey

    Author(s)
    Ciftci, I
    Tatoglu, E
    Wood, G
    Demirbag, M
    Zaim, S
    Griffith University Author(s)
    Wood, Geoffery
    Year published
    2019
    Metadata
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    Abstract
    This is a study of the relationship between context, internal corporate governance and firm performance, looking at the case of Turkey, an exemplar of family capitalism. We found more concentrated ownership, often in the hands of families, led to firms performing better; concentrated ownership means that controlling families bear more of the risks of poor performance. Less predictably, given that the institutional environment is so well attuned to family ownership, we found that mechanisms that accord room for a greater range of voices and interests within and beyond families – larger boards and foreign ownership stakes – ...
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    This is a study of the relationship between context, internal corporate governance and firm performance, looking at the case of Turkey, an exemplar of family capitalism. We found more concentrated ownership, often in the hands of families, led to firms performing better; concentrated ownership means that controlling families bear more of the risks of poor performance. Less predictably, given that the institutional environment is so well attuned to family ownership, we found that mechanisms that accord room for a greater range of voices and interests within and beyond families – larger boards and foreign ownership stakes – seem to also make for positive performance effects. We also noted that increase in cross ownership did not influence market performance, but was negatively associated with accounting performance. Conversely, we found that a higher proportion of family members on boards had no discernable effect on performance. Our findings provide further insights on the relationship between the type of institutions encountered in many emerging markets, internal corporate governance configurations and firm performance.
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    Journal Title
    International Business Review
    Volume
    28
    Issue
    1
    DOI
    https://doi.org/10.1016/j.ibusrev.2018.08.004
    Subject
    Marketing
    Business systems in context
    Human resources and industrial relations
    Strategy, management and organisational behaviour
    Publication URI
    http://hdl.handle.net/10072/383442
    Collection
    • Journal articles

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