Search

Institutional environment has become a key phenomenon for internationalization studies of emerging market firms. As the presence of emerging market firms has increased in global economy, the investigation of the impacts of institutional environment on internationalization has become vital. The aim of this study is to examine the impacts of formal and informal institutional environment differences and business group affiliation on the choice of ownership level in cross border merger and acquisitions of Turkish firms. The study has analyzed 280 completed cross border merger and acquisitions of Turkish firms between years 1987-2018. As the formal institutional distance increases, Turkish firms prefer lower level of equity ownership. In contrast, Turkish firms prefer higher level of ownership as the informal institutional distance increases. Moreover, business group affiliation has a mitigating effect only in informal institutional distance and ownership level relationship. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between corporate governance and the efficiency of Turkish banks. We use a sample of 10Turkish depository banks listed in Borsa Istanbul covering the ten year period 2005-2015.Data Envelopment Analysis (DEA) has been used in examining the efficiency levels of the sampled Turkish banks and panel regression analysis was used for finding out whether there is an effect of corporate governance on bank efficiency. The results have shown that free float rate and board independence have a negative and significant impact on the efficiency of the banks. As for the other variables; it is seen that major shareholder, number of committees and board size have positive and significant relationship with the bank efficiency. Finally the results have shown that there is no statistically significant relationship between institutional ownership and bank efficiency. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is twofold: first, this study analyzes the extent to which banks report online their corporate social responsibility (CSR) practices; second, it determines the impact of size, ownership structure, multiple exchange listing, and the internationalization of banks on the level of their online CSR reporting. Design/methodology/approach – This study examines the Turkish banking industry’s online CSR communications by performing a content analysis of banks’ online reporting of their CSR practices in four sub-dimensions, namely, environment and energy, human resources, products and customers, and community involvement. A sample of 25 banks in Turkey was grouped according to the criteria of size, ownership structure (listed or unlisted on stock exchanges), multiple exchange listing (listing on home and foreign exchanges), and internationality (local or foreign). This study employs a nonparametric Kruskal-Wallis test to determine the significance of the differences among these groups. Findings – The results of the study demonstrate that the most disclosed dimension on the websites of the banks is products and customers. In particular, there is a lack of disclosure on items of environment and energy. Further, the findings of the research show that size, ownership structure, and multiple exchange listing are significant in explaining online CSR disclosure level. Originality/value – Several previous studies have focussed less on the CSR disclosure practices of companies in industries with little direct environmental impact, such as banking and finance. This study extends the previous studies of CSR reporting by gathering data from the banks’ websites rather than their annual reports. This study contributes to the literature by examining the online CSR disclosure practices of banks from an emerging market context and, specifically, that of Turkey. [ABSTRACT FROM AUTHOR]

This paper aims to evaluate the impact of corporate governance on financial performance in Turkey, taking the issue of institutional ownership into account. The purpose of this study is also to explore how the financial performance of the companies which are listed in the Corporate Governance Index is affected by institutional ownership, distinguishing between domestic and foreign ownership. This paper employs panel data analysis on a sample of 164 firm-year observations for Real Sector firms on the Istanbul Stock Exchange (ISE) covering the 4 year time span from 2005-2008. The results of the analyses demonstrate the positive influence of corporate governance and institutional ownership on financial performance. Additionally, the impact of institutional investors is found to be more strongly pronounced on firms listed on the corporate governance index. [ABSTRACT FROM AUTHOR]

The discourse of corporate sustainability performance (CSP) has created an increasing motivation for companies to improve their competitive advantage. This study examines the drivers leading to a high level of CSP within non-financial Turkish companies listed in the Borsa Istanbul Sustainability Index. Drawing on both stakeholder and agency theories, we formulate a set of hypotheses that link CSP with ownership structure, board diversity, and firm-specific characteristics. Based on logit and probit models, the empirical results tend to confirm the positive influence of foreign and institutional ownerships in shaping CSP and indicate that CSP is positively linked with board size and the proportion of independent board members. Further, the findings show that companies with a leading level of CSP have a lower return than companies with mediocre CSP based on a market-based measure, Tobin's Q. [ABSTRACT FROM AUTHOR]