Econ424Lecture7 - Selected Topics in Turkish Economy...

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Selected Topics in Turkish Economy Lecture Notes 7 Alper Duman April 29, 2009 Alper Duman Selected Topics in Turkish Economy Lecture Notes 7
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Corporate Governance: Yurtoglu (2000) I Control Governance relates to the institutional settings in which control and ownership are separated in various degrees. I The crux of the matter is the agency problem; if the managers who control the company are largely free of the shareholders than they can pursue their private benefits at the cost of owners I The diffusion of ownership makes the agency problem more severe Alper Duman Selected Topics in Turkish Economy Lecture Notes 7
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I Insider system of corporate governance involves 3 characteristics 1. few listed companies 2. a large number of substantial share stakes 3. large inter-corporate shareholdings I Turkish system shows strong similarities to insider system I Families directly or indirectly own and control 75% of the shares in the ISE Alper Duman Selected Topics in Turkish Economy Lecture Notes 7
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Econ424Lecture7 - Selected Topics in Turkish Economy...

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