DOES CULTURE MATTER FOR CORPORATE GOVERNANCE? A CASE STUDY OF TURKEY (original) (raw)

Cultural background of governance style and quality in Turkey: An introduction

Canadian Institute for Knowledge Development (CIKD)

Governance is a term that has gained popularity and has been used by academics and institutions such as UN, IMF and World Bank since 1990s. The term may be defined in a broad manner as "the processes of interaction and decision-making among the parties involved in a collective problem”. There are different governance perspectives for different aims. Corporate governance, for example, consists of the processes, customs, policies, laws, and institutions affecting the way people direct, administer or control a corporation. Corporate governance may play an important role especially for the developing countries. They need capital inflows that is affected by sound corporate governance considerably. Turkey is one of the most highlighted emerging economies. In practice, there are some shortcomings in corporate governance compliance in Turkey. In this study, it is aimed to go further than current literature done towards cultural and historical roots which has potentially big impact on the present understanding and compliance of corporate governance in Turkey. The main tool adopted for this aim is closing the gap between respectable studies on the cultural roots of economic understanding of Turkey and studies on corporate governance in Turkey. This paper is presented to share first impressions of this effort.

Türkiyede Kurumsal Yönetim: Genel Bir Değerlendirme Corporate Governance In Turkey: An Overview

2010

Recently, corporate governance has become a frequently discussed subject considering failure and misconduct in governance of corporations have played a triggering and deepening role in financial crises encountered. In this study, activities carried out for the corporate governance mentality, which suggests a governance system that observes all interest groups related to the corporation within the framework of basic principles such as transparency, accountability, fairness and responsibility, to be adopted and developed in Turkey are reviewed. Firstly, macro economical situation of Turkey and effects of applying this to corporate governance principles are being discussed in the study. According to this, the government has played an effective role in economy in Turkey until 1980s. At the beginning of 1980s, policies to minimize government intervention have begun. The bottom line of these policies were based more on export, private sector and competition, oriented for free market condi...

Turkish Corporate Governance Regime

Comparative Economics and Regional Development in Turkey, 2016

This chapter focuses on the characteristics of Turkish corporate governance regime with an emphasis on the dominant characteristics of emerging economies. In Turkey, corporate governance practices were introduced as a precondition of the International Monetary Fund (IMF) rescue package in and around the 2001 financial crisis. Governance practices were enforced by World Bank (WB) and were supported by the TUSİAD (Turkish Industry and Business Association). While OECD-based governance principles were drafted by the Capital Market Board (CMB) their implementation has gone through modifications that are characterized by the institutional environment, the culture and legal system in which they were embedded and accordingly, today corporate governance practices, especially the board structuring and transparency routines reflect this local milieu.

Corporate Governance: Implications From A Cultural Perspective

Analele Stiintifice Ale Universitatii Alexandru Ioan Cuza Din Iasi Stiinte Economice, 2010

This article aims to research the ample cultural implications behind the expansion and adoption of corporate governance principles and practices and on the cultural differences inherent in the process of translation /localisation of American, English or transnational practices towards continental Europe. More precisely, in the last part of this article, we shall compare the Olivencia rapport from Spain and the Code Corporate Governnace Code of the Bucharest Stock Exchange, with a view to analyzing how elements of national culture influence the transfer of corporate governance principles.

The influence of culture and corporate governance on corporate performance of Jordanian financial companies

Research Square (Research Square), 2022

The current study aims to examine the in uence of Culture and corporate governance on the corporate performance of Jordanian nancial companies. The results of the current study will contribute to the literature in light of the lack of local studies in this regard. The sample of the study consists of 105 nancial companies listed on ASE. For this purpose, the study used agency theory and Hofstede theory. To measure the culture the study used the six of Hofstede's cultural dimensions LPD; MAS; COLL; HUAI; LTO; REST. To measure the corporate governance the study used the board size; Independence of BOD; Non-CEO duality; Board committees, largest OWS LO; Foreign OWS (FO); and government OWS (GO). The current study indicated empirical evidence that there is no relationship between culture and CP with the presence of corporate governance in the Jordanian context. However, there is the additional explanatory power of cultural dimensions in explaining the variances in corporate performance with the presence of CG. Given the importance of culture and its relationship with corporate governance and performance, and in light of the lack of local studies, future studies must be conducted in this regard.

Revista de cercetare [i interven]ie social\ CORPORATE GOVERNANCE: A COMPARATIVE STUDY OF FIRMS IN NORTHERN CYPRUS AND TURKEY Corporate Governance: A Comparative Study of Firms in Northern Cyprus and Turkey

2017

and Holt Romania Foundation REVISTA DE CERCETARE SI INTERVENTIE SOCIALA is indexed by ISI Thomson Reuters-Social Sciences Citation Index (Sociology and Social Work Domains) Working together www.rcis.ro expert projects publishing 182 REVISTA DE CERCETARE {I INTERVEN}IE SOCIAL|-VOLUMUL 57/2017 Abstract This paper investigates and compares whether, implementing proper Internal and External governance provisions and practicing Corporate Governance Principles have positive association with corporate performance and profitability. First, the study investigates the impact of the corporate market culture elements (internal governance mechanism-firm based performance) and corporate capital market culture elements (external governance mechanism-capital market based performance) on unlisted firms' performance in Northern Cyprus where, Collaboration , Control, Creativity and Compete are designated as corporate market culture elements in inducing Corporate Market Culture behaviour and the im...

Corporate governance approach of Istanbul stock exchange companies

Milletleraras, 2004

This research attempts to analyse how the firms (that are quoted in the Istanbul Stock Exchange) reacts to the demands and expectations of their stakeholders. Following our literature survey we have identified the company strategies aimed at two different types of stakeholders: internal stakeholders (workers, management and shareholders) and external i stakeholders (customers, suppliers, trade unions, local council, competitors, public institutions, investors, media and civil society organisations). T~e analysis of these strategies will in return help us to determine whether the Turkish corporate governance model is more in tune with the Anglo-Saxon or Continental European forms of corporate governance modeL. This research also aims at analysing the relationships between the corporate governance practices of the ISE firms and the following variables: sectotal activities, quotation duration, market capitalisation and public ownership ratios.