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| Author: | Orbay, H. Burcin Yurtoglu, B. |
| Title: | The impact of corporate governance structures on the corporate investment performance in Turkey |
| Journal: | Corporate governance
2006 : JUL, VOL 14:4, p. 349-363 |
| Index terms: | corporate governance turkey investment company performance agency theory |
| Language: | eng |
| Abstract: | Typically, large shareholders are considered as a potential solution to the agency problem between managers and dispersed shareholders. However, less research has been conducted on the costs of large shareholders. Deviations of cash flow rights from voting rights often result in substantial value discounts. This article tests for the effect of these deviations on corporate investment performance in Turkey. The results suggest that the average Turkish listed company has a return on investment less than its cost of capital. Also, better investment performance is found in companies which do not deviate from one share-one vote by using devices that enhence the control power of large shareholders beyond their cash flow rights. |
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