Turkish Corporate Governance Regime: Antecedents and Outcomes

Turkish Corporate Governance Regime: Antecedents and Outcomes

Beyza Oba (Istanbul Bilgi University, Turkey)
Copyright: © 2016 |Pages: 16
DOI: 10.4018/978-1-4666-8729-5.ch014
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Abstract

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 TUSIAD (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.
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Background: An Old Problem, A New Solution

The core idea behind corporate governance practices is mainly related to the alignment of interests between managers (agents) and owners (principles) in corporations. The issue was stated by Alfred Marshal in the early 1920s:

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