A Primer on Corporate Governance Turkey

Abstract

A Primer on Corporate Governance: Turkey takes an in-depth and comprehensive assessment of corporate governance in Turkey, at a cross section in time when the country is going through major multidimensional transformations. Turkey is denoted as a country of contrasts with respect to its performance on economic and social dimensions. The recent changes in the economy as well as its structural characteristics are presented in the first part of the book. This is crucial for a holistic understanding of the Turkish business system embedded in a dynamic but at times erratic economic context that influences all the governance practices at public and private sectors. History is another dimension to fully grasp the essential traits of the business system and its governance attributes. Hence, the historical antecedents of Turkish corporate governance are provided to the readers as a background in the first part of the book. Building on this background, external and internal mechanisms of corporate governance are discussed in the subsequent chapters. Legal system of the country, its company laws, regulatory authorities, and the state of the market for corporate control, as well as the socio-cultural norms, ways of doing business, and the Turkish code of good governance are examined as the external mechanisms shaping the corporate governance practices of companies. Characteristics of the board of directors, ownership structure, and management teams of Turkish companies are analyzed as internal control mechanisms. The last part of the book includes a conclusion section, discussing current and future corporate governance challenges in the Turkish business context. Keywords boards of directors, CEOs, emerging economy, history of Turkish corporate governance, ownership structure, state and governance, Turkey, Turkish business cultur