Title: Board structure and performance in an emerging economy: Turkey

Authors: Nisan Selekler-Goksen, Abdulmecit Karatas

Addresses: Department of International Trade, Bogazici University, Hisar Kampus Room Number: 313 34342 Istanbul, Turkey. ' Department of International Trade, Bogazici University, Hisar Kampus Room Number: 301 34342 Istanbul, Turkey

Abstract: This study aims at analyzing the board structure and its impact on firm performance in the context of an emerging economy, Turkey. Emerging economies are characterised by poorly-developed legal systems, under-developed markets for corporate control and concentrated ownership structures. This context is expected to have an impact not only on the board structure but also on the relationship between board structure and firm performance. Drawing from agency, stewardship and resource dependence theories and emphasising the impact of the societal context in line with macro institutional approaches, hypotheses are developed regarding the board structure/firm performance relationship. Findings tend to show that board structure does not have a significant impact on performance.

Keywords: board structure; board size; board composition; firm performance; emerging economies; business groups; Turkey; agency theory; stewardship theory; resource dependence theory.

DOI: 10.1504/IJBGE.2008.019172

International Journal of Business Governance and Ethics, 2008 Vol.4 No.2, pp.132 - 147

Published online: 01 Jul 2008 *

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