CORPORATE OWNERSHIP STRUCTURE AND STAKEHOLDER RELATIONSHIP: EVIDENCE FROM BIST 100 COMPANIES

Abstract

Corporate governance and stakeholder relationship are one of the most popular topics in management studies after the Enron and WorldCom incidents. Since then, there have been researches focusing on the stakeholder theory and corporate ownership structure. In this research, the relationship between the firm and its stakeholders analyzed. Capital Market Board of Turkey (CMB) publicly announced reports for 2019, the companies web sites and corporate governance principle compliance reports are considered as the data source to show the stakeholder relations with the firm. A total number of 27 items under the stakeholder relation section are reviewed. As the aim of this study is to analyze the association between firm-stakeholder relations and ownership structures, five different corporate ownerships are defined. In this study, distinctively, different type of classification on ownership structure are evaluated together with all possible stakeholders in Turkey. The results show that although the total points of stakeholder-firm relations are correlated with the dominant ownership and institutional ownership structure types, the coefficients remain comparatively low. In addition, the findings do not demonstrate a significant effect of the ownership structure on stakeholders’ relations.