A comparison of the financial characteristics of group affiliated and independent firms in Turkey Available to Purchase

This study delineates overall financial characteristics of the Turkish non‐financial firms listed in the Istanbul Stock Exchange across a variety of ownership variables. It essentially compares the performance of affiliates of diversified Turkish business groups with that of unaffiliated firms. The article notes that firms affiliated with diversified Turkish business groups do not differ significantly from unaffiliated firms in terms of accounting and stock market measures of performance. The findings also indicate that the performance measures of family‐owned firms are not significantly different from those of non‐family‐owned firms. Results also suggest that foreign‐owned firms perform significantly better in terms of return on assets than domestic firms, but not in terms of other performance measures.