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Corporate governance in Turkey: an overview and some policy recommendations

Melsa Ararat (Melsa Ararat is Director of Corporate Governance Program, a joint initiative of Sabanci University (Istanbul) and TUSIAD (Turkish Industrialists and Businessmen Association), visiting faculty member in Graduate School of Management of Sabanci University. She has vast amount of international experience in boards and senior management positions. Her work is divided between academic activities and activist work in corporate governance and corporate social responsibility. E‐mail:
Mehmet Ugur (Mehmet Ugur is the Jean Monnet Chair in the political economy of European integration and co‐ordinator of the MA program in European public policy, at the University of Greenwich, London. His research work focuses on globalization and regional integration, corporate governance in Europe and EU‐Turkey relations. Among his publications, The European Union and Turkey: An Anchor/Credibility Dilemma was published by Ashgate in 1999; An Open Economy Macroeconomics Reader was published in 2002 by Routledge. E‐mail:

Corporate Governance

ISSN: 1472-0701

Article publication date: 1 March 2003



Both international and domestic developments have combined to bring the corporate governance (CG) debate to the fore in Turkey. Given this increased interest in CG matters and the significance of Turkey as an emerging market, we provide an overview of the Turkish CG framework with two objectives in mind: (i) contributing to the growing CG literature by presenting the main aspects of the CG practice in Turkey, and (ii) locating the Turkish CG reform agenda within the global debate – especially as it relates to the practice in emerging markets. We begin with a review of the CG debate as it relates to emerging markets. We then provide an account of the socio‐economic environment within which the Turkish CG debate is unfolding. This is followed by an examination of the external (market‐related) and internal (firm‐related) dimensions of the Turkish CG framework. Finally, we summarize the main findings and offer some recommendations for a successful reform initiative in Turkey.



Ararat, M. and Ugur, M. (2003), "Corporate governance in Turkey: an overview and some policy recommendations", Corporate Governance, Vol. 3 No. 1, pp. 58-75.




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