Zusammenfassung
The objective of this study is to examine the impact of concentrated
ownership and business group affiliation on the performance of Turkish
firms during the financial crisis by controlling balance sheet currency
exposure, international involvement and firm size. Our analysis focuses
on a 12-month window encapsulating the February 2001 financial crisis.
Our findings show that balance sheet exposure is the key determinant
of the firm performance during the crisis periods. While we find
evidence that firms with higher concentrated ownership experience
lower stock market performance prior and during the financial crisis,
business group affiliation does not have any impact on the performance.
However, there is weak evidence that stock market performance increases
with the level of business group diversification. © 2006 Blaekwell
Publishing Ltd.
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