Ownership Patterns and Control in Turkish Listed Companies

The purpose of this paper is to document the prevalent ownership concentration, structure and control in the top 100 companies listed on the Istanbul Stock Exchange. The results are discussed in the context of emerging corporate governance trends in Turkey. Where appropriate, comparisons with other countries are provided. The results of the study indicate that ownership of Turkish companies is highly concentrated, families being the dominant shareholders. The separation of ownership and control among Turkish companies is mainly achieved through pyramidal ownership structures and the presence of big business groups. However, the cash flow and voting rights in Turkish companies are relatively more aligned compared to other family–ownership–dominated insider–system countries.

Ethnic Nationalism and Adaptation in Cyprus

Both ethnic communities in Cyprus have maintained strong political and cultural ties with Greece and Turkey, respectively, and at some point of their twentieth century history, each has aspired to become part of either the former or the latter. Yet the way this relationship has been imagined has differed across time, space, and class. Both communities have adapted their identities to prevailing ideological waves as well as political opportunities, domestic alliances, and interests. The article evaluates different responses to ethnic nationalism, highlighting important intra-ethnic differentiations within each Cypriot community usually expressed in the positions of political parties, intellectuals, and the press. While the current literature identifies two major poles of identity in the island, "motherland nationalism" and "Cypriotism," the article suggests that the major focus of identity of Cypriots is identification with their respective ethnic communities in the form of Greek Cypriotism or Turkish Cypriotism. In fact, contentious politics in Cyprus from the ENOSIS/TAKSIM struggle to the April 2004 referendum demonstrate the interplay of external constraints and collective self-identification processes leading to the formation of these identities. The article concludes by identifying the implications of identity shifts for deeply divided societies and conflict resolution in general.

Enlargement and the European Union’s Absorption Capacity: ‘oft-forgotten’ condition or additional obstacle to membership?

The Austrian government may have failed in its efforts in 2005 to have ‘privileged partnership' inserted into the European Union's framework for accession negotiations with Turkey, but this did not prevent the country's Chancellor, Wolfgang Schussel, from claiming that ‘for the first time ever, we have set an extra condition which will yet be very important in the future for Europe, namely the ability of the Union to take in new members'. Indeed, since its inclusion in the framework for negotiations, the EU's ‘capacity to absorb' new members is referred to as a new criterion for further enlargement of the European Union (EU). When opponents of Turkey 's membership, like Schussel, celebrate the emphasis on the EU's ‘absorption capacity', Turks generally regard it as specially-designed extra obstacle to their membership aspirations even if the EU's ‘absorption capacity' is a permanent agenda item whenever the EU discusses enlargement. This article explores the origins of this – supposedly new – condition and argues that the increased emphasis on the EU's ‘absorption capacity' can be explained by the shifts in the dynamics of EU enlargement.