Yıl 2013,
Cilt: 27 Sayı: 4, 210 - 228, 06.08.2013
Tülay İlhan Nas
,
Kader Tan Şahin
,
Tarhan Okan
Öz
In this study, the preferences of the entry strategies of multinational companies from an emerging economy are demonstrated from the perspective of corporate governance. The study focuses on the effect of the equity level and board composition on the entry strategies. The findings of the hierarchical regression analysis which were conducted on 700 observation belonging to 52 industrial production companies which are registered in Istanbul Stock Exchange illustrated that there are significant relationships between corporate governance and entry strategies. The findings also illustrated that equity levels of majority shareholder and third shareholder have positive efects on the entry strategies. On the other hand, board size has a positive effect on the entry strategies. Number of dependent directors also has a negative effect on the dependent variable.
Kaynakça
- Agarwal, S., and Ramaswami, S.N. (1992), “Choice of Foreign Market Entry Mode: Impact of Ownership, Location and Internalization Factors”, Journal of International Business Studies, Vol.23, No.1: 1-27.
- Aguilera, R.V. and Jackson G. (2003), “The Cross-National Diversity of Corporate Governance: Dimensions and Determinants”, Academy of Management Review, Vol.28, No.3: 447-465.
- Aguilera, R.V. and Yip, G.S. (2004), “How National Corporate Governance Systems Affect Global Integration”, AIM Research Working Paper Series, 001-June 2004, ISSN:1744-0009.
- Aguilera, R.T. (2005), “Corporate Governance and Director Accountability: an Institutional Comparative Perspective”, British Journal of Management, Vol.16: 39-53.
- Alpay, G, Bodur, M., Ener H and Talug C. (2005), “Comparing Board Level Governance at MNEs and Local Firms Lessons from Turkey”, Journal of International Management, 11: 67-86.
- Barkema, H.G. and Vermeulen F. (1997), “What Differences in the Cultural Backgrounds of Partners are Detrimental for International Joint Ventures”, Journal of International Business Studies, 28(4): 845-864.
- Barney, J.B. and Hesterly, W. (1996), “Organizational Economics: Understanding the Relationship between Organizations and Economic Analysis”, Handbook of Organization Studies, (eds. Clegg, C. Hardy and W.R. Nord), London: Sage: 115-147.
- Brouthers, K. D. and Hennart, J-F. (2007), “Boundaries of the Firm: Insights From International Entry Mode Research”, Journal of Management, 33(3), 395-425.
- Carpenter, M.A, Pollock T.G. and Leary, M.M. (2003), “Testing a Model of Reasoned Risk-Taking: Governance, the Experience of Principals and Agents, and Global strategy in Hıgh-Technology IPO Firm”, Strategic Management Journal, 24: 803-820.
- Chen H. and Hu M. Y. (2002), “An Analysis of Determinants of Entry Mode and its Impact on Performance”, International Business Review, 11: 193-2
- Conyon, M. J. and Peck S. I. (1998), “Board Size and Corporate Performance: Evidence from European Countries”, The European Journal of Finance, 4: 291-304.
- Davis, P.S, Desai, A.B and Francis J.D. (2000), “Mode of International Entry: An Isomorphism Perspective”, Journal of International Business Studies, 31, 2: 239-258.
- Dehaene, A., Vuyst, V. and Ooghe, H. (2001), “Corporate Performance and Board Structure in Belgian Companies”, Long Range Planning, Vol. 34: 383-39
- Demirag, İ. and Serter M. (2003), “Ownership Patterns and Control in Turkish Listed Companies”, Corporate Governance: An International Review, Vol.11, No.1: 40-51.
- Demirbağ, M., Glaister, K. W., ve Tatoglu, E. (2007), “Institutional and Transaction Cost Influences on MNEs’ Ownership Strategies of their Affiliates: Evidence from an Emerging Market”, Journal of World Business, 42: 418-434.
- Demirbağ, M., Tatoglu, E. ve Glaister, K. W. (2008), “Factors Affecting Perceptions of the Choice between Acquisition and Greenfield Entry: The Case of Western FDI in an Emerging Market”, Management International Review, Vol 48 (1): 5 – 38.
- Demirbağ, M., Tatoglu, E. ve Glaister, K. W. (2009), “Equity-Based Entry Modes of Emerging Country Multinationals: Lessons from Turkey”, Journal of World Business, 44(4): 445-462.
- Denis, D. K., and McConnell, J.J. (2003), “International Corporate Governance. European Corporate Governance Institute (ECGI)”, Finance Working Paper No: 05/2003.
- Eisenberg, T., Sundgren, S. and Wells, M.T. (1998), “Larger Boards Size and Decreasing Firm Value in Small Firms”, Journal of Financial Economics, 48, 35-54.
- Erdal, F and Tatoğlu, E. (2002), “Locational Determinants of Foreign Direct Investment In An Emerging Market Economy: Evidence From Turkey”, Multinational Business Review, Vol.10, No.1
- Erdilek, A. (2003), “A comparative analysis of inward and outward FDI in Turkey”, Transnational Corporations, Vol.12 (3).
- Erdilek, A. (2008), “Internationalization of Turkish MNEs”, Journal of Management Development Vol. 27 No. 7: 744-760
- Erramilli, K and Rao, C.P. (1993), “Service Firms' International Entry-Mode Choice: A Modified Transaction-Cost Analysis”, The Journal of Marketing, Vol. 57, No. 3: 19-38.
- Fama, E. F. (1980), “Agency Problems and the Theory of the Firm”, The Journal of Political Economy, Vol. 88, No. 2: 288-307.
- Fama, E.F. and Jensen, M.C. (1983), “Separation of Ownership and Control”, Journal of Law and Economics, Vol. 26: 301-325
- Filatotchev, I., Strange, R., Piesse, J. and Lien, Y-C. (2007), “FDI Firms from Newly Industrialized Economies in Emerging Markets: Corporate Governance, entry Mode and Location”, Journal of International Business Studies, 38: 556-572.
- Fried, V.H., Bruton, G.D. and Hisrich, R.D. (1998), “Strategy and the Board of Directors in Venture Capital-Backed Firms”, Journal of Business Venturing, 13: 493-503.
- Gökşen, N.N.S. (2007), Makro Kurumsal Bakış Açısı: Bir Değerlendirme, Örgüt Kuramları, (Derleyenler: A.Selami Sargut ve Şükrü Özen), İmge Kitabevi, Ankara.
- Gökşen, N.N.S. and Tezölmez, S.H.U. (2007), “Control and Performance in International Joint Ventures in Turkey”, European Management Journal, Vol.25, No.5, 384-394.
- Jensen, M. and Meckling, W.H. (1976), “Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure”, Journal of Financial Economics, 3: 287-322.
- Kaymak, T. and Bektaş, E. (2008), “East Meets West? Board Characteristics in an Emerging Market: Evidence from Turkish Banks”, Corporate Governance, Vol. 16 (6): 550-561.
- Kim, H. and Lim, C. (2009), “Diversity, Outside Directors and Firm Valuation: Korean Evidence”, Journal of Business Research, doi:1016/j.jbusres.2009.01.013
- Koch, A.J. (2001), “Selecting Overseas Markets and Entry Modes: Two Decision Processess or None?”, Marketing Intelligence & Planning, 19 (1): 65-75
- Kogut, B. and Sing H. (1988), “The Effect of National Culture on the Choice of Entry Mode”, Journal of International Business Studies, 19 (3): 4114
- Kula, V. (2005), “The Impact of the Roles, Structure and Process of Boards on Firm Performance: Evidence from Turkey”, Corporate Governance: An International Review, Vol. 13, No. 2: 265-276
- Lefort, F. and Urzua, F. (2008), “Board Independence, Firm Performance and Ownership Concentration: Evidence from Chile”, Journal of Business Research, Vol. 61(6): 615-622.
- Lu, J.W. (2002), “Intra and Inter Organizational Imitative Behavior: Institutional Influences on Japanese Firms’ Entry Mode Choice”, Journal of International Business Studies, 33: 19-37.
- Luo, Y. (1999), Entry and Cooperative Strategies in International Business Expansion. Ouorum Books, Wesport, CT.
- Luo, Y. (2001), “Determinants Of Entry In An Emerging Economy: A Multilevel Approach”, Journal of Management Studies, 38 (3): 44347
- Mak, Y.T and Roush, M.L. (2000), “Factors Affecting the Characteristics of Board of Directors: An Empirical Study of New Zealand Initial Public Offering Firms”, Journal of Business Research, 47: 147-154.
- Meyer, K.E, Estrin, S., Bhaumik, S.K and Peng, M.W. (2009), “Institutions, Resources, and Entry Strategies in Emerging Economies”, Strategic Management Journal, 30: 61-80.
- Musteen M, Datta, D.K and Herrmann P. (2009), “Ownership Structure and CEO Compensation: Implication for the Choice of Foreign Market Entry Modes”, Journal of International Business Studies, 40: 321-338.
- Oğuz, F. (2007), “Örgüt İktisadı: Ekonomi, Hukuk ve Örgüt İlişkileri”, Örgüt Kuramları, (Derleyenler: A.Selami Sargut ve Şükrü Özen), İmge Kitabevi, Ankara.
- Özsalih, A. (2009), Yönetim Kurulu Yapısının İşletmelerin Finansal ve Sosyal Sorumluluk Performansı Üzerindeki Etkisi, Yayımlanmamış Yüksek Lisans Tezi, Karadeniz Teknik Üniversitesi, Sosyal Bilimler Enstitüsü, Trabzon.
- Özdamar, K. (2002), Paket Programlar ile İstatistiksel Veri Analizi1, 4.Baskı, Eskişehir: Kağan Kitapevi.
- Peng, M.W. (2004), “Identifying the Big Question In International Business Research”, Journal of International Business Studies, 35: 99–108
- Peng, M.W., Wang, D.YL and Jiang Y. (2008), “An Institution Based View of International Business Strategy: A Focus on Emerging Economies”, Journal of International Business Studies, 39: 920-936.
- Rhoades, D.L and Rechner, P.L. (2001), “The Role of Ownership and Corporate Governance Factors in International Entry Mode Selection”, The International Journal of Organizational Analysis, Vol.9, No.4: 309-326. Rose, C. (2005), “The Composition of Semi-Two-Tier Corporate Boards and Firm Performance”, Corporate Governance: An International Review, Vol. 13(5): 691-701.
- Shleifer A. and Vishny, R.W. (1997), “A Survey of Corporate Governance”, The Journal of Finance, Vol.52, Issue 2: 737-783.
- Tatoğlu, E ve Glaister, K.W. (1998a), “Western MNCs’ FDI in Turkey: An Analysis of Location Specific Factors”, Management International Review; Second Quarter, 38(2), 133 – 159.
- Tatoğlu, E ve Glaister, K.W. (1998b), “An Analysis of Motives for Western FDI in Turkey”, International Business Review, 7, 203 – 230.
- Tatoğlu, E. (2000), “Western Joint Ventures in Turkey: Strategic Motives and Partner Selection Criteria”, European Business Review, vol. 12(3): 137 – 1
- Tatoğlu, E., Glaister, K.W. and Erdal, F. (2003), “Determinants of Foreign Ownership in Turkish Manufacturing”, Eastern European Economics, vol. 41(2): 5–41.
- Taylor, C.R., Zou, S. and Osland G.E. (2000), “Foreign Market Entry Strategies of Japanese MNC’s”, International Marketing Review, Vol.17, No.2: 146-16
- Tihanyi L, Griffith D.A. and Rusell C.J. (2005), “The Effect Of Cultural Distance On Entry Mode Choice, International Diversification, And MNE Performance: A Meta-Analysis”, Journal of International Business Studies, 36: 270–283.
- Ülgen, H. ve Mirze, K. (2007), İşletmelerde Stratejik Yönetim, 4. Baskı, Literatür Yayıncılık, İstanbul.
- Ülgen, H. ve Mirze, K. (2010), İşletmelerde Stratejik Yönetim, 5. Baskı, Beta Yayıncılık, İstanbul.
- Wright, M., Filatotchev I., Hoskisson, E. and Peng. M.W. (2005), “Guest Editors’ Introduction Strategy Research in Emerging Economies: Challenging the Conventional Wisdom”, Journal of Management Studies, 42 (1): 1-27.
- Wiseman, R.M. and Gomez-Mejia L.R. (1998), “A Behavioral Agency Model of Managerial Risk Taking”, Academy of Management Review, Vol.23, No.1: 133-153.
- Xu, D. and Shenkar, O. (2002), “Institutional Distance and the Multinational Enterprise”, Academy of Management Review, Vol.27, No.4: 608-618.
- Young, M.N, Peng, M.W, Ahlstrom, D. Bruton, G.D and Jiang Y. (2008), “Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective”, Journal of Management Studies, 45(1): 196-220. http://eski.imkb.gov.tr/sirket/sy2007.htm, (Erişim: 12 Ağustos 2009). http://www.spk.gov.tr/displayfile.aspx?action=displayfile&pageid=67&fn=67.p df (Erişim: 20 Ekim 2009)
KURUMSAL YÖNETİM VE ÇOKULUSLU İŞLETMELERİN STRATEJİ TERCİHLERİ
Yıl 2013,
Cilt: 27 Sayı: 4, 210 - 228, 06.08.2013
Tülay İlhan Nas
,
Kader Tan Şahin
,
Tarhan Okan
Kaynakça
- Agarwal, S., and Ramaswami, S.N. (1992), “Choice of Foreign Market Entry Mode: Impact of Ownership, Location and Internalization Factors”, Journal of International Business Studies, Vol.23, No.1: 1-27.
- Aguilera, R.V. and Jackson G. (2003), “The Cross-National Diversity of Corporate Governance: Dimensions and Determinants”, Academy of Management Review, Vol.28, No.3: 447-465.
- Aguilera, R.V. and Yip, G.S. (2004), “How National Corporate Governance Systems Affect Global Integration”, AIM Research Working Paper Series, 001-June 2004, ISSN:1744-0009.
- Aguilera, R.T. (2005), “Corporate Governance and Director Accountability: an Institutional Comparative Perspective”, British Journal of Management, Vol.16: 39-53.
- Alpay, G, Bodur, M., Ener H and Talug C. (2005), “Comparing Board Level Governance at MNEs and Local Firms Lessons from Turkey”, Journal of International Management, 11: 67-86.
- Barkema, H.G. and Vermeulen F. (1997), “What Differences in the Cultural Backgrounds of Partners are Detrimental for International Joint Ventures”, Journal of International Business Studies, 28(4): 845-864.
- Barney, J.B. and Hesterly, W. (1996), “Organizational Economics: Understanding the Relationship between Organizations and Economic Analysis”, Handbook of Organization Studies, (eds. Clegg, C. Hardy and W.R. Nord), London: Sage: 115-147.
- Brouthers, K. D. and Hennart, J-F. (2007), “Boundaries of the Firm: Insights From International Entry Mode Research”, Journal of Management, 33(3), 395-425.
- Carpenter, M.A, Pollock T.G. and Leary, M.M. (2003), “Testing a Model of Reasoned Risk-Taking: Governance, the Experience of Principals and Agents, and Global strategy in Hıgh-Technology IPO Firm”, Strategic Management Journal, 24: 803-820.
- Chen H. and Hu M. Y. (2002), “An Analysis of Determinants of Entry Mode and its Impact on Performance”, International Business Review, 11: 193-2
- Conyon, M. J. and Peck S. I. (1998), “Board Size and Corporate Performance: Evidence from European Countries”, The European Journal of Finance, 4: 291-304.
- Davis, P.S, Desai, A.B and Francis J.D. (2000), “Mode of International Entry: An Isomorphism Perspective”, Journal of International Business Studies, 31, 2: 239-258.
- Dehaene, A., Vuyst, V. and Ooghe, H. (2001), “Corporate Performance and Board Structure in Belgian Companies”, Long Range Planning, Vol. 34: 383-39
- Demirag, İ. and Serter M. (2003), “Ownership Patterns and Control in Turkish Listed Companies”, Corporate Governance: An International Review, Vol.11, No.1: 40-51.
- Demirbağ, M., Glaister, K. W., ve Tatoglu, E. (2007), “Institutional and Transaction Cost Influences on MNEs’ Ownership Strategies of their Affiliates: Evidence from an Emerging Market”, Journal of World Business, 42: 418-434.
- Demirbağ, M., Tatoglu, E. ve Glaister, K. W. (2008), “Factors Affecting Perceptions of the Choice between Acquisition and Greenfield Entry: The Case of Western FDI in an Emerging Market”, Management International Review, Vol 48 (1): 5 – 38.
- Demirbağ, M., Tatoglu, E. ve Glaister, K. W. (2009), “Equity-Based Entry Modes of Emerging Country Multinationals: Lessons from Turkey”, Journal of World Business, 44(4): 445-462.
- Denis, D. K., and McConnell, J.J. (2003), “International Corporate Governance. European Corporate Governance Institute (ECGI)”, Finance Working Paper No: 05/2003.
- Eisenberg, T., Sundgren, S. and Wells, M.T. (1998), “Larger Boards Size and Decreasing Firm Value in Small Firms”, Journal of Financial Economics, 48, 35-54.
- Erdal, F and Tatoğlu, E. (2002), “Locational Determinants of Foreign Direct Investment In An Emerging Market Economy: Evidence From Turkey”, Multinational Business Review, Vol.10, No.1
- Erdilek, A. (2003), “A comparative analysis of inward and outward FDI in Turkey”, Transnational Corporations, Vol.12 (3).
- Erdilek, A. (2008), “Internationalization of Turkish MNEs”, Journal of Management Development Vol. 27 No. 7: 744-760
- Erramilli, K and Rao, C.P. (1993), “Service Firms' International Entry-Mode Choice: A Modified Transaction-Cost Analysis”, The Journal of Marketing, Vol. 57, No. 3: 19-38.
- Fama, E. F. (1980), “Agency Problems and the Theory of the Firm”, The Journal of Political Economy, Vol. 88, No. 2: 288-307.
- Fama, E.F. and Jensen, M.C. (1983), “Separation of Ownership and Control”, Journal of Law and Economics, Vol. 26: 301-325
- Filatotchev, I., Strange, R., Piesse, J. and Lien, Y-C. (2007), “FDI Firms from Newly Industrialized Economies in Emerging Markets: Corporate Governance, entry Mode and Location”, Journal of International Business Studies, 38: 556-572.
- Fried, V.H., Bruton, G.D. and Hisrich, R.D. (1998), “Strategy and the Board of Directors in Venture Capital-Backed Firms”, Journal of Business Venturing, 13: 493-503.
- Gökşen, N.N.S. (2007), Makro Kurumsal Bakış Açısı: Bir Değerlendirme, Örgüt Kuramları, (Derleyenler: A.Selami Sargut ve Şükrü Özen), İmge Kitabevi, Ankara.
- Gökşen, N.N.S. and Tezölmez, S.H.U. (2007), “Control and Performance in International Joint Ventures in Turkey”, European Management Journal, Vol.25, No.5, 384-394.
- Jensen, M. and Meckling, W.H. (1976), “Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure”, Journal of Financial Economics, 3: 287-322.
- Kaymak, T. and Bektaş, E. (2008), “East Meets West? Board Characteristics in an Emerging Market: Evidence from Turkish Banks”, Corporate Governance, Vol. 16 (6): 550-561.
- Kim, H. and Lim, C. (2009), “Diversity, Outside Directors and Firm Valuation: Korean Evidence”, Journal of Business Research, doi:1016/j.jbusres.2009.01.013
- Koch, A.J. (2001), “Selecting Overseas Markets and Entry Modes: Two Decision Processess or None?”, Marketing Intelligence & Planning, 19 (1): 65-75
- Kogut, B. and Sing H. (1988), “The Effect of National Culture on the Choice of Entry Mode”, Journal of International Business Studies, 19 (3): 4114
- Kula, V. (2005), “The Impact of the Roles, Structure and Process of Boards on Firm Performance: Evidence from Turkey”, Corporate Governance: An International Review, Vol. 13, No. 2: 265-276
- Lefort, F. and Urzua, F. (2008), “Board Independence, Firm Performance and Ownership Concentration: Evidence from Chile”, Journal of Business Research, Vol. 61(6): 615-622.
- Lu, J.W. (2002), “Intra and Inter Organizational Imitative Behavior: Institutional Influences on Japanese Firms’ Entry Mode Choice”, Journal of International Business Studies, 33: 19-37.
- Luo, Y. (1999), Entry and Cooperative Strategies in International Business Expansion. Ouorum Books, Wesport, CT.
- Luo, Y. (2001), “Determinants Of Entry In An Emerging Economy: A Multilevel Approach”, Journal of Management Studies, 38 (3): 44347
- Mak, Y.T and Roush, M.L. (2000), “Factors Affecting the Characteristics of Board of Directors: An Empirical Study of New Zealand Initial Public Offering Firms”, Journal of Business Research, 47: 147-154.
- Meyer, K.E, Estrin, S., Bhaumik, S.K and Peng, M.W. (2009), “Institutions, Resources, and Entry Strategies in Emerging Economies”, Strategic Management Journal, 30: 61-80.
- Musteen M, Datta, D.K and Herrmann P. (2009), “Ownership Structure and CEO Compensation: Implication for the Choice of Foreign Market Entry Modes”, Journal of International Business Studies, 40: 321-338.
- Oğuz, F. (2007), “Örgüt İktisadı: Ekonomi, Hukuk ve Örgüt İlişkileri”, Örgüt Kuramları, (Derleyenler: A.Selami Sargut ve Şükrü Özen), İmge Kitabevi, Ankara.
- Özsalih, A. (2009), Yönetim Kurulu Yapısının İşletmelerin Finansal ve Sosyal Sorumluluk Performansı Üzerindeki Etkisi, Yayımlanmamış Yüksek Lisans Tezi, Karadeniz Teknik Üniversitesi, Sosyal Bilimler Enstitüsü, Trabzon.
- Özdamar, K. (2002), Paket Programlar ile İstatistiksel Veri Analizi1, 4.Baskı, Eskişehir: Kağan Kitapevi.
- Peng, M.W. (2004), “Identifying the Big Question In International Business Research”, Journal of International Business Studies, 35: 99–108
- Peng, M.W., Wang, D.YL and Jiang Y. (2008), “An Institution Based View of International Business Strategy: A Focus on Emerging Economies”, Journal of International Business Studies, 39: 920-936.
- Rhoades, D.L and Rechner, P.L. (2001), “The Role of Ownership and Corporate Governance Factors in International Entry Mode Selection”, The International Journal of Organizational Analysis, Vol.9, No.4: 309-326. Rose, C. (2005), “The Composition of Semi-Two-Tier Corporate Boards and Firm Performance”, Corporate Governance: An International Review, Vol. 13(5): 691-701.
- Shleifer A. and Vishny, R.W. (1997), “A Survey of Corporate Governance”, The Journal of Finance, Vol.52, Issue 2: 737-783.
- Tatoğlu, E ve Glaister, K.W. (1998a), “Western MNCs’ FDI in Turkey: An Analysis of Location Specific Factors”, Management International Review; Second Quarter, 38(2), 133 – 159.
- Tatoğlu, E ve Glaister, K.W. (1998b), “An Analysis of Motives for Western FDI in Turkey”, International Business Review, 7, 203 – 230.
- Tatoğlu, E. (2000), “Western Joint Ventures in Turkey: Strategic Motives and Partner Selection Criteria”, European Business Review, vol. 12(3): 137 – 1
- Tatoğlu, E., Glaister, K.W. and Erdal, F. (2003), “Determinants of Foreign Ownership in Turkish Manufacturing”, Eastern European Economics, vol. 41(2): 5–41.
- Taylor, C.R., Zou, S. and Osland G.E. (2000), “Foreign Market Entry Strategies of Japanese MNC’s”, International Marketing Review, Vol.17, No.2: 146-16
- Tihanyi L, Griffith D.A. and Rusell C.J. (2005), “The Effect Of Cultural Distance On Entry Mode Choice, International Diversification, And MNE Performance: A Meta-Analysis”, Journal of International Business Studies, 36: 270–283.
- Ülgen, H. ve Mirze, K. (2007), İşletmelerde Stratejik Yönetim, 4. Baskı, Literatür Yayıncılık, İstanbul.
- Ülgen, H. ve Mirze, K. (2010), İşletmelerde Stratejik Yönetim, 5. Baskı, Beta Yayıncılık, İstanbul.
- Wright, M., Filatotchev I., Hoskisson, E. and Peng. M.W. (2005), “Guest Editors’ Introduction Strategy Research in Emerging Economies: Challenging the Conventional Wisdom”, Journal of Management Studies, 42 (1): 1-27.
- Wiseman, R.M. and Gomez-Mejia L.R. (1998), “A Behavioral Agency Model of Managerial Risk Taking”, Academy of Management Review, Vol.23, No.1: 133-153.
- Xu, D. and Shenkar, O. (2002), “Institutional Distance and the Multinational Enterprise”, Academy of Management Review, Vol.27, No.4: 608-618.
- Young, M.N, Peng, M.W, Ahlstrom, D. Bruton, G.D and Jiang Y. (2008), “Corporate Governance in Emerging Economies: A Review of the Principal-Principal Perspective”, Journal of Management Studies, 45(1): 196-220. http://eski.imkb.gov.tr/sirket/sy2007.htm, (Erişim: 12 Ağustos 2009). http://www.spk.gov.tr/displayfile.aspx?action=displayfile&pageid=67&fn=67.p df (Erişim: 20 Ekim 2009)