Sectoral Divergences in Corporate Governance: The Case of Borsa Istanbul (2018 – 2023)

Authors : Muhammed Mustafa Tuncer Çalışkan

Pages : 439-459

Doi:10.22139/jobs.1722671

View : 96 | Download : 681

Publication Date : 2025-11-30

Article Type : Research Paper

Abstract :This study examines sectoral divergences in corporate governance among firms listed on Borsa Istanbul from 2018 to 2023, using the Corporate Governance Maturity Index published by the Central Securities Depository (MKK). Focusing on four key governance pillars, shareholder rights, public disclosure, stakeholder engagement, and board structure, the research applies a descriptive comparative method across six sectors. Findings show that while the banking sector maintained the highest scores due to strong regulation, service and technology sectors faced greater volatility stemming from institutionalization difficulties and information asymmetry. Shareholder rights weakened across most sectors, especially among newly listed firms with concentrated ownership and limited investor participation. Public disclosure improved post-pandemic, but board independence and stakeholder responsiveness remained weak in dynamic sectors. Grounded in Agency, Stakeholder, and Institutional Theories, the study interprets governance gaps as sector-specific outcomes shaped by regulatory pressure and organizational maturity. It recommends tailored policy measures such as IPO transition plans and board independence indices to accelerate institutionalization. The study contributes to the literature by offering sector-based insights into governance evolution in emerging markets and provides practical guidance for regulators and corporate leaders seeking to improve governance resilience in Borsa Istanbul.
Keywords : Corporate Governance, Sectoral Differences, Borsa Istanbul, Emerging Markets

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