countervailing institutional forces corporate governance in turkish family business groups文档.pdfVIP

J Manag Gov (2009) 13:193–213 DOI 10.1007/s10997-009-9083-z Countervailing institutional forces: corporate governance in Turkish family business groups ¨ ¨ N. Nisan Selekler-Goksen Æ Ozlem Yildirim Oktem Published online: 6 February 2009 Springer Science+Business Media, LLC. 2009 Abstract This longitudinal study investigates the impact of national and inter- national pressures to improve corporate governance in an emerging economy from an institutional theory perspective. Recently, family business groups (FBGs), the dominant form of organizing in emerging economies, have been criticized by policy makers for their poor governance structures. A common recommendation to FBGs has been increasing the number of independent, outsider directors on their boards. Thus, change in the board compositions of the quoted subsidiaries of the six biggest FBGs is analyzed over 2002–2006. One-way-ANOVA and t-tests were used as statistical tools. Findings reveal that there has not been a statistically significant change in board compositions over the research period. FBGs were found to resist institutional pressures through ‘avoidance’, ‘defiance’ and ‘‘manipulation’’ strate- gies due to the absence of coercive pressures and multiple forms of ‘institutional work’ for change. Keywords Board of directors Corporate governance Emerging economy Family business groups Institutional change Institutional work Turkey 1 Introduction Neoinstitutionalism is recognized for its emphasis on the stability and persistence of institutions and the organizational forms they shape (Garud et al. 2007; Burns and ¨ ¨ N. N. Selekler-Goksen () O. Yildirim Oktem Department of International Trade, Bogazici University, Hisar Campus, 34342 Bebek/Istanbul, Turkey e-mail: goksenn@.tr ¨ ¨ O. Yildirim Oktem e-m