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Year 2013, Volume: 3 Issue: 2, 153 - 174, 01.06.2013

Abstract

The roots of modern agency theory which has been thought to play an important role in causing financial crises can be traced back to the book of Adam Smith’s “Wealth of Nations” published in 1776. Adam Smith stated that the directors of such companies, however, being the managers rather of other people's money rather than of their own, it cannot well be expected, that they should watch over it with the same anxious vigilance with which the partners in a private [firm] frequently watch over their own. This situation raises the agency theory issue. Agency theory occurs within an agency relationship where a party delegates a party to perform for his own sake. Seperation of ownership and control causes these kind of relationships. This seperation leads to conflicts of interest especially between managers and owners and between creditors and owners. In this study, agency theory emanating from the seperation of ownership and control, conflicts of interest in agency relationships and the costs of these conflicts of interest have been studied in the literature review.

References

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  • BARRY, T. A., LEPETIT, L., ve TARAZI, A. (2009), Ownership Structure and Risk in Publicly Held and Privately Owned Banks, http://southwesternfinance.org/conf-2010/E2-3.pdf , (Erişim Tarihi: 02013).
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  • BEBCHUK, L. A., KRAAKMAN, R., ve TRIANTIS, G. (2000), Stock Pyramids, CrossOwnership and Dual-Class Equity: The Mechanisms and Agency Costs of Separating Control from Cash-Flow Rights, Volume Editor: Randall MORCK, Concentrated Corporate Ownership, Chicago, University of Chicago Press, ss. 295-318.
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  • DEMSETZ, H. ve LEHN, K. (1985), The Structure of Corporate Ownership: Causes and Consequences, Journal of Political Economy, 93(6): 115511
  • DEPKEN, C. A., NGUYEN, G. X. ve SARKAR, S. K. (2006). Agency Costs, Executive Compensation, Bonding and Monitoring: A Stochastic Frontier Approach, Discussion Paper, Finance Management Association European Conference, Stockholm. http://belkcollegeofbusiness.uncc.edu/cdepken/P/agencycosts.pdf , (Erişim Tarihi: 22.10.2012).
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  • EASTERBROOK, F. (1984), Two Agency-Cost Explanations of Dividends, The American Economic Review, 74(4): 650-659.
  • EDWARDS, J. S. S. ve WEICHENRIEDER, A. J. (2009), Control Rights, Pyramids, and the Measurement of Ownership Concentration, http://www.econ.cam.ac.uk/faculty/edwards/JEBO_13MayJE.pdf , (Erişim Tarihi: 16.05.2013).
  • EISENHARDT, K. M. (1989), Agency Theory: An Assessment and Review, The Academy of Management Review, 14(1): 57-74.
  • ELLUL, A. (2009), Control Motivations and Capital Structure Decisions, Working Paper, Kelley School of Business, Indiana University, http://www.asb.unsw.edu.au/schools/bankingandfinance/Documents/ A.%20Ellul%20%20Control%20Motivations%20and%20Capital%20Structure%20Decis ions.pdf , (Erişim Tarihi: 13.12. 2012).
  • FACCIO, M., ve LANG, L. (2002), The Ultimate Ownership of Western European Corporations, Journal of Financial Economics, 65: 365-395.
  • FACCIO, M., LANG, L. ve YOUNG, L. (2007), Debt and Expropriation, Purdue CIBER Working Papers, Krannert Graduate School of Management. http://docs.lib.purdue.edu/ciberwp/50 , (Erişim Tarihi: 13.12. 2012). FACCIO, M., LANG, L. ve YOUNG, L. (2010), Pyramiding vs Leverage in Corporate Groups: International Evidence, Journal of International Business Studies, 41: 88-104.
  • FAMA, E. (1980), Agency Problems and the Theory of the Firm, Journal of Political Economy, 88(2): 288-307.
  • FAMA, E. ve JENSEN, M. (1983a), Agency Problems and Residual Claims, Journal of Law and Economics, 26(2): 327-349.
  • FAMA, E. ve JENSEN, M. (1983b), Separation of Ownership and Control, Journal of Law and Economics, 26(2): 301-325.
  • GÖNENÇ, H. (2006), Ownership Concentration and Corporate Performance: A Simultaneous Equation Framework for Turkish Companies, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=498263 , (Erişim Tarihi: 05.05.2013).
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Sahiplik Yapısı ve Temsilcilik Teorisi

Year 2013, Volume: 3 Issue: 2, 153 - 174, 01.06.2013

Abstract

Son zamanlarda finansal krizlerin oluşmasında önemli bir rol oynadığı düşünülen modern temsilcilik teorisinin kökleri, Adam Smith’in 1776’da yayınlanan “Ulusların Zenginliği” adlı kitabına kadar götürülebilir. Adam Smith (1776) bu çalışmasında, kendilerinin değil de başkalarının paralarının yöneticileri olan şirket yöneticilerden, ortakların kendi mallarına özen gösterdikleri gibi aynı özeni göstermelerinin beklenemeyeceğini ifade etmiştir. Bu durum, ortaya temsilcilik teorisini çıkarmaktadır. Temsilcilik teorisi; bir tarafın, işi gerçekleştirmeleri için başka bir tarafı görevlendirdikleri temsilcilik ilişkisi içinde meydana gelir. Bu ilişkiler, sahiplik ve kontrolün birbirinden ayrılmasıyla meydana gelir. Sahiplik ve kontrolün birbirinden ayrılması, özellikle, sahiplerle yöneticiler ve sahiplerle borç verenler arasında çıkar çatışmalarına sebep olur. Bu çalışmada, dağılmış ve yoğunlaşmış sahiplik yapısı boyutlarında, sahiplik ve kontrolün birbirinden ayrılmasıyla ortaya çıkan temsilcilik teorisi, temsilcilik ilişkilerinden meydana gelen çıkar çatışmaları ve bu çıkar çatışmalarının maliyetleri, literatür incelemesi olarak çalışılmıştır.

References

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  • AMIHUD, Y. ve LEV, B. (1981,. Risk Reduction as a Managerial Motive for Conglomerate Mergers, The Bell Journal of Economics, 12(2): 605-617. ANG, J., COLE, R. ve LIN, J. (2000), Agency Costs and Ownership Structure, The Journal of Finance, 55(1): 81-106.
  • AROSA, B., ITTURALDE, T. ve MASEDA, A. (2010), Ownership Structure and Firm Performance In Non-Listed Firms: Evidence From Spain, http://www.catedrafamiliar.ehu.es/p297content/es/contenidos/informacion/cef_publicaciones/es_publicac/adju ntos/Ownership_structure_and_firm_performance_in_non_listed_firms_e vidence_from_Spain.pdf , (Erişim Tarihi: 15.11.2012).
  • ATTIG, N., FISCHER, K. P. ve GADHOUM, Y. (2004), On the Determinants of Pyramidal Ownership: Evidence on Dilution of Minority Interests, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=434201 , (Erişim Tarihi: 15.06.2013).
  • BAKER, H., K. ve POWELL, G. E. (2005), Understanding Financial Management: A Practical Guide, Blackwell Publishing, UK.
  • BANY ARIFFIN, A. N. B. (2009), Pyramidal Ownership Structure and Agency Problem:Theory and Evidence, Research Bulletin Integration&Dissemination, 9-18.
  • BARRY, T. A., LEPETIT, L., ve TARAZI, A. (2009), Ownership Structure and Risk in Publicly Held and Privately Owned Banks, http://southwesternfinance.org/conf-2010/E2-3.pdf , (Erişim Tarihi: 02013).
  • BEATTY, R., ve ZAJAC, E. (1994), Managerial Incentives, Monitoring, and Risk Bearing: A Study of Executive Compensation, Ownership, and Board Structure in Initial Public Offerings, Administrative Science Quarterly, 39(2): 313-335.
  • BEBCHUK, L. A., KRAAKMAN, R., ve TRIANTIS, G. (2000), Stock Pyramids, CrossOwnership and Dual-Class Equity: The Mechanisms and Agency Costs of Separating Control from Cash-Flow Rights, Volume Editor: Randall MORCK, Concentrated Corporate Ownership, Chicago, University of Chicago Press, ss. 295-318.
  • BERLE, A. ve MEANS, G. C. (1932), The Modern Corporation and Private Property, MacMillan, New York.
  • BIANCHI, M., BIANCO, M. ve ENRIQUES, L. (1999), Pyramidal Groups and the Separation between Ownership and Control in Italy, Working Paper, Commisione Nazionale per le Societa e la Borsa (CONSOB) http://papers.ssrn.com/paper.taf?abstract_id=168208, (Erişim Tarihi: 02013).
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  • BURKART, M. ve PANUNZI, F. (2001), Agency Conflicts, Ownership Concentration and Legal Shareholder Protection, Financial Markets Group Discussion Paper, London School of Economics.
  • BUTLER, E. (2011), The Condensed Wealth of Nations, Adam Smith Research Trust, England.
  • BYRD, J., PARRINO, R. ve PRITSCH, G. (1998), Stockholder-Manager Conflicts and Firm Value, Financial Analysts Journal, 54(3): 14-30.
  • CAPRIO, G., LAEVEN, L. ve LEVINE, R. (2007), Governance and Bank Valuation, Journal of Financial Intermediation, 16: 584-617.
  • CHEFFINS, B. R. ve BANK, S. A. (2009), Is Berle and Means Really a Myth?, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1352605 , (Erişim Tarihi: 16.03.2013).
  • CLAESSENS, S., DJANKOV, S., FAN, J. P. H. ve LANG, L. (2002), Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, The Journal of Finance, 57(6): 2741-2771.
  • CLAESSENS, S., DJANKOV, S. ve LANG, L. (2000), The Separation of Ownership and Control in East Asian Corporations, Journal of Financial Economics, 58: 81-112.
  • CONNELLY, B., HOSKINSON, R. E., TIHANYI, L. ve CERTO, S. T. (2010), Ownership as a Form of Corporate Governance, Journal of Management Studies, 47(8): 1561-1589.
  • CRONQVIST, H. ve NILSSON, M. (2003), Agency Costs of Minority Shareholders, The Journal of Financial Quantitative Analysis, 38(4): 695-719.
  • ÇITAK, L. (2007), The Impact of Ownership Structure on Company Performance; A Panel Data Analysis on İstanbul Stock Exchange Listed (ISE-100) Companies, International Research Journal of Finance and Economics, 9: 231-245.
  • DEMSETZ, H. (1983), The Structure of Ownership and the Theory of the Firm, Journal of Law and Economics, 26(2): 375-390.
  • DEMSETZ, H. ve LEHN, K. (1985), The Structure of Corporate Ownership: Causes and Consequences, Journal of Political Economy, 93(6): 115511
  • DEPKEN, C. A., NGUYEN, G. X. ve SARKAR, S. K. (2006). Agency Costs, Executive Compensation, Bonding and Monitoring: A Stochastic Frontier Approach, Discussion Paper, Finance Management Association European Conference, Stockholm. http://belkcollegeofbusiness.uncc.edu/cdepken/P/agencycosts.pdf , (Erişim Tarihi: 22.10.2012).
  • EARLE, J. S., KUCSERA, C. ve TELEGDY, A. (2005), Ownership Concentration and Corporate Performance on the Budapest Stock Exchange: Do too many Cooks Spoil the Goulash?, Corporate Governance: An International Review , 2(3): 254-264.
  • EASTERBROOK, F. (1984), Two Agency-Cost Explanations of Dividends, The American Economic Review, 74(4): 650-659.
  • EDWARDS, J. S. S. ve WEICHENRIEDER, A. J. (2009), Control Rights, Pyramids, and the Measurement of Ownership Concentration, http://www.econ.cam.ac.uk/faculty/edwards/JEBO_13MayJE.pdf , (Erişim Tarihi: 16.05.2013).
  • EISENHARDT, K. M. (1989), Agency Theory: An Assessment and Review, The Academy of Management Review, 14(1): 57-74.
  • ELLUL, A. (2009), Control Motivations and Capital Structure Decisions, Working Paper, Kelley School of Business, Indiana University, http://www.asb.unsw.edu.au/schools/bankingandfinance/Documents/ A.%20Ellul%20%20Control%20Motivations%20and%20Capital%20Structure%20Decis ions.pdf , (Erişim Tarihi: 13.12. 2012).
  • FACCIO, M., ve LANG, L. (2002), The Ultimate Ownership of Western European Corporations, Journal of Financial Economics, 65: 365-395.
  • FACCIO, M., LANG, L. ve YOUNG, L. (2007), Debt and Expropriation, Purdue CIBER Working Papers, Krannert Graduate School of Management. http://docs.lib.purdue.edu/ciberwp/50 , (Erişim Tarihi: 13.12. 2012). FACCIO, M., LANG, L. ve YOUNG, L. (2010), Pyramiding vs Leverage in Corporate Groups: International Evidence, Journal of International Business Studies, 41: 88-104.
  • FAMA, E. (1980), Agency Problems and the Theory of the Firm, Journal of Political Economy, 88(2): 288-307.
  • FAMA, E. ve JENSEN, M. (1983a), Agency Problems and Residual Claims, Journal of Law and Economics, 26(2): 327-349.
  • FAMA, E. ve JENSEN, M. (1983b), Separation of Ownership and Control, Journal of Law and Economics, 26(2): 301-325.
  • GÖNENÇ, H. (2006), Ownership Concentration and Corporate Performance: A Simultaneous Equation Framework for Turkish Companies, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=498263 , (Erişim Tarihi: 05.05.2013).
  • GÜRSOY, G. ve AYDOĞAN, K. (1998), Equity Ownership Structure , Risk Taking and Performance : An Empirical Investigation in Turkish Companies, http://www.bilkent.edu.tr/~aydogan/OwnershipStructure.pdf , (Erişim Tarihi: 10.03.2013).
  • HARRIS, M. ve RAVIV, A. (1979), Optimal Incentive Contracts with Imperfect Information, Journal of Economic Theory, 20: 231-259.
  • HESSEN, R. (1983), The Modern Corporation and Private Property: A Reappraisal, Journal of Law and Economics, 26(2): 273-289.
  • HÖLMSTROM, B. (1979), Moral Hazard and Observability, The Bell Journal of Economics, 10(1): 74http://financialdictionary.thefreedictionary.com/Residual+Claim
  • HU, Y. ve IZUMIDA, S. (2008), The Relationship Between Ownership and Performance: A Review of Theory and Evidence, International Business Research, 1(4): 72-81.
  • IANNOTTA, G., NOCERA, G. ve SIRONI, A. (2007), Ownership Structure, Risk and Performance in the European Banking Industry, Journal of Banking&Finance, 31: 2127-2149.
  • JENSEN, M. (1986), Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, The American Economic Review, 76(2): 323-329.
  • JENSEN, M. ve MECKLING, W. (1976), Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal Financial Economics, 3(4): 305-360.
  • JENSEN, M. ve SMITH, C. (1985), Stockholder, Manager, and Creditor Interests: Applications of Agency Theory, Volume Editors: E. ALTMAN, M. SUBRAHMANYAM, Recent Advances in Corporate Finance, Dow-Jones Irwin.
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There are 75 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Yücel Ayrıçay

Göktürk Kalkan

Publication Date June 1, 2013
Published in Issue Year 2013Volume: 3 Issue: 2

Cite

APA Ayrıçay, Y., & Kalkan, G. (2013). Sahiplik Yapısı ve Temsilcilik Teorisi. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 3(2), 153-174.
AMA Ayrıçay Y, Kalkan G. Sahiplik Yapısı ve Temsilcilik Teorisi. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. June 2013;3(2):153-174.
Chicago Ayrıçay, Yücel, and Göktürk Kalkan. “Sahiplik Yapısı Ve Temsilcilik Teorisi”. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 3, no. 2 (June 2013): 153-74.
EndNote Ayrıçay Y, Kalkan G (June 1, 2013) Sahiplik Yapısı ve Temsilcilik Teorisi. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 3 2 153–174.
IEEE Y. Ayrıçay and G. Kalkan, “Sahiplik Yapısı ve Temsilcilik Teorisi”, Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 3, no. 2, pp. 153–174, 2013.
ISNAD Ayrıçay, Yücel - Kalkan, Göktürk. “Sahiplik Yapısı Ve Temsilcilik Teorisi”. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 3/2 (June 2013), 153-174.
JAMA Ayrıçay Y, Kalkan G. Sahiplik Yapısı ve Temsilcilik Teorisi. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2013;3:153–174.
MLA Ayrıçay, Yücel and Göktürk Kalkan. “Sahiplik Yapısı Ve Temsilcilik Teorisi”. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 3, no. 2, 2013, pp. 153-74.
Vancouver Ayrıçay Y, Kalkan G. Sahiplik Yapısı ve Temsilcilik Teorisi. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2013;3(2):153-74.