International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

THE EFFECT OF OWNERSHIP STRUCTURE ON STOCK PRICES DURING CRISIS PERIODS: A STUDY ON ISE 100 INDEX*
Burcu NAZLIOGLU, Utku SENDURUR, S.Serap YANIK, Yildiz ÖZERHAN

Abstract
Using Turkish data, in this study it is investigated that whether a firm’s ownership structure has an impact on it’s stock prices during the crisis periods. A multiple regression model is conducted on the data of non-financial firms that are trading in ISE 100 index. Our findings show that, all explanatory variables such as inside ownership, largest ownership, concentrated ownership, foreign shareholders, family controlled and dispersed ownership are important to explain stock prices during the crisis periods. Largest ownership and concentrated ownership is negatively related to stock price, dispersed ownership has a negative interaction between stock prices, too, but family controlled firm’s interaction between stock prices differs from period to period. In addition, the analysis show that, the shares of firms that have concentrated, largest and dispersed ownership structure are outperform comparing with the other firms. Furthermore, ownership concentrated firms outperform to dispersed ownered firms.

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