Finansal Sıkıntı ve Sahiplik Yapısı Arasındaki İlişki: Borsa İstanbul Üzerine Bir Araştırma
The Relationship Between Financial Distress and Ownership Structure: A Research in İstanbul Stock Exchange

Summary/Abstract: The aim of this study is to investigate the relationship between financial distress and ownership structure. In this study, 112 firms’ data have been used for the time period of 2005-2009 which are operating in the İstanbul Stock Exchange (BIST) Industrial Index. Z Altman Score was used for measuring the probability of financial distress. As a result of the developed robust estimator, ownership concentration and free float ratio has negative relation with financial distress, in contrast there is a positive relation between institutional ownership and financial distress. Additionally, statistically significant relation between foreign ownership and financial distress was not detected.

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