The majority of Turkish listed companies are usually tightly held by a group which is characterized as a union of parent and subsidiaries interconnected in terms of capital, management, and control. These companies are ultimately owned and controlled by families who organize a large number of companies under a pyramidal ownership structure or through a complicated web of inter-corporate shareholdings. Turkish listed companies can be characterized as multi-activity firms operating in a wide range of unrelated sectors with vertically centralized authority structures
