Muzaffer Eroglu

Yönetişim (Kurumsal Yönetim) Kalitesi Açısından İcra Ve Kontrol İşlevlerinin Ayrılığı Ve Türkiye’deki Geleneksel Yapılanmalarin Şirket Performansına Etkisi (Separation of Execution and Control Functions for Effective Governance and the Effect of Structural Regularities in Turkey on Firm Performance)

Turkish Abstract: Bu calisma tebliginde yonetim biliminin ve finans kuramlarinin yol gostericiligi altinda Turkiye’de anonim sirketlerde icra ve kontrol islevlerinin ortusmesine yol acan yapilanmalarin yasalar, mevzuat ve genel kabul gormus yonetisim ilkeleri acisindan sorunlari ve sirket performansina etkisi tartisilmaktadir. Tebligin amaci gelenek ve kulturel normlardan beslenen bu yapilanmalarin sirket performansina etkisinin gorgun arastirmalarla test edilmesini ve sahada sorgulanmasini saglamaktir. Tebligin ilk bolumunde anonim sirketlerde icra ve kontrol islevlerinin ayriliginin gerekliligi kuramsal arka plana dayanarak aciklanmaktadir. Ikinci bolumde uluslararasi genel kabul gormus yonetim ilkelerinin sorunu ele alma yaklasimi aciklanmakta ve yonetisim kalitesi yuksek ulkelerdeki sermaye piyasasi yasalari ve mevzuatinin bu ilkeleri nasil hayata gecirdigi orneklenmektedir. Ucuncu bolumde Turkiye’deki yasa ve mevzuatin konuya yaklasimi karsilastirmali olarak ozetlenmekte ve sirket yapilanmalarinda sik gorulen orgut modelleri elestirel bir bakisla incelenmektedir. Dorduncu bolum makaleyi sonlandirmaktadir. English Abstract: This paper discusses the performance implications of governance arrangements where execution and control functions overlap and the reasoning behind the separation of CEO and Board Chairmanship roles. Using the lens of management and finance theories, and with reference to the law, the regulations and generally accepted principles of good governance, the discussion highlights the conflicts of interest stemming from such overlap. The purpose of the paper is to encourage empirical research on the performance effect of such arrangements and further observations and investigations in the field. The paper is organized as follows; we first summarize the theoretical arguments in favor of separation of execution and control functions in Section 1. Section 2 discusses how this matter is addressed by generally accepted corporate governance principles and how these principles are reflected in capital market laws and regulations. In Section 3, we critically discuss the organizational regularities and common practices against the spirit of the law and regulations on corporate governance in Turkey. Section 4 concludes.

Limited Liability in Turkish Law

This article examines the general characteristics of limited liability principles and exemptions to limited liability introduced for creditor protection in Turkish Law. In the first section, it examines the general application of limited liability in the Turkish Commercial Code. In the second section, it examines the exemptions to limited liability introduced by case law and statutory laws. This work concentrates on recent developments that might attract interest at international level by broadening the discussion in the area of limited liability. Thus, this article does not cover every exemption. The chosen examples introduce fundamental and controversial exemptions to the limited liability principle. The third section of the article examines the future of limited liability in Turkish law by examining the Draft Commercial Reform Bill. As the Draft Bill introduces some exemptions to limited liability in corporate groups, the issue is examined in detail as a special concern.