The Effects of Ownership Structure Factors on Firm Value: An Application on BIST 30 Companies

The purpose of this study is to examine the effect of ownership structure on firms’ market value. Therefore the ownership structures of the firms, registered in Borsa Istanbul BIST-30 index, were employed in the regression analysis. The research was conducted between 2006 and 2010 with monthly data. The ownership structure in firms is proxied by capital density. The market value of the firms’ is measured using the Tobin Q ratio, a market-based variable. Results show that within the period of the analysis, an increase in the capital density in the firms would lead to a decreased in the market values of the businesses