the role of corporate governance in fdi decisions ... web viewthe role of corporate governance in...

22/01/2010

History of Management Thought |Term Paper

Bahçeşehir University

HISTORY OF MANAGEMENT THOUGHT

CORPORATE GOVERNANCE HISTORY IN TURKEY WITHOUT HISTORIANS

Reviewd by: Prof. Dr. Ekrem TATOĞLU

Prep. by: İlhan ÇİFTÇİ

Contents

Tables.................................................................................................................................................2

Abstract:.............................................................................................................................................3

Design/Methodology/Approach:........................................................................................................3

Comparison........................................................................................................................................4

Findings:.............................................................................................................................................4

Purpose:..............................................................................................................................................4

Research Limitations/implications:....................................................................................................4

Key words:.........................................................................................................................................4

Contribution.......................................................................................................................................5

Introduction........................................................................................................................................5

History of Turkish Economic Environment........................................................................................7

Management and Governance Thought............................................................................................11

Corporate Governance Development in Turkey...............................................................................12

Some Corporate Governance Indicators..........................................................................................16

Foundation of Companies............................................................................................................16

Types of Company structure.........................................................................................................17

Foreign Direct Investment............................................................................................................18

Conclusion........................................................................................................................................20

References........................................................................................................................................22

Appendix..........................................................................................................................................24

Numbers of establishing and closing companies and cooperatives in Turkey in accordance to Company Type.................................................................................................................................24

Number of Companies Listed the İMKB Stock Exchange Market...................................................25

Turkey 500 Biggest Companies in 2008...........................................................................................32


Tables

Table 1.1 Family Controlled Company Share is Countries

Table 1.2 The Number of Establishing Firms in accordance to its sector

Table 1.3 Summary of Turkey 500 Biggest Companies in 2008

Table 1.4: International Direct Investment (Inflows)


Abstract:

The end of the Bretton Woods System caused the liberalization of markets since 1970. This

effect has been showed its power in Turkey middle of 1980’s. Deregulation and liberalization

of market led to born new opportunities and risks. Reduction of telecommunication and

transportation costs has increased countries convergence. In addition more complex and

variety products have entered the market. Investors have exposure more risk in new

environment Thus, management of risk and governance themes have been very important for

good cooperation. The history of Corporate Governance formed with respect to the

deregulation and liberalization movements. This study stresses the importance of corporate

governance and its history without historians in Turkey. History of Turkish Economic

Environment will have been explained, management thought development also mentioned in

accordance to corporate governance framework.

Recent years have witnessed a growing interest in differences in the corporate governance

structures of countries. One important strand of this literature has been concerned with the

impact of the identity and degree of concentration of ownership and the institutional

mechanisms through which insiders and outsiders of companies interact1. This framework

provides economic policies and corporate governance. It is easy to combine corporate

governance and the economic conditions of an economy.

Design/Methodology/Approach:

In particular, this studying assess the corporate governance

(a) The extent of economic instability with its politics

(b) Improvement of management and governance in Turkey

(c) Corporate Governance Indicators

Economic instability and import substitution policy effects investigate on History of Turkey Economic

Environment, besides management and governance improvement stress on Management Thought

1 Hakan Orbay and B. Burcin Yurtoglu, The Impact of Corporate Governance, Structures on the Corporate Investment Performance in

Turkey Journal compilation, Oxfor, Volume 14 Number 4 July 2006


Development in Turkey. Finally, the lack of economic conditions and their policy makers clearly

indicate the lack of corporate governance in Turkey.

Comparison

We also find that the economic conditions in Turkey with regards to various time period.

Development of corporate governance ties these conditions.

Findings:

Corporate Governance in Turkey has not been developed accurately. Till early 1980s, private

entrepreneur capital insufficiency prevented to establish companies, Import substitution

policies to save private entrepreneur also prevented to improve competition, public economic

enterprises could limited access to development of financial markets. All these effects lead to

insufficient corporate governance.

Purpose:

This paper extends this literature by investigating the effects of economic instability and

political decision makings on the power of corporate governance.

Research Limitations/implications:

Although, the extent of economic instability, import substitution policy would be investigated

with their historical studies, these studies do not rely on the empirical tests, no hypothesis

establishes to support also. In addition, empirical analyses of corporate governance in Turkey

are going to evaluate long term, hence it will be planned another studying which is taking

much time. Finally, we can say that, the background of this studying is significant; it can be

more reliable with a hypothesis testing model.

Key words:

Corporate Governance, Economic Instability, Foreign Direct Investment,


Contribution

Economic policies affect the business environment directly. Entrepreneur makes decision

under the condition of economic environment. Internal and external market conjuncture and

the behaviour of rational man/women trend occur with respect to the government policy. This

study is important for the purpose of Economy and Business literature integration to evaluate

corporate governance.

Introduction

The corporate governance landscape in Turkey is characterised by concentrated ownership,

often in the form of family-controlled, financial industrial company groups. Free floats are

often low, pyramidal structures are common and there is a high degree of cross-ownership

within some company groups. Controlling shareholders often play a leading role in the daily

management and strategic direction of publicly held companies. An organised equity market

is a relatively recent phenomenon, with the Istanbul Stock Exchange (ISE) being established

only in 1985. From the mid-1980s until 3-4 years ago, economic conditions were difficult for

companies. Thin markets, relatively few active institutional investors and an unpredictable

macro-economic environment limited incentives for companies to adopt good corporate

governance practices. More recently, however, the return of foreign investors, greater

opportunities for Turkish companies to do business abroad and increasing competition for

foreign capital appear to be encouraging more companies to make good corporate governance

practices a competitive advantage2.

In addition to this, last 25 years information has been more than the before 5.000 years also it

tends to increase continuously.3 Related to information provides more easy, complexity of

transactions increase.

Another perspective stresses the corporate governance in Turkey in accordance to micro

economic conditions rather than OECD macro economic conditions.

Together with the large-scale privatisation and deregulation that took place over the last two

decades in these economies, the Asian crisis in mid 1997 added a new dimension to the

2 OECD, Corporate Governance in Turkey A pilot Study, OECD Publishing, 20063 Borça, G., (2004), "Pazarlama Reçeteleri, Marka Yöneticisinin El Kitabi", Istanbul, Media Cat Yayinlari


importance of these issues. Academic research (Singh, 2003) and some influential economic

analysis, including that of the IMF (1998) and leading US officials (Summers, 1998), suggest

that the fundamental causes of the Asian crisis lay not so much in the macroeconomic

imbalances, but rather in the normal microeconomic behaviour of microeconomic decision-

makers in these economies. This type of (structuralist) analysis of the Asian crisis emphasises

the lack of competition and the lack of sufficiently strong corporate governance structures as

the major reasons of the crisis4.

The continuity and change in business elites seem to be closely related to the alterations in the

politico-economic environment.

This study is important, because business and economy sciences are joined for corporate

governance. That is corporate governance issue evaluates under the macro and micro

economic variables of Turkey. Turkey local investors cannot be successful with respect to the

foreign institutions. The source of fundamental reason of this issue is macro and micro

economic policies. Political instability, capital inadequacy, economic insufficiency so forth

prevents to companies development. Companies’ inefficiency and less management ability

cause undeveloped companies. We can say that, economic conditions led to bad corporate

governance.

History of Turkish Economy ensures macroeconomic structure which affects the micro

variables also. Corporate governance is subject to micro economy for a firm and it is subject

to macro economy for whole firms’ corporation and institutional level.

4 Melsa Ararat, Burçin Yurtoğlu; Corporate Governance in Turkey: an Intrıduction to Special Issue, Journal Compilation 2006 Blackwell Publishing Ltd. Volume 14, Number 4 July 2006


History of Turkish Economic Environment

At the beginning of the Republic, the number of population was 14 million which 20 % of current

population. Capital formation was low, industrial sector could not be corresponded human needs,

economic conditions were relied upon agriculture, there was no developed financial sector and /or

intermediaries to support economic activities, The number of companies were insufficient to realize

economic activities so forth. All these conditions made difficult to open economic growth and

development.

İzmir Economic Congress was made in 1923 to build up economic policy. Government anticipated

that private oriented development solved the economic instability. This led to government supported to

private entrepreneur. Some of them were:

Türkiye İş Bankası was founded due to fund private agencies in 1924. Sanayi ve Maadin Bankası also

founded to improve industry. Moreover, customs deductions, government aids, marketing facilities,

tax deductions, and land facilities to establish new companies were provided with Industry Support

Law.

Due to private enterprise capital lack, post of Independence War and likely situations caused İzmir

Economic Congress Policies were insufficient. Indeed, the world economic crisis in 1929 revealed

private entrepreneur inconsistency.

Based on the private sector failure, Etaism started to work to satisfy economic growth and

development. Etaism tried to improve economy. Government played major role property rights of

production. This means government intervened economy, produce goods and services, recruitment

employees etc5.

Government activities started with the foundation of Sumerbank in 1933. It was very important

because it had to make factory and production. Etibank established in 1935 to protect mining likewise

Sumerbank.

The World War II caused the rigid etaism activities continued between the periods 1939 – 49 which

was more solid than before. For instance, most of the sources were nationalizated, highly sensitive

market control etc.

5 Emre Kongar, 21. Yüzyılda Türkiye, 2000’li yıllarsa Türkiye’nin Toplumsal Yapısı, Remzi Kitapevi, 34. Basım, s. 351


Due to World War II, 1 million young men were taken military obligation. This caused reduction of production.

Why the etaism economic activity did not success to economic stability?

Goverment agencies could not be implement economic develeopment plans due to World War II

stated. Goverment also spent much sources for defensive expenses. This led to reduction of public

investmets. Besides, World War II brought difficulties on foreign trades. New taxes imposed to

compensate war expenses6.

New prime minister started to work in 1950. New policies and strategies had been made. New flow

mechanism was the opposite of the etaism. Government determined its policy with respect to the

private enterprises power. It was planned that, less public economic enterprises and more private

development carried to economy.

Production really increases because of mechanization. The number of employees working in

agriculture sector had decreased due to increase in mechanism. Industrialization had been made by

private sector. Some families started to be rich, who got rich from agriculture, commers etc.

Some of the indicators between the period 1950 and 1960.7

The number of tractors increased from 16.858 to 42.136.

The number of private sector increased from 2.515 to 6639

Although, government fulfilled liberal economic policies, the number of Public Economic Enterprises

started to increase in 1954. Because, capital formation of private sector was still insufficient to solve

economic problems. Secondly the domestic demand increase but the private sector was insufficient

afford the domestic demand. Some of the intermediary goods were necessary for private sector

production.

It was difficult to stress institutionalism and corporate governance until early 1950s. The main

problems are capital inadequacy and external political issues.

Planned Economic Development Program started early 1960’s. Firstly, Government Planned Agency

was founded in 1963 and five years plans made to increase productivity and rapid growth. There has

been 7 planned programs applied, these are:

1st Planned Development Program (1963 – 1967) 2nd Planned Development Program (1968 – 1972) 3rd Planned Development Program (1973 – 1977) 4th Planned Development Program (1979 – 1983)

6 Türkiye’de Sosyal ve Ekonomik Değişmeler, Anadolu Üniversitesi,7 İstanbul Üniversitesi, İktisat Fakültesi, İngilizce İktisat Bölümü, Turkish Economy Lecture, 2004


5th Planned Development Program (1985 – 1989) 6th Planned Development Program (1990 – 1994) 7th Planned Development Program (1996 – 2000)

Import Substitution policy defended with 1st Planned Development Program. Government

anticipated increasing domestic investment and expanding manufacturing sector. Production

of imported goods in internal market led to increase in production. This dynamic reduce to

abroad dependency also. Goods and services which were imported from abroad and used

manufacturing sector were forbidden.

Economy reached the high growth rate with the Planned Economy especially periods between

1962 - 1977. Although, between the years 1962 to 1977 the growth rate of Gross Domestic

Product was 6, 7 %, this was reduced after 1977. Foreign exchange bottleneck brought bad

air conditions. In addition, after 1977 political issues occurred, economic environment

affected by political anarchy. Military power started to decision owner and pursued economic

and political agenda. This was continued until 1984 which new democracy movement started.

It was still difficult to stress corporate governance and institutionalism. Internal political

issues and import substitution policies blocked institutionalization.

Although, most of the indicators showed bad score for Turkey economy, liberalization and

internalization movements started early 1980s. Regulatory agencies started to work such as

Capital Market Board (hereafter CMB) in 19818, İstanbul Stock Exchange (hereafter İSE) in

1986.

The main roles of the CMB were to save investors rights and ensure capital market trust and

assurance.

The role of the 24 January Decisions were very important to improvement of market. Both, Loan

interest and time deposit were used in the market freely.

Turkish Economy changed its main policy in 1989 with resolution 32. Turkey has opened global

economy from the closed economy. Currency exchange was free, import and export activities were

free also. This Decision perceived competitiveness thought. Due to government protectionism until

late 1980s, Turkish Companies were not sufficient to compete external market. This led to economic

crisis in 1994.

8 http://www.spk.gov.tr/indexcont.aspx?action=showpage&menuid=0&pid=0


Turkish Economy negatively affected by the crisis 1994. Foreign currency Dollar appreciated in

accordance to Turkish Lira. Inflation rate, interest rate, external and internal market debt increased.

Besides unemployment rate, the number of closed firms etc increased while capacity usage rate

decreased.

Neoliberal macroeconomic policies anticipated to reach stable economic conditions. Open

economy, market power provides resources, reduction of government interventions were

started with middle of 1990s.

Throughout the 1980s and 1990s, the Turkish economic policy was characterised by a

symbiotic relationship between discretionary policies and rent-seeking behaviour. As a result,

Turkey’s macroeconomic performance has deteriorated over time and the risks faced by

corporate actors have increased9.

The negative association between volatility and growth tends to be stronger in countries with

weak institutional quality and pro-cyclical fiscal policies. This finding is very significant for

Turkey – a country that was characterised by poor institutional quality and fiscal indiscipline

throughout the 1990s.

Banking Regulation and Supervision Agency (hereafter BRSA) founded in 1999 and stated to

work in 2000 in accordance to the Banking Law 438910. BRSA has started to work to abolish

instability of financial market and monitor and audit financial sector institutions.

Turkish Economy cannot take an advantage of global economic conditions. Economy faced a

crisis at least each 4-5 years. Turkish Economy deterioration stated with 1997 Asian and 1998

Russian crisis after the year 1994. Moreover November 2000 and the February 2001 crises

affected economic actors deeply. IMF has started to play a major role in Turkish Economy

between the years 1998 and 2008.

After the year 1980s, we can summarize Turkish Economic environment such as:

1980 - 1983 : Liberal Economy and 12 September Management

9 Mehmet Uğur, Melsa Ararat, Does Macroeconomic Performance Affect Corporate Governance? Evidence From Turkey, Journal Compilation Blackwell Publishing Ltd. 200610 http://www.bddk.org.tr/WebSitesi/turkce/Kurum_Bilgileri/BDDK_Hakkinda/5802BDDK_Tanitim_Kitapcigi_31_07_2009.pdf


1984 – 1988 : Promotion of new party and obstruction 1989 - 1993 : Convertibility and external market accord 1994 - 1998 : Problematic growth period 1998 - 2008 : Controlled by IMF

Import Substitution Policy should be critize before the good corporate governance practises.

Import substitution Policies implemented until the open Custom Union in 1996. This means

that, government protect the private sector entrepreneurs with respect to the foreign investors.

Some of the fundamental role of import substitution policy was developing internal market

investments, increasing production capacity of private entrepreneurs, increasing productivity

and decreasing unemployment. Although, government anticipated sustainable economic

growth and long run development target, these targets could not be realized.

Why import substitution policies could not ensured its task? Private enterprises capital

formation could not be sufficient to pursue industrialization widely. Intervention of private

sector handicapped to productive and efficient private companies. Local firms reluctant to

improve their management policies and innovations, research and development ideas did not

important for these period.

Turkish Companies started to play on international market but they cannot obtain more

benefits at the beginning. Due to import substitution policies, they cannot compete abroad

companies. Competitiveness brings corporate governance and import substitution policies

prevented competitive market.

Finally we can say that, Turkish Economic environment was insufficient to support cooperation and

industrialization. Economy made war external crises and capital inadequacy until the years 1960, and

tired to solve internal political issues until the year 1985. Import substitution policies also prevent

good corporate governance.

Management Thought and corporate governance studying are handled in Turkey.

Management and Governance Thought

Although management and governance terms are definitely different, we aware of the terms

management and governance used together. Meaning of management is more local than

governance. It is possible to seen all steps of an organization. Governance is related top

management pursued policies. It protects the relations among the parties Board of Directors,


stakeholders, uppermost management of an organization. Firstly, we mention management

here and will be continued with governance.

Turkey economic instability and pursued economic policies prevented to development of both

management and governance thought. Till early 2000. There have been independent variables

causes the undeveloped management such as:

capital inadequacy,

closed economy

government intervention,

protectionism of private entrepreneur,

world economic and political environment

These are the indicators why management concept has not been put in mind. Family

controlled firms intervene all steps of the production process. Goods and services finalize

under the myopic view of families. Aggregation of management thought in each steps of the

company led to governance thought.

Corporate Governance Development in Turkey

As we mentioned History of Turkish Economic Environment, Turkey has volatile economic

conditions which prevent good corporate governance. This is the reason why Turkey applied

Corporate Governance Principles lately.

Turkey is a latecomer with respect to corporate governance implementation. In December

2002, the Turkish Industrialists’ and Businessmen’s Association (TUSIAD) introduced

Turkey’s first code of best practice. In July 2003, the Capital Markets Board of Turkey

(CMB) issued comprehensive corporate governance principles which became the source of

(non-binding) corporate governance standards for publicly held companies. In 2003, The

Corporate Governance Association of Turkey was founded. In 2005, CMB amended the

principles taking into account revisions made to the Organisation for Economic Co-Operation

and Development (OECD) Principles in 2004. Finally in August 2007, the Istanbul Stock


Exchange (ISE) launched the Corporate Governance Index, an index of companies that

comply with the corporate governance principles of CMB11.

In 2004 Turkey became the pilot company of OECD for their study encouraging Member

States to apply corporate governance principles. This pilot study also ‘‘has helped the OECD

to develop a new method for evaluation that will give policy makers a better understanding of

the steps they should take’’ (Gurria, 2006). OECD published the report concerning corporate

governance applications in Turkey in 2006. Turkey received high marks from the OECD for

CMB and its regulatory reforms. According to the report (OECD, 2006) Turkey has a strong

regulatory framework for corporate governance. International accounting and auditing

standards have begun to be applied and the disclosure requirements are improving. The

Report recommends Turkey to revise Turkish Company Law in order to require more

disclosure on deals between companies belonging to a group. It was also recommended that

the duty of setting Turkish Accounting Standards would be centralized under the Turkish

Accounting Standards Board12.

The corporate governance rating is also a new issue for Turkey, and presently there are three

companies one local and two multinational, offering this service. Additionally, ISE is trying

to devise a corporate governance index that can start to operate with five listed companies that

have a corporate governance rating score of six out of 10. In June 2006 there were only three

Turkish listed companies that had been assigned a rating score. The index became operational

in August 2007; presently there are seven companies listed in the ISE Corporate Governance

Index. In Turkey, the reform process has been more difficult and slower than expected not all

firms have been enthusiastic about adopting the corporate governance principles issued by

CMB.

When Turkey Economic Environment and late corporate governance are thought together, we

can say that, application of corporate governance principle for good corporate governance has

begun late in Turkey.

Reasons of this as follows:11 Heidrick & Struggles, Corporate Governance Report 2009, Board in Turbulent Times, Turkey – Suplement to the European Report12 Aylin Poroy, David Crowther; Corporate Governance in Turkey: Reform and Convergence, Emerald, Socail Responsibility Journal, Vol.4, No.3, 2008


We mentioned so far, Turkey economic environment affected corporate governance situation.

Supranational organizations such as the OECD, IMF and World Bank seek to institutionalize

codes of best practice in corporate governance and are supported by institutional investors and

investors’ associations. These organizations also encourage and/or oblige national

governments to adopt these codes and to establish the necessary institutions to monitor

compliance at the firm level. On the other hand, there are also organizational actors who

benefit from, are committed to and/or take-for-granted the current governance structures. This

second set of actors is expected to mobilize effort and act strategically to maintain the current

institutional arrangements13.

OECD’s most significant institutional work has been its publication of the ‘‘Principles of

Corporate Governance’’ (1999) which defines what good corporate governance means.

OECD’s (2004) Principles have become an international benchmark for policy makers,

investors, corporations and other stakeholders. The principles regarding the rights of

shareholders, the role of stakeholders and responsibilities of the board not only created a

model to be imitated but also introduced an alternative to the institutionalized corporate

governance structures and practices prevailing around the world14.

Secondly, supranational organizations corporate governance awareness is closed today. Due

to closed company bottlenecks – mostly important was Enron – which was related to good

governance issues, these organizations dealed with corporate governance late. Due to

supranational organization awareness on corporate governance late, it has been applied in

Turkey lately.

Although, this two perspective solve the bad corporate governance situation in Turkey, we

should look another structural problems related with Turkey.

Most important issue related to corporate governance occur in Small and Medium Enterprises.

(hereafter SME). Mostly, the source of problems in SME are depended financial indicators

13 N. Nisan Selekler-Goksen, Ozlem Yildirim Oktem, Countervailing institutional forces: corporate governance in Turkish family business groups, _ Springer Science+Business Media, LLC. 2009, February 200914 N. Nisan Selekler-Goksen, Ozlem Yildirim Oktem, mentioned before.


rather than organizational breakdowns. This is a managememt fault, because most of the

deficiencies are arised lack of managership and directorship problems15.

The measure of good corporate governance is not the number of familiy controlled firms.

Productivity and efficiency of family controlled firms are the milestones of good corporate

governance. Most of the firms succesfull stories are won with the family controlled firms.

Distribution of familiy controlled firms in some countries are16:

Country The Share in Family(%)

Italy 99

Germanny 80

U.S. 90

Turkey 92

Table 1.1 Family Controlled Company Share is Countries

In addition to above, types of families with respect to the countries are; The South Corean

Chaebol, Turkey Holdings, Indian Business Houses, Latin American Grupos, Japan Keiretsu

(mitsubishi, mitsui,sumitomo,fuyo,daiichi kangyo,sanwa), zaibatsu Despite their large size,

business groups are usually owned and managed by a single or small number of families.

Regional differences are also important for good corporate governance, Company culture is

influenced by regions. Regional diversity led to change organization governance style in

Turkey especially Anotolian.

Unrecorded transactions prevent to corporate governance. This theme is very signifinact issue

under the Turkey economic environment. Corporate governance is a luxury term for these

companies.

15 Rıfat Hisarcıklıoğlu, III. Uluslararası Kurumsal Yönetim Zirvesi, Rekabet İçin Kurumsal Yönetim, 13 January 201016 Miles Templeman, III. Uluslararası Kurumsal Yönetim Zirvesi, Rekabet İçin Kurumsal Yönetim, 13 January 2010


Family controlled firms informal relations are more, rather than other types of firms.

Bureacracy rate is less, this increases the financial statements importance. Because,

accounting transactions are legal issues, which are not dependent informal relations. In

addtion, recording all transactions and transparancy play a major role for accounting and

corporate governance.17

We can say that, the environment in Turkey has not been suitable for corporate governance so

far. This can be proved by some corporate governance indicators.

Some Corporate Governance Indicators

There have been most of the variables to measure corporate governance level of an economy.

We choose three independent variables which indicate corporate governance power. Firstly

the number of established firms, secondly types of company structures in 500 biggest

companies and last foreign direct investments. Why these represantors are selected? The

number of established firms will be increase in strong economic policies in emergency market

looks like Turkey. Types of company structure, such as joint stock and limited partnership

show the institutional level also. Last, foreign direct investment selects the country on the

condition of good corporate governance and sustainable economies.

Foundation of Companies

In 2009, the number of established company was 3.526 as at November 2009. The share of

Limited Partnership was 93 %, in total established companies. In other words, the share in

joint stock was 5 %.18

Sector distrubitution of founded companies are as follows:

17 Benjamin Rosenberg, III. Uluslararası Kurumsal Yönetim Zirvesi, Rekabet İçin Kurumsal Yönetim, 13 January 2010 18 TUİK, Haber Bülteni, Kurulan ve Kapanan Şirketler Kasım 2009, sayı 220 17 Aralık 2009


Sector #Wholesale, retail, Motorcyle and household asset maintenance 993

Manufacturing 681Construction 465Real Estate, Leasing and Business Activity 462Transportation, warehousing, Communication 300

Otel and Restaurants 115

Agriculture, Hunting, forestry 95Other 93

Financial Intermidiary 86Health adn Social Services 65

Mining 64Education 60

Electiricity, Steam 45

Fishing 2Total 3.526

Table 1.2 The Number of Establishing Firms in accordance to its sectorSource: TUİK

Most of the companies established in 2009 are taken place into production sector,

Furthermore service sector companies are less than others. Number of service companies is a

good indicator in developed companies, because service sector covers values which are added

Gross National Product. As we mentioned before, good corporate governance likes economic

values.

Although, the number of service sector companies has been applied corporate governance

indicator successfully, there have been most of the entities, apply corporate governance

principle successfully in other sector. We can say that, corporate governance principles are

not entirely pursued by service sector.

Numbers of establishing and closing companies and cooperatives in Turkey in accordance to

Company Type is indicated Appendix 1

Types of Company structure

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

Company Type

# of Companies

Amount of Sales in 2008

Joint Stock 483 233.447.651.896Limited Partnership 17 4.434.556.372Total 500 237.882.208.268

Table 1.3 Summary of Turkey 500 Biggest Companies in 2008

Why Family owned and controlled Business Groups arise as the dominant form of organizing

in emerging economies. Number of joint stock and limited partnership companies indicates on

Table 1.3 This table shows the number of Turkey biggest company announced by ISO.

Limited partnership companies share in 500 biggest companies is 3 % in accordance to

number and 2 % revenue. We can say that joint stock companies are more powerful than

limited partnership who applies corporate governance roles.

500 biggest companies in Turkey and companies who are traded in ISO also indicated

Appendix.

Foreign Direct Investment

In view of the existing entrepreneurial potential, the level of foreign direct investment appears

still to be relatively low in Turkey. Indications are that there exists a correlation between the

low level of foreign investment and good public and corporate governance practices. Strategic

investors seem not to be convinced that the economic environment is institutionalized in such

a way that it will provide sustainable economic stability19.

19 Fulya Sarı, Corporate Governance Makes a Difference, Leaders, February 2007


Table 1.4: International Direct Investment (Inflows)

Foreign direct investment inflows the country on the conditions of best economic stability,

sustainability, growth and development macro economic conditions. The number of

established companies has been increased among years. As we are looking on Table 1.3, we

can say that except the 2008 financial crisis start, number of companies financed by foreign

investors has been increased constant. This shows that, Turkey institutionalization and

corporation is improved.

Corporate governance is also important for merger and acquisitions. Participations of foreign

investors in Turkey have also increased between the years 2004 to en of 2008.

Corporate Governance Benefits and Different Applications

Corporate governance adds most of the benefits to entities existence such as;

Investors are more confident Protecting shareholders rights Issued frequent and transparent financial reports Independent board providing management oversight

Although there is a consensus that implementation of corporate governance principles is

useful, no single corporate governance model is valid for every country However, the

concepts of equality, transparency, accountability and responsibility appear to be main


(Million $)

2008

2009

2.785 10.031 20.185 22.046 18.299 17.031 6.956

1.442 8.190 17.263 19.120 15.362 14.290 5.357

1.092 8.134 16.982 18.393 14.728 13.723 4.963

1.190 8.535 17.639 19.136 14.763 13.757 5.027

-98 -401 -657 -743 -35 -34 -64

350 56 281 727 634 567 394

1.343 1.841 2.922 2.926 2.937 2.741 1.599**Loans which companies with foreign capital take from foreign partners

Provisional Data, Source: Central Bank of the Republic of Turkey

International Direct Investment Total (Net)

2005

International Direct Investment

Equity Investment (Net)

Inflows

Liquidiation Outflows

Intra Company Loans**

Real Estate (Net)

January-November2006 20072004

2008

concepts in all widely acknowledged approaches to international corporate governance. One

of the first attempts to develop a global set of principles was made by OECD. The OECD

principles acknowledge that there can be no ‘one size fits all’ standard for every country.

However, OECD recommends a set of guiding principles which provide the structure through

which the objectives of the company and the means of attaining those objectives and

monitoring performance are determined. Revised OECD principles encompass five main

areas: the rights of shareholders, the equitable treatment of shareholders, the role of

stakeholders in corporate governance, disclosure and transparency, and the responsibilities of

the board20.

In 2002, the USA passed the Sarbanes–Oxley Law which seeks to strengthen auditor

independence and establish a new regulatory body for auditors of listed firms in the USA.

Similarly, Germany adopted its corporate governance principles as law and the principles

have become a legal obligation. Furthermore, Japan also re-examined and improved its

company law. Russia, on the other hand, announced new corporate governance regulations.

The European Commission (EC) made an action plan for the coming years within the

framework of proposed directives. These directives aim to increase efficiency, enlarge the

scope of public disclosure, remove obstacles to cross-border shareholder communication and

participation, and enhance the responsibility of board members. The International

Organization of Securities Commissions (IOSCO) emphasizes corporate governance as a

prominent issue that should be addressed by national regulators. IOSCO attaches the utmost

importance to efficient and timely enforcement of these codes, laws and regulations. In this

regard, in October 2003, IOSCO Emerging Markets Committee convened a task force to

examine measures to improve public and private sector enforcement of corporate governance

principles and to recommend a framework to its members21

Conclusion

Corporate governance history and today situations are evaluated in Turkey. There have been a

lot of reasons Why Turkey corporate governance reach its desired level.

20 Serap Atakan, Beyza Oba and Zeynep Özsoy; Implementation of Good Corporate Governance in Turkey: The Case of Doğan Yayın Holding, Human System Management, IOS Press21 Serap Atakan, Beyza Oba and Zeynep Özsoy; mentioned before


This study critize the corporate governance in accordance to these methodologies: The extent

of economic instability with its politics, Improvement of management and governance in

Turkey, Corporate Governance Indicators

Mostly, due to Turkey structural problems, economic environment can not be sufficent to

adopt corporate governance principles. Supranational organizations late awereness also

important for pursued corporate governance rules. This two effect, mostly first, prevent good

governance and management thought in Turkey


References

Aylin Poroy, David Crowther; Corporate Governance in Turkey: Reform and Convergence, Emerald, Socail Responsibility Journal, Vol.4, No.3, 2008

Benjamin Rosenberg, III. Uluslararası Kurumsal Yönetim Zirvesi, Rekabet İçin Kurumsal Yönetim, 13 January 2010

Emre Kongar, 21. Yüzyılda Türkiye, 2000’li yıllarsa Türkiye’nin Toplumsal Yapısı, Remzi Kitapevi, 34. Basım, s. 351

Fulya Sarı, Corporate Governance Makes a Difference, Leaders, February 2007

İstanbul Üniversitesi, İktisat Fakültesi, İngilizce İktisat Bölümü, Turkish Economy Lecture, 2004

Hakan Orbay and B. Burcin Yurtoglu, The Impact of Corporate Governance, Structures on the Corporate Investment Performance in Turkey Journal compilation, Oxfor, Volume 14 Number 4 July 2006

Heidrick & Struggles, Corporate Governance Report 2009, Board in Turbulent Times, Turkey Suplement to the European Report

Mehmet Uğur, Melsa Ararat, Does Macroeconomic Performance Affect Corporate Governance? Evidence From Turkey, Journal Compilation Blackwell Publishing Ltd. 2006

Melsa Ararat, Burçin Yurtoğlu; Corporate Governance in Turkey: an Intrıduction to Special Issue, Journal Compilation 2006 Blackwell Publishing Ltd. Volume 14, Number 4 July 2006

Miles Templeman, III. Uluslararası Kurumsal Yönetim Zirvesi, Rekabet İçin Kurumsal Yönetim, 13 January 2010

N. Nisan Selekler-Goksen, Ozlem Yildirim Oktem, Countervailing institutional forces: corporate governance in Turkish family business groups, _ Springer Science+Business Media, LLC. 2009, February 2009


OECD, Corporate Governance in Turkey A pilot Study, OECD Publishing, 2006

Borça, G., (2004), "Pazarlama Reçeteleri, Marka Yöneticisinin El Kitabi", Istanbul, Media Cat Yayinlari

Rıfat Hisarcıklıoğlu, III. Uluslararası Kurumsal Yönetim Zirvesi, Rekabet İçin Kurumsal Yönetim, 13 January 2010

Serap Atakan, Beyza Oba and Zeynep Özsoy; Implementation of Good Corporate Governance in Turkey: The Case of Doğan Yayın Holding, Human System Management, IOS Press

TUİK, Haber Bülteni, Kurulan ve Kapanan Şirketler Kasım 2009, sayı 220 17 Aralık 2009

Türkiye’de Sosyal ve Ekonomik Değişmeler, Anadolu Üniversitesi,

Web Sources

BDDK, History and duties

İMKB, Number of Companies Listed the İMKB Stock Exchange Market

İSO, Turkey 500 Biggest Companies in 2008

SPK, History and duties

TUİK, Şirket, Kooperatif ve Ticaret Ünvanlı İşyerleri İstatistikleri 2008


Appendix

Numbers of establishing and closing companies and cooperatives in Turkey in accordance to Company Type

J oint stock General Limited company partnership partnership company Cooperative Total

Year Establishing Closing Establishing Closing Establishing Closing Establishing Closing Establishing Closing Establishing Closing1985 3.439 2 998 862 96 105 5.929 10 3.455 2 13.917 9811986 3.467 1 939 966 94 101 5.992 25 5.551 2 16.043 1.0951987 4.135 3 744 703 77 65 8.650 24 7.522 3 21.128 7981988 4.095 6 466 753 58 63 11.354 21 4.508 4 20.481 8471989 2.980 16 369 951 33 91 9.194 228 2.306 0 14.882 1.2861990 3.843 29 409 453 32 55 11.915 104 2.500 3 18.699 6441991 2.897 9 226 196 21 26 12.794 32 2.004 1 17.942 2641992 3.664 9 179 190 8 20 21.327 13 2.638 0 27.816 2321993 4.454 17 117 156 18 28 36.436 17 2.816 0 43.841 2181994 3.252 150 67 200 3 18 42.650 256 2.601 66 48.573 6901995 3.699 148 33 114 3 12 49.013 295 3.298 26 56.046 5951996 2.637 119 39 129 5 5 50.351 358 2.271 20 55.303 6311997 3.610 219 38 211 1 16 62.013 498 2.236 5 67.898 9491998 3.853 367 54 193 8 12 51.346 1.003 2.116 9 57.377 1.5841999 2.783 275 115 127 5 6 22.898 987 1.282 13 27.083 1.4082000 3.534 362 79 147 5 11 28.382 1.332 1.161 35 33.161 1.8872001 2.053 350 101 194 3 23 26.651 1.849 857 48 29.665 2.4642002 1.973 568 117 168 3 17 27.929 2.742 820 172 30.842 3.6672003 2.282 850 171 198 3 14 29.095 4.110 708 264 32.259 5.4362004 2.767 953 98 195 2 21 36.647 6.132 1.405 359 40.919 7.6602005 3.041 1.065 22 152 2 13 42.671 7.258 1.665 398 47.401 8.8862006 2.918 1.008 22 178 1 9 48.012 7.898 1.746 378 52.699 9.4712007 3.381 1.126 9 118 1 7 50.658 8.385 1.301 318 55.350 9.9542008 2.413 836 16 88 1 6 45.569 8.416 1.004 232 49.003 9.5782008 Percentage 5% 9% 0% 1% 0% 0% 93% 88% 2% 2% 100% 100%

Limited liabilityNumbers of establishing and closing companies and cooperatives

Source: Şirket, Kooperatif ve Ticaret Ünvanlı İşyerleri İstatistikleri 2008, TUİK


Number of Companies Listed the İMKB Stock Exchange Market

# Code Company1 ACIBD Acıbadem Saglık Hızm.2 ADANA Adana Çimento (A)3 ADBGR Adana Çimento (B)4 ADEL Adel Kalemcılık5 ADNAC Adana Çimento (C)6 AEFES Anadolu Efes Bıracılık7 AFMAS Afm Fılm Produksıyon8 AFYON Afyon Cımento9 AGYO Atakule G.M.Y.O.10 AKALT Akal Tekstil11 AKBNK Akbank12 AKCNS Akcansa13 AKENR Ak Enerjı14 AKGRT Aksıgorta15 AKMGY Akmerkez G.M.Y.O.16 AKSA Aksa17 AKSUE Aksu Enerjı18 AKYO Ak Y.O.19 ALARK Alarko Holdıng20 ALBRK Albaraka Turk Katılım Bankası21 ALCAR Alarko Carrıer22 ALCTL Alcatel Teletas23 ALGYO Alarko G.M.Y.O.24 ALKA Alkım Kagıt25 ALKIM Alkım Kımya26 ALNTF Alternatıfbank27 ALTIN Altınyıldız28 ALYAG Altınyag29 ANACM Anadolu Cam30 ANELT Anel Telekomunıkasyon31 ANHYT Anadolu Hayat Emek.32 ANSGR Anadolu Sıgorta33 ARCLK Arcelık34 ARENA Arena Bılgısayar35 ARFYO Alternatıf Y.O.36 ARMDA Armada Bılgısayar37 ARSAN Arsan Tekstıl38 ASELS Aselsan39 ASLAN Lafarge Aslan Cımento40 ASUZU Anadolu Isuzu41 ASYAB Asya Katılım Bankası42 ATAYO Ata Y.O.43 ATEKS Akın Tekstıl44 ATLAS Atlas Y.O.45 ATSYO Atlantıs Y.O.46 AVIVA Aviva Sigorta47 AVRSY Avrasya Y.O.48 AYCES Altınyunus Cesme


# Code Company49 AYEN Ayen Enerjı50 AYGAZ Aygaz51 BAGFS Bagfas52 BAKAB Bak Ambalaj53 BANVT Banvıt54 BERDN Berdan Tekstıl55 BFREN Bosch Fren Sıstemlerı56 BIMAS Bım Bırlesık Magazalar57 BISAS Bısas Tekstıl58 BJKAS Besıktas Futbol Yat.59 BOLUC Bolu Çimento60 BOSSA Bossa61 BOYNR Boyner Buyuk Magazacılık62 BRISA Brısa63 BRKO Bırko Bırlesık Koyunlulular Mensucat64 BRMEN Bırlık Mensucat65 BROVA Borova Yapı66 BRSAN Borusan Boru67 BRYAT Borusan Yat. Paz.68 BSHEV Bsh Ev Aletlerı69 BSKYO Baskent Y.O.70 BSOKE Batısoke Cımento71 BTCIM Batı Cımento72 BUCIM Bursa Cımento73 BUMYO Bumerang Y.O.74 BURCE Burcelık75 BURVA Burcelık Vana76 BYSAN Boyasan Tekstıl77 CARFA Carrefoursa (A)78 CARFB Carrefoursa (B)79 CBSBO Cbs Boya80 CCOLA Coca Cola Icecek81 CELHA Celık Halat82 CEMTS Cemtas83 CEYLN Ceylan Gıyım84 CIMSA Cımsa85 CLEBI Celebı86 CMBTN Cımbeton87 CMENT Çimentaş88 COMDO Componenta Doktas89 CRDFA Credıtwest Faktorıng Hızmetlerı90 DARDL Dardanel91 DENCM Denızlı Cam92 DENIZ Denızbank93 DENTA Dentas Ambalaj94 DERIM Derımod95 DESA Desa96 DEVA Deva Holdıng97 DGATE Datagate Bılgısayar98 DGGYO Dogus-Ge G.M.Y.O.99 DGZTE Dogan Gazetecılık100 DITAS Dıtas Dogan101 DMSAS Demısas Dokum


# Code Company102 DNZYO Denız Y.O.103 DOAS Dogus Otomotıv104 DOBUR Dogan Burda Rızzolı105 DOGUB Dogusan106 DOHOL Dogan Holdıng107 DURDO Duran Dogan Basım Ve Ambalaj108 DYHOL Dogan Yayın Holdıng109 DYOBY Dyo Boya110 ECBYO Eczacıbası Y.O.111 ECILC Eczacıbası Ilac112 ECYAP Eczacıbası Yapı113 ECZYT Eczacıbası Yatırım114 EDIP Edip Gayrımenkul Yatırım115 EGCYO Egelı & Co. Y.O.116 EGEEN Ege Endustrı117 EGGUB Ege Gubre118 EGPRO Ege Profıl119 EGSER Ege Seramık120 EGYO Egs G.M.Y.O.121 EMBYO Euro B Tıpı Men. Kıy. Y.O.122 EMKEL Emek Elektrık123 EMNIS Emınıs Ambalaj124 ENKAI Enka Insaat125 EPLAS Egeplast126 ERBOS Erbosan127 EREGL Ereglı Demır Celık128 ERSU Ersu Gıda129 ESCOM Escort Computer130 ESEMS Esem Spor Gıyım131 ETYAT Euro Trend Y.O.132 EVNYO Evg Y.O.133 FENER Fenerbahce134 FENIS Fenıs Alumınyum135 FFKRL Fınans Fın. Kır.136 FINBN Fınansbank137 FMIZP F-M Izmıt Pıston138 FNSYO Fınans Y.O.139 FONFK Ffk Fon Fın. Kır.140 FORTS Fortıs Bank141 FRIGO Frıgo Pak Gıda142 FROTO Ford Otosan143 FVORI Favori Dinlenme Yerleri144 GARAN Garantı Bankası145 GARFA Garantı Faktorıng146 GDKYO Gedık Y.O.147 GEDIZ Gedız Iplık148 GENTS Gentas149 GEREL Gersan Elektrık150 GLYHO Global Yatırım Holdıng151 GOLDS Goldas Kuyumculuk152 GOLTS Goltas Cımento153 GOODY Good-Year154 GRNYO Garantı Y.O.


# Code Company155 GSDHO Gsd Holdıng156 GSRAY Galatasaray157 GUBRF Gubre Fabrıkaları158 GUSGR Gunes Sıgorta159 HALKB Halk Bankası160 HDFYO Hedef Y.O.161 HEKTS Hektas162 HURGZ Hurrıyet Gazetecılık163 HZNDR Haznedar Refrakter164 IBTYO Infotrend B Tıpı Men. Kıy. Y.O.165 IDAS İdaş166 IHEVA Ihlas Ev Aletlerı167 IHLAS Ihlas Holdıng168 INDES Indeks Bılgısayar169 INFYO Info Menkul Y.O.170 INTEM Intema171 IPMAT Ipek Matbaacılık172 ISAMB Işıklar Ambalaj173 ISATR Is Bankası (A)174 ISBTR Is Bankası (B)175 ISCTR Is Bankası (C)176 ISFIN Is Fınansal Kıralama177 ISGSY Is Gırısım Sermaye Y.O.178 ISGYO Is G.M.Y.O.179 ISMEN Is Yatırım180 ISYAT Is Y.O.181 ITTFH Ittıfak Holdıng182 IZMDC Izmır Demır Celık183 IZOCM Izocam184 KAPLM Kaplamın185 KAREL Karel Elektronık186 KARSN Karsan Otomotıv187 KARTN Kartonsan188 KCHOL Koc Holdıng189 KENT Kent Gıda190 KERVT Kerevıtas Gıda191 KIPA Tesco Kıpa192 KLBMO Kelebek Mobılya193 KLMSN Klımasan Klıma194 KNFRT Konfurt Gıda195 KONYA Konya Cımento196 KORDS Kordsa Global Endustrıyel197 KOZAA Koza Anadolu Metal198 KRDMA Kardemır (A)199 KRDMB Kardemır (B)200 KRDMD Kardemır (D)201 KRSTL Krıstal Kola202 KRTEK Karsu Tekstıl203 KUTPO Kutahya Porselen204 LINK Lınk Bılgısayar205 LOGO Logo Yazılım206 LUKSK Luks Kadıfe207 MAALT Marmarıs Altınyunus


# Code Company208 MAKTK Makına Takım209 MARTI Martı Otel210 MEMSA Mensa Mensucat211 MERKO Merko Gıda212 METRO Metro Yatırım213 METUR Metemtur Otelcılık214 METYO Metro Y.O.215 MGROS Mıgros216 MIPAZ Mıllıyet Pazarlama217 MNDRS Menderes Tekstıl218 MRBYO Marbas B Tıpı Men. Kıy. Y.O.219 MRDIN Mardin Çimento220 MRSHL Marshall221 MRTGG Mert Gıda222 MTEKS Metemteks223 MUTLU Mutlu Aku224 MYZYO M. Yılmaz Y.O.225 MZBYO Merkez B Tıpı Men. Kıy. Y.O.226 MZHLD Mazhar Zorlu Hol.227 NETAS Netas Telekom.228 NTHOL Net Holdıng229 NTTUR Net Turızm230 NUGYO Nurol G.M.Y.O.231 NUHCM Nuh Cımento232 OKANT Okan Tekstıl233 OLMKS Olmuksa234 OTKAR Otokar235 OYAYO Oyak Y.O.236 OZGYO Ozderıcı G.M.Y.O.237 PARSN Parsan238 PEGYO Pera G.M.Y.O.239 PENGD Penguen Gıda240 PETKM Petkım241 PETUN Pınar Entegre Et Ve Un242 PIMAS Pımas243 PINSU Pınar Su244 PKART Plastık Akıllı Kart245 PKENT Petrokent Turızm246 PNSUT Pınar Sut247 PRKAB Turk Prysmıan Kablo248 PRKTE Park Elek. Madencılık249 PRTAS Cbs Prıntas250 PTOFS Petrol Ofısı251 RANLO Ran Lojıstık252 RAYSG Ray Sıgorta253 RYSAS Reysas Tasımacılık254 SAGYO Saglam G.M.Y.O.255 SAHOL Sabancı Holdıng256 SANKO Sanko Pazarlama257 SARKY Sarkuysan258 SASA Advansa Sasa259 SEKFK Seker Fın. Kır.260 SELEC Selcuk Ecza Deposu


# Code Company261 SELGD Selcuk Gıda262 SERVE Serve Kırtasıye263 SILVR Sılverlıne Endustrı Ve Tıcaret264 SISE Sıse Cam265 SKBNK Sekerbank266 SKPLC Seker Pılıc267 SKTAS Soktas268 SNGYO Sinpaş G.M.Y.O.269 SNPAM Sonmez Pamuklu270 SODA Soda Sanayıı271 SONME Sonmez Fılament272 TACYO Tac Y.O.273 TATKS Tat Konserve274 TAVHL Tav Havalımanları275 TBORG T. Tuborg276 TCELL Turkcell277 TCRYO Tacırler Y.O.278 TEBNK Turk Ekonomı Bankası279 TEKFK Tekstıl Fın. Kır.280 TEKST Tekstılbank281 TEKTU Tek-Art Turızm282 THYAO Turk Hava Yolları283 TIRE Tire Kutsan284 TKBNK T. Kalkınma Bankası285 TKFEN Tekfen Holdıng286 TKSYO Taksım Y.O.287 TOASO Tofas Otomobıl Fab.288 TRCAS Turcas Petrol289 TRKCM Trakya Cam290 TRNSK Transturk Holdıng291 TSKB T.S.K.B.292 TSKYO Tskb Y.O.293 TSPOR Trabzonspor294 TTKOM Turk Telekom295 TTRAK Turk Traktor296 TUDDF T. Demırdokum297 TUKAS Tukas298 TUMTK Tumteks Tekstıl299 TUPRS Tupras300 UCAK Usas301 UKIM Ukı Konfeksıyon302 ULKER Ulker303 UNYEC Ünye Çimento304 USAK Usak Seramık305 UZEL Uzel Makına306 VAKBN T. Vakıflar Bankası307 VAKFN Vakıf Fın. Kır.308 VAKKO Vakko Tekstıl309 VARYO Varlık Y.O.310 VESBE Vestel Beyaz Esya311 VESTL Vestel312 VKFRS Vakıf Rısk Ser. Y.O.313 VKFYT Vakıf Y.O.


# Code Company314 VKGYO Vakıf G.M.Y.O.315 VKING Viking Kağıt316 YATAS Yatas317 YAZIC Yazıcılar Holdıng318 YKBNK Yapı Ve Kredı Bankası319 YKFIN Yapı Kredı Fın. Kır.320 YKGYO Yapı Kredı Koray G.M.Y.O.321 YKRYO Yapı Kredı Y.O.322 YKSGR Yapı Kredı Sıgorta323 YUNSA Yunsa324 YYGYO Y Ve Y G.M.Y.O.325 ZOREN Zorlu Enerji

Source : İMKB


Turkey 500 Biggest Companies in 2008


2008 # 2007 # CompaniesCompany

Type Public #Private

# Net Sales1 1 Tüpraş-Türkiye Petrol Rafinerileri A.Ş. Joint Stock - 1 27.732.867.295

2 3 EÜAŞ Elektrik Üretim A.Ş. Genel Müdürlüğü Joint Stock 1 - 6.249.112.724

3 2 Ford Otomotiv Sanayi A.Ş. Joint Stock - 2 6.006.491.811

4 6 Ereğli Demir ve Çelik Fabrikaları T.A.Ş. Joint Stock - 3 5.014.572.054

5 4 Oyak-Renault Otomobil Fabrikaları A.Ş. Joint Stock - 4 4.710.974.763

6 8 Tofaş Türk Otomobil Fabrikası A.Ş. Joint Stock - 5 4.184.361.976

7 7 Arçelik A.Ş. Joint Stock - 6 4.068.892.569

8 10 İçdaş Çelik Enerji Tersane ve Ulaşım San. A.Ş. Joint Stock - 7 3.828.300.738

9 13 Habaş Sınai ve Tıbbi Gazlar İstihsal Endüstrisi A.Ş. Joint Stock - 8 3.476.676.147

10 9 Aygaz A.Ş. Joint Stock - 9 3.279.709.953

11 15 İskenderun Demir ve Çelik A.Ş. Joint Stock - 10 3.172.335.000

12 19 Çolakoğlu Metalurji A.Ş. Joint Stock - 11 2.675.455.383

13 5 Toyota Otomotiv Sanayi Türkiye A.Ş. Joint Stock - 12 2.517.017.188

14 11 Vestel Elektronik San. ve Tic. A.Ş. Joint Stock - 13 2.371.851.254

15 14 Petkim Petrokimya Holding A.Ş. Joint Stock - 14 2.319.001.750

16 18 Türkiye Kömür İşletmeleri Kurumu Joint Stock 2 - 2.122.422.961

17 16 Unilever Sanayi ve Ticaret Türk A.Ş. Joint Stock - 15 2.091.647.721

18 28 Kroman Çelik Sanayii A.Ş. Joint Stock - 16 2.088.108.920

19 20 Türkiye Şeker Fabrikaları A.Ş. Joint Stock 3 - 1.947.270.244

20 17 Sarkuysan Elektrolitik Bakır San. ve Tic. A.Ş. Joint Stock - 17 1.820.718.363

21 12 Mercedes-Benz Türk A.Ş. Joint Stock - 18 1.753.765.774

22 23 İpragaz A.Ş. Joint Stock - 19 1.703.748.636

23 22 Milangaz LPG Dağıtım Ticaret ve Sanayi A.Ş. Joint Stock - 20 1.619.672.561

24 21 BSH Ev Aletleri San. ve Tic. A.Ş. Joint Stock - 21 1.597.300.663

25 26Philsa Philip Morris Sabancı Sigara ve Tütüncülük Sanayi ve Ticaret A.Ş. Joint Stock - 22 1.438.111.853

26 36 Kaptan Demir Çelik Endüstrisi ve Ticaret A.Ş. Joint Stock - 23 1.421.968.860

27 43 İzmir Demir Çelik Sanayi A.Ş. Joint Stock - 24 1.366.152.028

28 34 Ege Çelik Endüstrisi San. ve Tic. A.Ş. Joint Stock - 25 1.293.751.270

29 33 Diler Demir Çelik Endüstri ve Tic. A.Ş. Joint Stock - 26 1.240.094.085

30 60 Goldaş Kuyumculuk Sanayi İthalat İhracat A.Ş. Joint Stock - 27 1.239.532.799

31 32 Coca-Cola İçecek A.Ş. Joint Stock - 28 1.213.138.024

32 35 Türkiye Petrolleri Anonim Ortaklığı Joint Stock 4 - 1.211.267.758

33 31 Borçelik Çelik Sanayii Ticaret A.Ş. Joint Stock - 29 1.196.831.139

34 27 Er-Bakır Elektrolitik Bakır Mamülleri A.Ş. Joint Stock - 30 1.187.576.000

35 61 Nursan Çelik Sanayi ve Haddecilik A.Ş. Joint Stock - 31 1.166.880.432

36 41 Borusan Mannesmann Boru Sanayi ve Ticaret A.Ş. Joint Stock - 32 1.162.917.533

37 30 Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş. Joint Stock - 33 1.150.980.713

38 24 Hyundai Assan Otomotiv San. ve Tic. A.Ş. Joint Stock - 34 1.116.561.018

39 25 Bosch Sanayi ve Ticaret A.Ş. Joint Stock - 35 1.116.260.094

40 44 Yazıcı Demir Çelik Sanayi ve Turizm Ticaret A.Ş. Joint Stock - 36 1.098.302.951





# Net Sales41 47 Kardemir Karabük Demir Çelik San. ve Tic. A.Ş. Joint Stock - 37 1.066.447.524

42 29 Grundig Elektronik A.Ş. Joint Stock - 38 1.041.808.172

43 55 Ekinciler Demir ve Çelik San. A.Ş. Joint Stock - 39 1.004.102.519

44 54 Honda Türkiye A.Ş. Joint Stock - 40 975.270.000

45 56 Toros Tarım San. ve Tic. A.Ş Joint Stock - 41 949.277.359

46 37 Fırat Plastik Kauçuk San. ve Tic. A.Ş. Joint Stock - 42 940.865.653

47 39 Aksa Akrilik Kimya Sanayii A.Ş. Joint Stock - 43 910.328.099

48 46 Ak Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 44 885.576.789

49 40 Çay İşletmeleri Genel Müdürlüğü Joint Stock 5 - 854.058.251

50 65 Yücel Boru ve Profil Endüstrisi A.Ş. Joint Stock - 45 812.429.513

51 50 Anadolu Efes Biracılık ve Malt Sanayii A.Ş. Joint Stock - 46 803.754.131

52 51 Akçansa Çimento Sanayi ve Ticaret A.Ş. Joint Stock - 47 791.232.480

53 - Areva T&D Enerji Endüstrisi A.Ş. Joint Stock - 48 762.212.816

54 49 Brisa Bridgestone Sabancı Lastik San. ve Tic. A.Ş. Joint Stock - 49 745.580.317

55 78 Eti Maden İşletmeleri Genel Müdürlüğü Joint Stock 6 - 725.022.173

56 48 Siemens Sanayi ve Ticaret A.Ş. Joint Stock - 50 714.432.515

57 75 Besler Gıda ve Kimya Sanayi ve Ticaret A.Ş. Joint Stock - 51 708.925.064

58 52 Konya Şeker San. ve Tic. A.Ş. Joint Stock - 52 705.771.364

59 80 Türk Traktör ve Ziraat Makineleri A.Ş. Joint Stock - 53 695.320.139

60 69 Yıldız Entegre Ağaç San. ve Tic. A.Ş. Joint Stock - 54 695.236.238

61 38 BMC Sanayi ve Ticaret A.Ş. Joint Stock - 55 681.250.108

62 59 Türk Pirelli Lastikleri A.Ş. Joint Stock - 56 680.240.725

63 57 Hes Hacılar Elektrik San. ve Tic. A.Ş. Joint Stock - 57 676.848.273

64 64 Aselsan Elektronik Sanayi ve Ticaret A.Ş. Joint Stock - 58 676.580.132

65 58 Delphi Automotive Systems Ltd. Şti.Limited

Partnership - 59 659.907.982

66 42 Assan Demir ve Sac San. A.Ş. Joint Stock - 60 652.997.194

67 67 Sanko Tekstil İşletmeleri San. ve Tic. A.Ş. Joint Stock - 61 642.956.645

68 79 Kastamonu Entegre Ağaç Sanayi ve Tic. A.Ş. Joint Stock - 62 637.338.370

69 74 Banvit Bandırma Vitaminli Yem San. A.Ş. Joint Stock - 63 634.703.192

70 109 Özkan Demir Çelik San. A.Ş. Joint Stock - 64 633.280.515

71 104 Nursan Metalurji Endüstrisi A.Ş. Joint Stock - 65 632.805.497

72 85 Ülker Çikolata Sanayi A.Ş. Joint Stock - 66 631.602.695

73 53 Trakya Cam San. A.Ş. Joint Stock - 67 611.507.616

74 94 Akenerji Elektrik Üretim A.Ş. Joint Stock - 68 607.028.571

75 81 Çimsa Çimento Sanayi ve Ticaret A.Ş. Joint Stock - 69 606.835.400

76 62 Türk Prysmian Kablo ve Sistemleri A.Ş. Joint Stock - 70 605.513.517

77 77 Tat Konserve Sanayii A.Ş. Joint Stock - 71 592.576.548

78 98 Arçelik-LG Klima San. ve Tic. A.Ş. Joint Stock - 72 591.428.966

79 63 Goodyear Lastikleri T.A.Ş. Joint Stock - 73 587.284.106

80 86 SEAŞ Soma Elektrik Üretim ve Ticaret A.Ş. Joint Stock 7 - 582.381.745

81 68 Tosçelik Profil ve Sac Endüstrisi A.Ş. Joint Stock - 74 574.210.535

82 91Sütaş Bursa ve Havalisi Pastörize Süt ve Süt Mamülleri Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 75 571.893.289

83 70 Noksel Çelik Boru Sanayi A.Ş. Joint Stock - 76 570.745.458





# Net Sales84 115 BİS Enerji Elektrik Üretim A.Ş. Joint Stock - 77 568.490.235

85 71 Temsa Global Sanayi ve Ticaret A.Ş. Joint Stock - 78 564.639.586

86 76 Mogaz Petrol Gazları A.Ş. Joint Stock - 79 560.126.696

87 66 MAN Türkiye A.Ş. Joint Stock - 80 549.555.872

88 113 Yeşilyurt Demir Çekme San. ve Tic. Ltd. Şti.Limited

Partnership - 81 545.075.735

89 106 Tezcan Galvanizli Yapı Elm. San. ve Tic. A.Ş. Joint Stock - 82 544.079.747

90 - Cer Çelik Endüstrisi A.Ş. Joint Stock - 83 541.165.339

91 90 Çebitaş Demir Çelik Endüstrisi A.Ş. Joint Stock - 84 537.005.830

92 73 Hürriyet Gazetecilik ve Matbaacılık A.Ş. Joint Stock - 85 536.142.604

93 103 JTI Tütün Ürünleri Sanayi A.Ş. Joint Stock - 86 521.062.350

94 88 Abdi İbrahim İlaç San. ve Tic. A.Ş. Joint Stock - 87 516.516.973

95 87 C.P. Standart Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 88 516.146.669

96 95 Türk Demir Döküm Fabrikaları A.Ş. Joint Stock - 89 508.909.626

97 127 Enerjisa Enerji Üretim A.Ş. Joint Stock - 90 498.934.000

98 93Makina ve Kimya Endüstrisi Kurumu Genel Müdürlüğü Joint Stock 8 - 496.809.249

99 - - Joint Stock - 91 -

100 138 Zorlu Enerji Elektrik Üretim A.Ş. Joint Stock - 92 492.009.966

101 82S.S. Trakya Yağlı Tohumlar Tarım Satış Kooperatifleri Birliği Joint Stock - 93 490.390.304

102 114 Sider Dış Ticaret A.Ş. Joint Stock - 94 489.081.963

103 - - Joint Stock - 95 -

104 110 Eti Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 96 473.925.198

105 108 Ülker Bisküvi Sanayi A.Ş. Joint Stock - 97 466.559.611

106 96 Marsan Gıda San. ve Tic. A.Ş. Joint Stock - 98 464.889.536

107 99 Pınar Süt Mamülleri Sanayii A.Ş. Joint Stock - 99 464.346.300

108 97 Nuh Çimento Sanayi A.Ş. Joint Stock - 100 463.449.048

109 131 Soda Sanayii A.Ş. Joint Stock - 101 460.520.791

110 148 Abalıoğlu Yem Soya ve Tekstil San. A.Ş. Joint Stock - 102 459.236.158

111 111Componenta Döktaş Dökümcülük Ticaret ve Sanayi A.Ş. Joint Stock - 103 452.684.024

112 72 Oltan Gıda Mad. İhr. İth. ve Tic. Ltd. Şti.Limited

Partnership - 104 450.005.641

113 84 Korteks Mensucat Sanayi ve Ticaret A.Ş. Joint Stock - 105 449.553.589

114 149 Kayseri Şeker Fabrikası A.Ş. Joint Stock - 106 448.943.935

115 112 Otokar Otobüs Karoseri Sanayi A.Ş. Joint Stock - 107 443.444.370

116 89 Türk Henkel Kimya San. ve Tic. A.Ş. Joint Stock - 108 443.394.689

117 107 Paşabahçe Cam San. ve Tic. A.Ş. Joint Stock - 109 433.691.845

118 - - Joint Stock - 110 -

119 - - Joint Stock - 111 -

120 92Kordsa Global Endüstriyel İplik ve Kord Bezi San. ve Tic. A.Ş. Joint Stock - 112 422.463.743

121 164 Tosyalı Demir Çelik San. A.Ş. Joint Stock - 113 420.010.223

122 236 Küçükbay Yağ ve Deterjan San. A.Ş. Joint Stock - 114 419.397.193

123 119 Boytaş Mobilya San. ve Tic. A.Ş. Joint Stock - 115 412.083.115

124 118 Kent Gıda Maddeleri Sanayii ve Tic. A.Ş. Joint Stock - 116 398.343.657

125 129 Bayer Türk Kimya Sanayi Ltd. Şti. Limited - 117 389.531.030





# Net SalesPartnership

126 135 Altınmarka Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 118 388.882.345

127 105 Zorluteks Tekstil Ticaret ve Sanayi A.Ş. Joint Stock - 119 388.772.284

128 120Kaleseramik Çanakkale Kalebodur Seramik Sanayi A.Ş. Joint Stock - 120 383.945.302

129 142 Bilim İlaç Sanayii ve Tic. A.Ş. Joint Stock - 121 383.830.575

130 123Gülaylar Uluslararası Kuyumculuk Mücevherat San. ve Tic. A.Ş. Joint Stock - 122 383.796.375

131 - Eczacıbaşı-Zentiva Sağlık Ürünleri San. ve Tic. A.Ş. Joint Stock - 123 380.604.288

132 143 Naksan Plastik Sanayi ve Ticaret A.Ş. Joint Stock - 124 378.687.049

133 125 Anadolu Isuzu Otomotiv Sanayi ve Tic. A.Ş. Joint Stock - 125 377.271.138

134 254Datateknik Bilgisayar Sistemleri Ticaret ve Sanayi A.Ş. Joint Stock - 126 371.352.746

135 189 Çınar Boru Profil Sanayi ve Ticaret A.Ş. Joint Stock - 127 371.139.447

136 151 Kocaer Haddecilik San. ve Tic. A.Ş. Joint Stock - 128 368.894.327

137 122 Gülsan Sentetik Dokuma Sanayi ve Tic. A.Ş. Joint Stock - 129 366.562.675

138 130Beypi Beypazarı Tarımsal Üretim Pazarlama San. ve Tic. A.Ş. Joint Stock - 130 365.058.861

139 140Erpiliç Entegre Tavukçuluk Üretim Pazarlama ve Tic. Ltd. Şti.

Limited Partnership - 131 361.816.758

140 159Keskinoğlu Tavukçuluk ve Damızlık İşletmeleri Sanayi Ticaret A.Ş. Joint Stock - 132 361.807.477

141 209 Entek Elektrik Üretimi A.Ş. Joint Stock - 133 360.858.323

142 100 Advansa Sasa Polyester Sanayi A.Ş. Joint Stock - 134 359.960.727

143 133 Anadolu Cam Sanayii A.Ş. Joint Stock - 135 353.091.992

144 211 Bagfaş Bandırma Gübre Fabrikaları A.Ş. Joint Stock - 136 350.038.727

145 171 Eti Bakır A.Ş. Joint Stock - 137 349.977.559

146 255 Demirsan Haddecilik San. ve Tic. A.Ş. Joint Stock - 138 348.247.570

147 240 Gübre Fabrikaları Türk A.Ş. Joint Stock - 139 342.884.875

148 126Autoliv Cankor Otomotiv Emniyet Sistemleri San. ve Tic. A.Ş. Joint Stock - 140 342.506.361

149 145 Betek Boya ve Kimya Sanayi A.Ş. Joint Stock - 141 342.412.322

150 146 Indesit Company Beyaz Eşya Sanayi ve Ticaret A.Ş. Joint Stock - 142 341.479.557

151 220 Kürüm Demir Sanayi Dış Ticaret A.Ş. Joint Stock - 143 335.884.799

152 128Federal-Mogul Piston Segman ve Gömlek Üretim Tesisleri A.Ş. Joint Stock - 144 333.163.857

153 176 Sarten Ambalaj San. ve Tic. A.Ş. Joint Stock - 145 331.500.903

154 134 Merkez Çelik San. ve Tic. A.Ş. Joint Stock - 146 328.570.702

155 183 Nuh Beton A.Ş. Joint Stock - 147 328.011.635

156 121 Eczacıbaşı Yapı Gereçleri San. ve Tic. A.Ş. Joint Stock - 148 327.143.766

157 152 Orta Anadolu Tic. ve San. İşl. T.A.Ş. Joint Stock - 149 318.971.018

158 136 Nexans Türkiye Endüstri ve Tic. A.Ş. Joint Stock - 150 318.737.152

159 162 Park Termik Elektrik San. ve Tic. A.Ş Joint Stock - 151 317.495.819

160 165 Hayat Temizlik ve Sağlık Ürünleri San. ve Tic. A.Ş. Joint Stock - 152 315.291.267

161 132 Starwood Orman Ürünleri Sanayi A.Ş. Joint Stock - 153 313.216.692

162 226 Kerim Çelik Mamulleri İmalat ve Ticaret A.Ş. Joint Stock - 154 308.936.230

163 158Novartis Sağlık Gıda ve Tarım Ürünleri San. ve Tic. A.Ş. Joint Stock - 155 308.829.562





# Net Sales164 - Türkiye Taşkömürü Kurumu Joint Stock 9 - 307.604.278

165 168 Pınar Entegre Et ve Un Sanayi A.Ş. Joint Stock - 156 306.724.341

166 163 Şenpiliç Gıda Sanayi A.Ş. Joint Stock - 157 306.448.719

167 419 Erciyas Çelik Boru Sanayi A.Ş. Joint Stock - 158 303.666.416

168 195 Yolbulan Metal Sanayi ve Ticaret A.Ş. Joint Stock - 159 300.983.780

169 187 Camiş Elektrik Üretim A.Ş. Joint Stock - 160 299.542.618

170 287 Limak Çimento Sanayi ve Ticaret A.Ş. Joint Stock - 161 299.141.992

171 153 Eti Alüminyum A.Ş. Joint Stock - 162 298.854.095

172 150 Yeşim Tekstil Sanayi ve Ticaret A.Ş. Joint Stock - 163 298.674.497

173 178 Asaş Alüminyum Sanayi ve Ticaret A. Ş. Joint Stock - 164 297.593.494

174 182Yıldız Sunta MDF Orman Ürünleri Sanayi Tesisleri İth. İhr. ve Tic. A.Ş. Joint Stock - 165 295.486.401

175 144 Adana Çimento Sanayii T.A.Ş. Joint Stock - 166 294.036.633

176 160 Doğan Gazetecilik A.Ş. Joint Stock - 167 292.707.911

177 167Artenius Turkpet Kim. Mad. ve Pet Amb. Mlz. San. A.Ş. Joint Stock - 168 291.989.794

178 166 CMS Jant ve Makina Sanayii A.Ş. Joint Stock - 169 288.948.025

179 190 Tusaş- Türk Havacılık ve Uzay Sanayii A.Ş. Joint Stock - 170 287.151.678

180 174 Ümran Çelik Boru Sanayii A.Ş. Joint Stock - 171 285.725.211

181 208 Biskot Bisküvi Gıda San. ve Tic. A.Ş. Joint Stock - 172 285.493.061

182 205 Mutlu Akü ve Malzemeleri San. A.Ş. Joint Stock - 173 281.626.006

183 461 Turyağ Gıda San. ve Tic. A.Ş. Joint Stock - 174 279.962.943

184 229 Baştuğ Çelik Sanayi A.Ş. Joint Stock - 175 278.812.183

185 308 Assan Alüminyum San. ve Tic. A.Ş. Joint Stock - 176 277.386.886

186 169Park Teknik Elektrik Madencilik Turizm San. ve Tic. A.Ş. Joint Stock - 177 275.613.272

187 - - Joint Stock - 178 -

188 179 Merinos Halı Sanayi ve Tic. A.Ş. Joint Stock - 179 273.611.069

189 139 Bossa Ticaret ve Sanayi İşletmeleri T.A.Ş. Joint Stock - 180 272.025.590

190 194 Korozo Ambalaj San. ve Tic. A.Ş. Joint Stock - 181 271.108.506

191 274İlhanlar Haddecilik Boru Profil ve Tekstil San. Ltd. Şti.


192 210 Aksa Jeneratör San. A.Ş. Joint Stock - 183 269.851.550

193 284 Schneider Elektrik Sanayi ve Ticaret A.Ş. Joint Stock - 184 269.190.141

194 - Pfizer İlaçları Limited Şirketi Joint Stock - 185 266.945.242

195 116 Önem Gıda San. ve Tic. A.Ş. Joint Stock - 186 266.578.091

196 154 Set Çimento Sanayi ve Ticaret A.Ş. Joint Stock - 187 266.506.345

197 161 Oyak Beton San. ve Tic. A.Ş. Joint Stock - 188 266.288.324

198 206 İstanbul Asfalt Fabrikaları San. ve Tic. A.Ş. Joint Stock 10 - 264.015.873

199 291 Yudum Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 189 262.233.637

200 235 Koç Haddecilik Tekstil İnşaat Sanayi ve Ticaret A.Ş. Joint Stock - 190 261.914.040

201 173Tire Kutsan Oluklu Mukavva Kutu ve Kağıt Sanayii A.Ş. Joint Stock - 191 261.575.528

202 196 Polinas Plastik Sanayii ve Ticaret A.Ş. Joint Stock - 192 261.557.890

203 260 Perfetti Van Melle Gıda San. ve Tic. A.Ş. Joint Stock - 193 259.180.588

204 200 Yörsan Gıda Mamulleri San. ve Tic. A.Ş. Joint Stock - 194 258.872.858





# Net Sales205 199 Hayat Kimya Sanayi A.Ş. Joint Stock - 195 255.581.035

206 - - Joint Stock - 196 -

207 193 ABB Elektrik Sanayi A.Ş. Joint Stock - 197 254.712.947

208 232 Polimer Kauçuk San. ve Paz. A.Ş. Joint Stock - 198 254.651.064

209 137 Yazaki Otomotiv Yan Sanayi ve Ticaret A.Ş. Joint Stock - 199 253.801.471

210 180 Hema Endüstri A.Ş. Joint Stock - 200 253.646.447

211 198 İpek Kağıt Sanayi ve Tic. A.Ş. Joint Stock - 201 251.891.170

212 341 Kardemir Haddecilik San. ve Tic. Ltd. Şti.Limited

Partnership - 202 250.901.076

213 157 Menderes Tekstil San. ve Tic. A.Ş. Joint Stock - 203 249.973.069

214 203 Mobil Oil Türk A.Ş. Joint Stock - 204 249.299.682

215 352 As Çimento San. ve Tic. A.Ş. Joint Stock - 205 248.315.235

216 215 Sedef Gemi İnşaatı A.Ş. Joint Stock - 206 247.550.665

217 192 İzocam Tic. ve San. A.Ş. Joint Stock - 207 247.425.004

218 - - Joint Stock - 208 -

219 241 Modern Karton San. ve Tic. A.Ş. Joint Stock - 209 245.912.208

220 245 Süper Film Ambalaj Sanayi ve Ticaret A.Ş. Joint Stock - 210 245.047.198

221 197 Çimentaş İzmir Çimento Fabrikası Türk A.Ş. Joint Stock - 211 243.999.682

222 273 Bosch Termoteknik San. ve Tic. A.Ş. Joint Stock - 212 242.382.168

223 251 Akdeniz Kimya San. ve Tic. A.Ş. Joint Stock - 213 241.291.744

224 230 İstikbal Mobilya San. ve Tic. A.Ş. Joint Stock - 214 241.112.500

225 324 Erdemir Madencilik Sanayi ve Ticaret A.Ş. Joint Stock - 215 240.821.959

226 156 Sarıtaş Çelik San. ve Tic. A.Ş. Joint Stock - 216 238.523.587

227 289 Tusaş Motor Sanayii A.Ş. Joint Stock - 217 237.407.634

228 - - Joint Stock - 218 -

229 248 Poyraz Poyraz Fındık Entegre San. ve Tic. A.Ş. Joint Stock - 219 236.505.028

230 177 Cimpor Yibitaş Çimento Sanayi ve Ticaret A.Ş. Joint Stock - 220 235.907.096

231 243 Şölen Çikolata Gıda San. ve Tic. A.Ş. Joint Stock - 221 235.388.173

232 237 Tamek Gıda ve Konsantre Sanayii ve Ticaret A.Ş. Joint Stock - 222 234.600.506

233 221 Vitra Karo San. ve Tic. A.Ş. Joint Stock - 223 233.865.817

234 - Cargill Tarım ve Gıda Sanayi Ticaret A.Ş. Joint Stock - 224 233.521.261

235 222 Nobel İlaç Sanayii ve Ticaret A.Ş. Joint Stock - 225 232.351.005

236 201 Kayarlar Et San. ve Tic. A.Ş. Joint Stock - 226 231.100.639

237 214 Altınyıldız Mensucat ve Konfeksiyon Fabrikaları A.Ş. Joint Stock - 227 226.738.922

238 202Olmuksa Internatıonal Paper-Sabancı Ambalaj San. ve Tic. A.Ş. Joint Stock - 228 225.320.842

239 228 Ontex Tüketim Ürünleri San. ve Tic. A.Ş. Joint Stock - 229 224.723.108

240 276 Arcelormittal Ambalaj Çeliği San. ve Tic. A.Ş. Joint Stock - 230 224.379.237

241 296 Aşkale Çimento Sanayii T.A.Ş. Joint Stock - 231 220.489.138

242 244 Feza Gazetecilik A.Ş. Joint Stock - 232 220.483.930

243 302 Mitaş Enerji ve Madeni İnşaat İşleri Türk A.Ş. Joint Stock - 233 219.384.664

244 253 Sofra Yemek Üretim ve Hizmet A.Ş. Joint Stock - 234 219.301.752

245 277 Gemlik Gübre Sanayii A.Ş. Joint Stock - 235 219.113.232

246 249Dört Yıldız Demir Çelik İşletmeleri San. ve Tic. Ltd. Şti.


247 - Pakpen Plastik Boru ve Yapı Elemanları San. Tic. Joint Stock - 237 217.830.673





# Net SalesA.Ş.

248 212 Batıçim Batı Anadolu Çimento Sanayii A.Ş. Joint Stock - 238 216.482.677

249 218 Küçükçalık Tekstil San. ve Tic. A.Ş. Joint Stock - 239 213.705.836

250 425 Tüprag Metal Madencilik San. ve Tic. A.Ş. Joint Stock - 240 213.675.277

251 250 Bizimgaz Tic. ve San. A.Ş. Joint Stock - 241 213.405.722

252 - - Joint Stock - 242 -

253 321 Demirer Kablo Tesisleri San. ve Tic. A.Ş. Joint Stock - 243 212.302.445

254 305 Paşabahçe Eskişehir Cam San. ve Tic. A.Ş. Joint Stock - 244 212.141.553

255 263 Mardin Çimento Sanayii ve Ticaret A.Ş. Joint Stock - 245 211.032.836

256 185 Oltan Fındık San. ve Tic. Ltd. ŞtiLimited

Partnership - 246 209.796.414

257 265 Pamukkale Kablo San. ve Tic. A.Ş. Joint Stock - 247 208.805.714

258 204 Havelsan Hava Elektronik San. ve Tic. A.Ş. Joint Stock - 248 208.152.658

259 353 Beşler Makarna Un İrmik Gıda San. ve Tic. A.Ş. Joint Stock - 249 208.047.091

260 - - Joint Stock - 250 -

261 316Beyçelik Gestamp Kalıp ve Oto Yan Sanayi Pazarlama ve Tic. A.Ş. Joint Stock - 251 206.470.289

262 233 Petrol Ofisi A.Ş. Joint Stock - 252 205.748.747

263 219 Adopen Plastik ve İnşaat San. A.Ş. Joint Stock - 253 205.479.903

264 207 DYO Boya Fabrikaları Sanayi ve Tic. A.Ş. Joint Stock - 254 205.178.761

265 290 Çayırova Boru Sanayi ve Ticaret A.Ş Joint Stock - 255 205.071.962

266 320 Standard Profil Otomotiv San. ve Tic. A.Ş. Joint Stock - 256 203.940.784

267 191 Karsan Otomotiv Sanayii ve Ticaret A.Ş. Joint Stock - 257 203.489.803

268 147 Bilkont Dış Ticaret ve Tekstil San. A.Ş. Joint Stock - 258 203.485.541

269 340Balıkesir Elektromekanik Sanayi Tesisleri A.Ş. (Best A.Ş) Joint Stock - 259 203.134.866

270 356 Çimko Çimento ve Beton Sanayi Ticaret A.Ş. Joint Stock - 260 200.201.945

271 216 Tırsan Treyler San. Tic. ve Nakliyat A.Ş. Joint Stock - 261 199.783.895

272 223 Mey Alkollü İçkiler Sanayii ve Ticaret A.Ş. Joint Stock - 262 198.923.854

273 393 Çimtaş Çelik İmalat Montaj ve Tesisat A.Ş. Joint Stock - 263 198.776.529

274 299 Coşkunöz Metal Form Makina End. ve Tic. A.Ş. Joint Stock - 264 198.439.267

275 257 Hayes Lemmerz Jantaş Jant San. ve Tic. A.Ş. Joint Stock - 265 196.938.756

276 292 Koza Altın İşletmeleri A.Ş. Joint Stock - 266 196.255.799

277 238 Dimes Gıda San. ve Tic. A.Ş. Joint Stock - 267 195.176.441

278 391 Keskinkılıç Gıda San. ve Tic. A.Ş. Joint Stock - 268 195.017.377

279 239 Ünye Çimento Sanayii ve Ticaret A.Ş. Joint Stock - 269 194.932.150

280 283 Durmazlar Makina Sanayi ve Ticaret A.Ş. Joint Stock - 270 194.610.469

281 332 Petlas Lastik Sanayi ve Ticaret A.Ş. Joint Stock - 271 194.382.912

282 450 Anadolu Cam Yenişehir Sanayi A.Ş. Joint Stock - 272 194.230.519

283 264 Şeker Piliç ve Yem Sanayi Ticaret A.Ş. Joint Stock - 273 192.772.454

284 231 Teknik Malzeme Tic. ve San. A.Ş. Joint Stock - 274 191.880.390

285 225 Özer Metal Sanayi A.Ş. Joint Stock - 275 191.206.013

286 286 Sarar Giyim Tekstil San. ve Tic. A.Ş. Joint Stock - 276 189.978.713

287 285 Matesa Tekstil Sanayi ve Ticaret A.Ş. Joint Stock - 277 189.543.804

288 266 Çemtaş Çelik Makina San. ve Tic. A.Ş. Joint Stock - 278 188.338.677





# Net Sales289 322 Pilsa Plastik Sanayi A.Ş. Joint Stock - 279 187.871.349

290 297 Baymak Makina Sanayi ve Ticaret A.Ş. Joint Stock - 280 186.659.840

291 - İlhan Demir Çelik ve Boru Profil Endüstrisi A.Ş. Joint Stock - 281 186.564.550

292 268 Bemka Emaye Bobin Teli ve Kablo San. Tic. A.Ş. Joint Stock - 282 186.440.878

293 262 Marshall Boya ve Vernik Sanayii A.Ş. Joint Stock - 283 186.288.894

294 252 Demir Export A.Ş. Joint Stock - 284 185.075.933

295 366 Alliance One Tütün A.Ş. Joint Stock - 285 184.467.526

296 246 Fako İlaçları A.Ş. Joint Stock - 286 184.185.328

297 227 Çamsan Ağaç San. ve Tic. A.Ş. Joint Stock - 287 183.429.108

298 270 Polisan Boya Sanayi ve Ticaret A.Ş. Joint Stock - 288 183.076.307

299 - - Joint Stock - 289 -

300 473Türkiye Demiryolu Makinaları Sanayii A.Ş. Genel Müdürlüğü (Tüdemsaş) Joint Stock 11 - 181.904.634

301 188S.S. Tariş Pamuk ve Yağlı Tohumlar Tarım Satış Kooperatifleri Birliği Joint Stock - 290 181.835.450

302 293 Şık Makas Giyim San. ve Tic. A.Ş. Joint Stock - 291 180.779.162

303 349 Enpay Endüstriyel Pazarlama ve Yatırım A.Ş. Joint Stock - 292 180.587.370

304 294 Ege Profil Tic. ve San. A.Ş. Joint Stock - 293 178.814.613

305 371 Hey Tekstil San. ve Tic. A.Ş. Joint Stock - 294 177.660.585

306 336 Gemak Gemi İnşaat San. ve Tic. A.Ş. Joint Stock - 295 176.681.999

307 334 Aytaç Gıda Yatırım San. ve Tic. A.Ş. Joint Stock - 296 173.904.275

308 313 Türkiye Lokomotif ve Motor Sanayii A.Ş. (Tülomsaş) Joint Stock 12 - 173.841.219

309 186Hidromek Hidrolik ve Mekanik Makina İmalat San. ve Tic. Ltd. Şti.


310 - - Joint Stock - 298 -

311 479 Beyteks Tekstil San. ve Tic. A.Ş. Joint Stock - 299 173.079.733

312 327 Alcatel Lucent Teletaş Telekomünikasyon A.Ş. Joint Stock - 300 172.742.732

313 - Erak Giyim San. ve Tic. A.Ş. Joint Stock - 301 172.536.534

314 396 Biofarma İlaç Sanayi ve Ticaret A.Ş. Joint Stock - 302 171.683.691

315 441 Nortel Networks Netaş Telekomünikasyon A.Ş. Joint Stock - 303 171.645.714

316 318 Kale Kilit ve Kalıp San. A.Ş. Joint Stock - 304 171.470.994

317 314 Has Çelik ve Halat San. Tic. A.Ş Joint Stock - 305 171.412.820

318 362 Tersan Tersanecilik Taşımacılık San. ve Tic. A.Ş. Joint Stock - 306 171.356.594

319 330Mar Tüketim Maddeleri İhracat İthalat San. ve Tic. A.Ş. Joint Stock - 307 171.311.769

320 279 Dow Türkiye Kimya Sanayi ve Ticaret Ltd. Şti.Limited

Partnership - 308 171.188.234

321 259 Konya Çimento Sanayii A.Ş. Joint Stock - 309 170.414.724

322 267 Gap Güneydoğu Tekstil San. ve Tic A.Ş. Joint Stock - 310 170.192.403

323 261 Kipaş Mensucat İşletmeleri A.Ş. Joint Stock - 311 169.985.583

324 339 İnci Akü Sanayi ve Ticaret A.Ş. Joint Stock - 312 169.335.555

325 372 Arpaş İhracat-İthalat ve Pazarlama A.Ş. Joint Stock - 313 169.192.467

326 242 Bursa Çimento Fabrikası A.Ş. Joint Stock - 314 169.174.201

327 344 Çelikord A.Ş. Joint Stock - 315 168.000.339

328 172 Toyota Boshoku Türkiye Otomotiv San. ve Tic. A.Ş. Joint Stock - 316 167.965.885

329 423 Eti Gümüş A.Ş. Joint Stock - 317 167.645.201





# Net Sales330 383 Aksa Enerji Üretim A.Ş. Joint Stock - 318 165.667.716

331 346 İşbir Sentetik Dokuma Sanayi A.Ş. Joint Stock - 319 165.659.122

332 323 Ak-Kim Kimya San. ve Tic. A.Ş. Joint Stock - 320 165.433.821

333 311 Saray Döküm ve Madeni Aksam San. A.Ş. Joint Stock - 321 164.078.055

334 395 Vatan Kablo Metal Endüstri ve Tic. A.Ş. Joint Stock - 322 164.006.706

335 368 Yonca Gıda Sanayi İşletmeleri İç ve Dış Ticaret A.Ş. Joint Stock - 323 163.862.231

336 351 Çamlı Yem Besicilik Sanayi ve Ticaret A.Ş. Joint Stock - 324 163.325.849

337 213 Deva Holding A.Ş. Joint Stock - 325 162.327.040

338 379 Meteksan Matbaacılık ve Teknik Sanayi Ticaret A.Ş. Joint Stock - 326 160.757.516

339 369 Nuh'un Ankara Makarnası Sanayi ve Ticaret A.Ş. Joint Stock - 327 160.521.518

340 309 Cam Elyaf Sanayi A.Ş. Joint Stock - 328 160.261.858

341 447 Major SKT Oto Donanım Sanayi ve Ticaret A.Ş. Joint Stock - 329 160.249.073

342 307 Aroma Bursa Meyve Suları ve Gıda San. A.Ş. Joint Stock - 330 159.789.370

343 256 Assan Çelik Ürünleri Sanayi ve Ticaret A.Ş. Joint Stock - 331 159.589.601

344 304 Bolu Çimento Sanayii A.Ş. Joint Stock - 332 158.715.701

345 405 Paymetal Sanayi ve Ticaret A.Ş. Joint Stock - 333 157.801.418

346 - - Joint Stock - 334 -

347 338 Göktaş Yassı Hadde Mamülleri San. ve Tic. A.Ş. Joint Stock - 335 157.024.147

348 317Akzo Nobel Endüstri ve Otomobil Boyaları San. ve Tic. A.Ş. Joint Stock - 336 156.553.465

349 258 Çak Tekstil San. ve Tic. A.Ş. Joint Stock - 337 156.510.031

350 329 Cognis Kimya Sanayi ve Ticaret A.Ş Joint Stock - 338 155.173.128

351 -RMK Marine Gemi Yapım Sanayi ve Deniz Taşımacılığı İşletmesi A.Ş. Joint Stock - 339 154.757.373

352 306 Lafarge Aslan Çimento A.Ş. Joint Stock - 340 153.781.189

353 282 Bursa Beton San. ve Tic. A.Ş. Joint Stock - 341 153.734.825

354 300 Hayes Lemmerz İnci Jant Sanayi A.Ş. Joint Stock - 342 153.347.184

355 373 Natura Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 343 153.159.332

356 280 Termo Teknik Tic. ve San. A.Ş. Joint Stock - 344 151.622.554

357 - Ege Gübre Sanayii A.Ş. Joint Stock - 345 150.323.663

358 328 Yünsa Yünlü Sanayi ve Ticaret A.Ş. Joint Stock - 346 150.242.618

359 439 Boyçelik Metal San. ve Tic. A.Ş. Joint Stock - 347 149.920.021

360 406 Demisaş Döküm Emaye Mamulleri San. A.Ş. Joint Stock - 348 149.818.138

361 487 Genpower Jeneratör San. ve Tic. A.Ş Joint Stock - 349 148.425.733

362 397Kumtel Dayanıklı Tüketim Malları Plastik San. ve Tic. A.Ş. Joint Stock - 350 148.249.233

363 360 Saray Halı A.Ş. Joint Stock - 351 146.785.873

364 343 Ortadoğu Rulman Sanayi ve Ticaret A.Ş. Joint Stock - 352 146.380.214

365 - Progıda Pazarlama A.Ş. Joint Stock - 353 145.146.697

366 381Viko Elektrik ve Elektronik Endüstrisi San. ve Tic. A.Ş. Joint Stock - 354 144.849.201

367 413 Santa Farma İlaç Sanayii A.Ş. Joint Stock - 355 144.666.971

368 451 Bifa Bisküvi ve Gıda Sanayi A.Ş. Joint Stock - 356 144.545.755

369 408 Doğu Çay İşletmesi San. ve Tic. A.Ş Joint Stock - 357 144.250.378

370 363 Bosch Fren Sistemleri San. ve Tic. A.Ş. Joint Stock - 358 144.002.959

371 - Şa-Ra Enerji İnşaat Tic. ve San. A.Ş. Joint Stock - 359 143.818.791





# Net Sales372 326 Durak Fındık San. ve Tic. A.Ş. Joint Stock - 360 143.425.064

373 272 Set Beton Madencilik San. ve Tic. A.Ş. Joint Stock - 361 143.222.478

374 298 Ege Seramik Sanayi ve Ticaret A.Ş. Joint Stock - 362 143.090.880

375 278 Göltaş Göller Bölgesi Çimento San. ve Tic. A.Ş. Joint Stock - 363 142.434.123

376 431 Elif Plastik Ambalaj San. ve Tic. A.Ş. Joint Stock - 364 141.557.742

377 -Altek Alarko Elektrik Santralları Tesis İşletme ve Tic. A.Ş. Joint Stock - 365 141.514.882

378 350 Ak Kablo İmalat San ve Tic. A.Ş. Joint Stock - 366 141.086.548

379 420Modern Enerji Elektrik Üretimi Otoprodüktör Grubu A.Ş. Joint Stock - 367 141.049.817

380 271 Denizli Çimento Sanayii T.A.Ş. Joint Stock - 368 140.933.963

381 404 Grammer Koltuk Sistemleri Sanayi ve Ticaret A.Ş. Joint Stock - 369 140.678.540

382 428 Aydınlı Hazır Giyim San. ve Tic. A.Ş. Joint Stock - 370 140.219.416

383 367 Bıran İplik San. ve Tic. A.Ş. Joint Stock - 371 139.999.323

384 312 Akbaşlar Tekstil Enerji San. ve Tic. A.Ş. Joint Stock - 372 139.737.059

385 310 Akın Tekstil A.Ş. Joint Stock - 373 139.667.012

386 378 Assan Panel Sanayi ve Ticaret A.Ş. Joint Stock - 374 139.638.594

387 370 Boyteks Tekstil San. ve Tic. A.Ş. Joint Stock - 375 139.171.587

388 384 Roketsan Roket Sanayii ve Tic. A.Ş. Joint Stock - 376 138.321.141

389 - Gürteks İplik San. ve Tic. A.Ş. Joint Stock - 377 138.311.168

390 - Bafra Eriş Un Yem Gıda San. ve Tic. A.Ş. Joint Stock - 378 138.062.618

391 333 Üniteks Gıda Tekstil Sanayi ve Ticaret A.Ş. Joint Stock - 379 137.690.219

392 389 Tam Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 380 137.549.171

393 415 Vatan Plastik Sanayi ve Ticaret A.Ş. Joint Stock - 381 137.389.156

394 335 Alarko Carrıer Sanayi ve Ticaret A.Ş. Joint Stock - 382 137.029.958

395 398 İdeal Gıda San. ve Tic. A.Ş. Joint Stock - 383 136.738.514

396 414 Hugo Boss Tekstil Sanayii Ltd. Şti.Limited

Partnership - 384 136.710.701

397 -İstanbul Halk Ekmek Un ve Unlu Maddeler Gıda San. ve Tic. A.Ş Joint Stock 13 - 136.537.532

398 429 Teklas Kauçuk Sanayi ve Tic. A.Ş. Joint Stock - 385 135.697.379

399 472 Ermetal Otomotiv ve Eşya Sanayi Ticaret A.Ş. Joint Stock - 386 135.114.689

400 - Gama Endüstri Tesisleri İmalat ve Montaj A.Ş. Joint Stock - 387 134.212.243

401 388S.S. Marmara Zeytin Tarım Satış Kooperatifleri Birliği Joint Stock - 388 133.502.779

402 376 Camiş Ambalaj San.A.Ş. Joint Stock - 389 133.336.426

403 - Edirne Yağ Sanayi ve Ticaret A.Ş. Joint Stock - 390 133.295.982

404 444 Dentaş Ambalaj ve Kağıt Sanayi A.Ş. Joint Stock - 391 133.153.336

405 364 Akteks Akrilik İplik Sanayi ve Tic. A.Ş. Joint Stock - 392 133.142.619

406 337 Fresh Cake Gıda San. ve Tic. A.Ş. Joint Stock - 393 132.384.112

407 443 Polibak Plastik Film San. ve Tic. A.Ş. Joint Stock - 394 132.226.876

408 470 T.T.L. Tütün Sanayi ve Dış Ticaret A.Ş. Joint Stock - 395 131.787.284

409 449 Matlı Yem San. ve Tic. A.Ş. Joint Stock - 396 131.523.515

410 - Adoçim Çimento Beton San. ve Tic. A.Ş. Joint Stock - 397 131.450.085

411 303 MMZ Onur Boru Profil Üretim San. ve Tic. A.Ş. Joint Stock - 398 131.426.557

412 - Özmaya Sanayi A.Ş. Joint Stock - 399 131.293.029

413 374 Kartonsan Karton San. ve Tic. A.Ş. Joint Stock - 400 131.239.490





# Net Sales414 446 Trakya Döküm San. ve Tic. A.Ş. Joint Stock - 401 130.660.623

415 359Eczacıbaşı-Baxter Hastane Ürünleri Sanayi ve Ticaret A.Ş. Joint Stock - 402 129.918.852

416 - Glaxosmithkline İlaçları Sanayi ve Ticaret A.Ş. Joint Stock - 403 129.869.472

417 - - Joint Stock - 404 -

418 424 Bosen Enerji Elektrik Üretim A.Ş. Joint Stock - 405 129.258.073

419 - Mem Tekstil Sanayi ve Tic. A.Ş. Joint Stock - 406 128.416.223

420 500 Ege Kimya Sanayi ve Ticaret A.Ş. Joint Stock - 407 128.217.866

421 - Kümaş- Kütahya Manyezit İşletmeleri A.Ş. Joint Stock - 408 128.153.927

422 403 Elba Basınçlı Döküm Sanayii A.Ş. Joint Stock - 409 128.074.025

423 -Helvacızade Gıda ve İhtiyaç Maddeleri San. ve Tic. A.Ş. Joint Stock - 410 127.450.085

424 331 Samsun Makina Sanayii A.Ş. Joint Stock - 411 127.009.175

425 357 Rotopak Matbaacılık Ambalaj San. ve Tic. A.Ş. Joint Stock - 412 126.601.435

426 - Kalde Klima Orta Basınç Fittings ve Valf Sanayi A.Ş. Joint Stock - 413 126.408.715

427 - Birlik Pazarlama Sanayi ve Ticaret A.Ş. Joint Stock - 414 126.103.879

428 - Dardanel Önentaş Gıda San. A.Ş. Joint Stock - 415 126.043.946

429 421 Söktaş Tekstil Sanayi ve Ticaret A.Ş. Joint Stock - 416 125.764.546

430 392 Crown Bevcan Türkiye Ambalaj San. ve Tic. A.Ş. Joint Stock - 417 125.565.641

431 385 Kilim Grubu Kartaltepe Mensucat Fab. T.A.Ş. Joint Stock - 418 125.075.264

432 365 Tümka Kablo Sanayi A.Ş. Joint Stock - 419 124.235.951

433 454 Yörükoğlu Süt ve Ürünleri San. ve Tic. A.Ş. Joint Stock - 420 124.156.367

434 - A.B Gıda San. ve Tic. A.Ş. Joint Stock - 421 124.002.660

435 477Doğuş Çay ve Gıda Mad. Üretim Paz. İthalat İhracat A.Ş. Joint Stock - 422 123.843.579

436 377 Özgün Gıda San. ve Tic. Ltd. ŞtiLimited

Partnership - 423 123.655.664

437 345 Ertaş Metal San. ve Tic. A.Ş. Joint Stock - 424 123.489.890

438 484 Baykal Makine San. ve Tic. A.Ş. Joint Stock - 425 123.450.912

439 - Özdemir Boru Profil San. ve Tic. Ltd. Şti.Limited

Partnership - 426 123.360.844

440 382 Sözer Demir Çelik İnş. Petr. Ürün. San. Tic. A.Ş. Joint Stock - 427 122.012.646

441 400 AGT Ağaç Sanayi ve Ticaret A.Ş. Joint Stock - 428 121.082.900

442 - - Joint Stock - 429 -

443 - - Joint Stock - 430 -

444 463 Flokser Tekstil San. ve Tic. A.Ş. Joint Stock - 431 120.494.843

445 354 Özdilek Alışveriş Merkezleri ve Tekstil Sanayi A.Ş. Joint Stock - 432 120.420.406

446 430 Hema TRW Otomotiv Direksiyon Sistemleri A.Ş. Joint Stock - 433 120.291.983

447 465 İ.E. Ulagay İlaç San. Türk A.Ş. Joint Stock - 434 119.452.432

448 433 Kerevitaş Gıda San. ve Tic. A.Ş. Joint Stock - 435 119.080.839

449 486 Teverpan MDF Levha Sanayi ve Ticaret A.Ş. Joint Stock - 436 118.748.467

450 411 Jantsa Jant San. ve Tic. A.Ş. Joint Stock - 437 118.374.023

451 - Doruk Ev Gereçleri Sanayi ve Tic. Ltd. Şti.Limited

Partnership - 438 118.320.139

452 435 Harput Tekstil Sanayi ve Ticaret Ltd. Şti.Limited

Partnership - 439 118.093.745

453 -Alcan Packaging İzmir Gravür Baskılı Karton San. ve Tic. A.Ş. Joint Stock - 440 117.679.644





# Net Sales454 493 BASF Yapı Kimyasalları San. A.Ş. Joint Stock - 441 117.622.144

455 386 Cevher Döküm San. A.Ş. Joint Stock - 442 117.480.130

456 - Hisar Çelik Döküm San. ve Tic. A.Ş. Joint Stock - 443 117.212.808

457 497Esan Eczacıbaşı Endüstriyel Hammaddeler San. ve Tic. A.Ş Joint Stock - 444 117.207.432

458 491 Ova Un Fabrikası A.Ş. Joint Stock - 445 117.066.983

459 - Schott Orim Cam San. ve Tic. A.Ş. Joint Stock - 446 116.596.456

460 -Farplas Oto Yedek Parçaları İmalatı İthalatı ve İhracatı A.Ş. Joint Stock - 447 116.246.688

461 490Karakaş Hediyelik Eşya Telekominikasyon Kuyumculuk San ve Tic. A.Ş. Joint Stock - 448 115.764.968

462 - Güney Çelik Hasır ve Demir Mamulleri San. Tic. A.Ş. Joint Stock - 449 115.250.130

463 481 Ankara Un Sanayii A.Ş. Joint Stock - 450 115.173.835

464 - Şimşek Bisküvi ve Gıda Sanayi A.Ş. Joint Stock - 451 114.065.642

465 - Çağ Çelik Demir ve Çelik Endüstri A.Ş. Joint Stock - 452 113.806.000

466 457 Erbosan Erciyas Boru Sanayii ve Ticaret A.Ş. Joint Stock - 453 113.613.889

467 - Işıl Tekstil San. ve Tic. Ltd. Şti.Limited

Partnership - 454 113.516.778

468 - Kibsaş Karadeniz İnşaat ve Beton San. ve Tic. A.Ş. Joint Stock - 455 112.953.672

469 - Park Elektrik Üretim Madencilik San. ve Tic. A.Ş. Joint Stock - 456 111.672.135

470 358 Baştaş Başkent Çimento Sanayii ve Ticaret A.Ş. Joint Stock - 457 111.574.867

471 483 Erkunt Sanayi A.Ş Joint Stock - 458 111.564.786

472 464Onduline Avrasya İnşaat Malzemeleri San. ve Tic. A.Ş. Joint Stock - 459 111.304.724

473 - Kılıç Deniz Ürünleri Üretimi İhr. İth. ve Tic. A.Ş. Joint Stock - 460 111.167.805

474 355 Eroğlu Giyim San. ve Tic. A.Ş. Joint Stock - 461 111.127.344

475 - Aymar Yağ ve Gıda San. Tic. A.Ş. Joint Stock - 462 110.702.028

476 476 Syngenta Tarım San. ve Tic. A.Ş. Joint Stock - 463 110.276.525

477 295İston İstanbul Beton Elemanları ve Hazır Beton Fabrikaları Sanayi ve Ticaret A.Ş. Joint Stock 14 - 109.879.219

478 - Marmara Un Sanayi A.Ş. Joint Stock - 464 109.778.126

479 - Hakan Plastik Boru ve Profil San. Tic. A.Ş. Joint Stock - 465 109.363.295

480 460 Çukurova İnşaat Mak. San. ve Tic. A.Ş. Joint Stock - 466 108.035.558

481 - - Joint Stock - 467 -

482 - Umur Basım ve Kırtasiye Sanayi ve Ticaret A.Ş. Joint Stock - 468 107.455.791

483 - Hekimoğlu Un Fab. Tic. ve San. A.Ş. Joint Stock - 469 107.186.691

484 394 Ataç İnşaat ve Sanayi A.Ş. Joint Stock - 470 106.926.196

485 - Bahariye Mensucat San. ve Tic. A.Ş. Joint Stock - 471 106.751.212

486 - Emek Boru Makina Sanayi ve Ticaret A.Ş. Joint Stock - 472 106.606.924

487 - - Joint Stock - 473 -

488 - Erna-Maş Makina Tic. ve San. A.Ş. Joint Stock - 474 106.204.155

489 427 Gürsoy Tarımsal Ürünler Gıda Sanayi ve Ticaret A.Ş. Joint Stock - 475 106.179.744

490 - Jotun Boya Sanayi ve Ticaret A.Ş. Joint Stock - 476 106.149.882

491 456 Feniş Alüminyum San. ve Tic. A.Ş Joint Stock - 477 105.896.590

492 445 Ergaz Sanayi ve Ticaret A.Ş. Joint Stock - 478 105.857.292

493 - İhlas Gazetecilik A.Ş. Joint Stock - 479 105.844.108

494 462 Atasay Kuyumculuk Sanayi ve Ticaret A.Ş. Joint Stock - 480 105.456.439





# Net Sales495 436 Yataş Yatak ve Yorgan San. Tic. A.Ş Joint Stock - 481 105.450.878

496 466Ve-Ge Hassas Kağıt ve Yapıştırıcı Bant San. ve Tic. A.Ş. Joint Stock - 482 104.813.734

497 418 Efesan Demir San. ve Tic. A.Ş. Joint Stock - 483 104.528.631

498 - Graniser Granit Seramik San. ve Tic. A.Ş. Joint Stock - 484 104.512.342

499 - Çelik Halat ve Tel Sanayii A.Ş. Joint Stock - 485 104.333.897

500 - Küçüker Tekstil San. ve Tic. A.Ş. Joint Stock - 486 104.178.996

237.882.208.268

Source: ISO


the role of corporate governance in fdi decisions ... web viewthe role of corporate governance in...

Documents