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Publication Open Access Do dividend distributions and dividend commitments of a target company violate the prohibition of financial assistance (TCC Article 380/1)?(Ä°stanbul Ćniversitesi Yayınevi, 2018) Paslı, Ali; VeziroÄlu, Cem; Faculty Member; Law School; 265198Pursuant to Turkish Commercial Code ("TCC") Article 380 paragraph 1, "[L]egal transactions concluded between the company and another person for acquisition of its shares and the subject of which is granting of advance, loan or security, shall be null and void." According to this provision, a public company cannot provide financial assistance to a third party with a view to acquiring its shares. This article examines a target company's dividend payout or commitment to its buyer (who would be a shareholder following an acquisition of the target company's shares) that is financed by a bank loan or from its retained earnings (i.e., without using any external source). We ask whether use of such funds in acquisition finance constitute "financial assistance" in the meaning of TCC 380/1. According to TCC, the prohibition of financial assistance applies only if three conditions exist cumulatively: (1) There must be an acquisition of shares; (2) there must be a financial assistance transaction, and (3) financial assistance must be made for the acquisition of shares. Therefore, the aforementioned transactional mechanism must be filtered through these three conditions. In our view, dividend payouts or commitments to the buyer following her share acquisition does not violate the prohibition of financial assistance, regardless of whether such amount is funded by a bank loan or the company's retained earnings. Using profits distributed by the target company in order to finance the acquisiton of the target company's shares makes no differrence according to our analysis. It is also possible that a commitment may be given for the target company's dividend payout in certain periods and for certain amounts in order to ensure repayment of the credit provided for the acquisition. The obligor of the said commitment may be the buyer or the target company (as a legal entity). If the target company is the obligor, the consequences for violating the commitment will vary according to the modality of the undertaking. Nonetheless, we believe that the target company's dividend payout must be made in compliance with the rules and procedures laid down by the TCC and by the company's articles of association. Otherwise, in addition to sanctions with respect to distribution of profit (TCC 512), the prohibition of financial assistance may step in. Hence, both the general assembly's resolution towards dividend payout and the payment of dividend (act of disposal) may be considered null and void regardless of whether the buyer's receipt of the dividend was wrongful and in bad faith. / 6102 sayılı TĆ¼rk Ticaret Kanunuānun (āTTKā) 380. maddesinin 1. fıkrası uyarınca ā[P]aylarının iktisap edilmesi amacıyla, Åirketin baÅka bir kiÅiyle yaptıÄı, konusu avans, ƶdĆ¼nƧ veya teminat verilmesi olan hukuki iÅlemler batıldırā. Anılan hĆ¼kĆ¼m, payları Ć¼Ć§Ć¼ncĆ¼ kiÅi tarafından iktisap edilen anonim ortaklıÄın alıcıya finansal yardımda bulunmasını yasaklamaktadır. Ä°Åbu makalede incelediÄimiz husus hedef anonim ortaklıÄın bir bankadan kredi temin etmesinin ardından sƶz konusu meblaÄı, yahut dıŠfinansman kullanmaksızın birikmiÅ kĆ¢rını, Åirketin paylarını iktisap ederek pay sahibi sıfatını kazanan alıcıya kĆ¢r daÄıtımı yoluyla aktarması ve bu kaynaÄın devralma iÅleminin finansmanında kullanılmasının TTK 380/1 anlamında āfinansal yardımā sayılıp sayılmayacaÄıdır. Finansal yardım yasaÄının uygulama alanı bulabilmesi iƧin Åu Ć¼Ć§ Åartın bir arada bulunması gerekmektedir. Bunlar; (1) pay iktisabı, (2) finansal yardım iÅlemi ve (3) finansal yardımın alıcının pay iktisabı amacıyla yapılmasıdır. O halde yukarıda aƧıklanan iÅlem ƶrgĆ¼sĆ¼ de bu Ć¼Ć§ Åartın sĆ¼zgecinden geƧirilmelidir. Kanımızca bir bankanın anonim ortaklıÄa kredi temin etmesi ve sƶz konusu kredinin, anonim ortaklıÄın paylarını iktisap ederek pay sahibi sıfatını kazanan alıcıya kĆ¢r daÄıtımı yoluyla aktarılması, yahut zaten hedef Åirketin malvarlıÄına dĆ¢hil olan mevcut kaynaÄın kĆ¢r daÄıtımı suretiyle alıcıya tahsis edilmesi TTK 380/1āde dĆ¼zenlenen finansal yardım yasaÄının kapsamına girmemektedir. UlaÅtıÄımız bu sonuƧ aƧısından, hedef Åirketin nakit ihtiyacı sebebiyle bankanın saÄlayacaÄı kredi neticesinde hedef Åirketin daÄıtacaÄı kĆ¢rın, yine hedef Åirketin paylarının iktisabı amacıyla kullanılacak olması da hiƧbir fark yaratmamaktadır. Aynı Åekilde, hedef Åirketin paylarının iktisabının ve bunun finansmanı iƧin saÄlanan kredinin geri ƶdenmesini teminen, hedef Åirketin belirli sĆ¼reler iƧinde ve belirli oranlarda kĆ¢r daÄıtımı yapacaÄına dair bir taahhĆ¼dĆ¼n verilmiÅ olması da mĆ¼mkĆ¼ndĆ¼r. Sƶz konusu taahhĆ¼dĆ¼n yĆ¼kĆ¼mlĆ¼sĆ¼ alıcı olabileceÄi gibi, hedef Åirket tĆ¼zel kiÅiliÄi de olabilir. YĆ¼kĆ¼mlĆ¼lĆ¼ÄĆ¼n Åirket Ć¼zerinde olması Åeklindeki ikinci ihtimalde taahhĆ¼de aykırılıÄın sonuƧları, taahhĆ¼dĆ¼n veriliÅ Åekline gƶre deÄiÅiklik gƶsterecektir. Ancak bunun iƧin, hedef Åirket nezdinde yapılacak kĆ¢r daÄıtımının TTK ve esas sƶzleÅmede ƶngƶrĆ¼len usul ve esaslara riayet edilerek gerƧekleÅtirilmesi gerekmektedir. Aksi hĆ¢lde hedef Åirket tarafından pay sahibine yapılacak malvarlıÄı aktarımına iliÅkin kĆ¢r daÄıtımını dĆ¼zenleyen hĆ¼kĆ¼mlerde ƶngƶrĆ¼len yaptırımlara (TTK 512) ek olarak, finansal yardım yasaÄının da uygulanması riski doÄabilecektir. Keza bu durumda pay sahibi konumundaki alıcının, kĆ¢r payını haksız yere ve kƶtĆ¼ niyetle alıp almadıÄına bakılmaksızın, hem genel kurulun kĆ¢r payı daÄıtım kararı hem de tasarruf iÅlemi niteliÄindeki hedef Åirketin temettĆ¼ ƶdeme iÅlemleri kesin hĆ¼kĆ¼msĆ¼z sayılabilecektir.Publication Open Access Why some countries are immune from the resource curse: the role of economic norms(Taylor _ Francis, 2016) Mousseau, Michael; Department of International Relations; AytaƧ, Selim Erdem; ĆrsĆ¼n, Ćmer Faruk; Faculty Member; Department of International Relations; College of Administrative Sciences and Economics; 224278; N/AThe political resource curse - the detrimental effect of natural resource dependence on democracy - is a well-established correlate of authoritarianism. A long-standing puzzle, however, is why some countries seem to be immune from it. We address this issue systematically by distinguishing two kinds of economies: contract-intensive, where individuals normally obtain their incomes in the marketplace; and clientelist, where individuals normally obtain their incomes in groups that compete over state rents. We theorize that the institutionalized patronage opportunities in clientelist economies are an important precondition for the resource curse, and that nations with contract-intensive economies are immune from it. Analysis of 150 countries from 1973 to 2000 yields robust support for this view. By introducing clientelist economy as a prerequisite for the resource curse, this study offers an important advance in understanding how nations democratize.Publication Open Access Turkey and the Arab revolutions: boundaries of regional power influence in a turbulent Middle East(Taylor _ Francis, 2014) Department of International Relations; ĆniÅ, Ziya; Faculty Member; Department of International Relations; College of Administrative Sciences and Economics; 7715The recent Turkish involvement in the Middle East constitutes an important test case for establishing the boundaries of regional power influence in a changing global context. The AKP government in Turkey has become a major supporter of political change and democratization in the era of the Arab revolutions. Accumulating empirical evidence suggests, however, that the highly assertive and pro-active foreign policy of the AKP government in recent years has not been effective in terms of facilitating reform or regime change in Syria or helping to influence the direction of political change in Egypt towards a durable pluralistic order. Indeed, the policy might have been counter-productive in terms of undermining Turkey's image of a benign regional power, by drawing it to sectarian conflicts and over-engagement in the domestic politics of key Arab states. Turkey has the potential to play an important role model in the highly uncertain world of the Arab revolutions. Its ability to perform this role, however, requires an improvement in its own democratic credentials, rather than being excessively involved in the domestic politics of individual states.Publication Open Access Contentious welfare: the Kurdish conflict and social policy as counterinsurgency in Turkey(Wiley, 2020) Department of Sociology; YƶrĆ¼k, Erdem; Yoltar, ĆaÄrı; Faculty Member; Researcher; Department of Sociology; College of Social Sciences and Humanities; 28982; N/AThe period since the 1990s has witnessed the expanding political influence of the Kurdish movement across the country as well as a transformation in the welfare system, manifesting itself mainly in the emergence of extensive social assistance programs. While Turkish social assistance policy has been formally neutral regarding who is entitled to state aid, Kurds have been de facto singled out by these new welfare programs, as is shown by existing quantitative work. Based on a discourse analysis of legislation, parliamentary proceedings, and news media, this article examines the ways in which Turkish governments and policymakers consider the Kurdish question in designing welfare policies. We illustrate that Kurdish mobilization has become a central theme that informed the transformation of Turkish welfare system over the past three decades.Publication Open Access The value added of studying work attitudes and values: some lessons to learn(Sage, 2019) Tosun, Jale; Kraaykamp, Gerbert; Department of Psychology; Cemalcılar, Zeynep; Faculty Member; Department of Psychology; College of Social Sciences and Humanities; 40374Work is one of the most valued activities of individuals' lives. Attitudes toward work not only influence work-related outcomes, such as income, but also hold sway over personal well-being and satisfaction with politico-administrative institutions. Consequently, country-comparative research aimed at learning about the determinants of individuals' work attitudes and values and their consequences is worthwhile and offers insights that are relevant for many disciplines. In this epilogue, we summarize the main insights produced by the contributions to this volume on the antecedents and consequences of work attitudes and values as well as draw some broader conclusions.Publication Open Access Legal position of third party in transfer of indirect possession by an agreement between transferor and transferee compared to lessee in case of transfer of leased property(Ä°stanbul Ćniversitesi Yayınevi, 2021) N/A; KaraÅahin, Yasin Alperen; Law School; 257378In Turkish and Swiss law, if a bailee (third party) is in possession based on a legal relationship with the bailor, the bailor (transferor) can transfer the indirect (constructive) possession by an agreement with the transferee without the consent of the third-party bailee. The Turkish Civil Code (CC) - like the Swiss Civil Code - contains some provisions intended to prevent any negative effect from such an agreement on the interests of the third party. First, the transfer of indirect possession by agreement between transferor and transferee has no legal effect on the third party until that party is notified by the transferor (Article 979/11 of Turkish Civil Code [CC]). This period of ineffectiveness ends upon notice to the third party. However, the third party can refuse delivery to the transferee based on the same defenses that could be invoked against the transferor (Article 979/III CC). Contrary to the prevailing view in Turkish and Swiss literatures, this study argues that the above-referenced provision allows the third party to invoke defenses based on personal rights besides those based on property rights. However, this provision is only applicable to the transfer of indirect possession of chattel. In contrast to a recent opinion in Swiss literature, notice of the transfer does not cause the transferee to become a new party to the legal relationship between the original third-party bailee and transferor. Turkish and Swiss law includes only a provision about lease contracts to that effect. This provision is applicable with regard to the lease of personal and real property. However, in contracts for the lease of chattels, Article 979/III CC, as interpreted in this study, would have been sufficient to protect the lessee's interests without a disproportionate interference in the freedom of contract. / TĆ¼rk ve Ä°sviƧre hukuklarında, zilyetliÄin havalesi, ƶzel bir hukukĆ® iliÅkiye dayanarak eÅyaya zilyet olan Ć¼Ć§Ć¼ncĆ¼ kiÅinin rızası aranmaksızın, devreden ile devralan arasında yapılan bir sƶzleÅme ile devralana dolaylı zilyetlik kazandırılması imkĆ¢nını yaratmaktadır. ĆĆ§Ć¼ncĆ¼ kiÅinin rızası olmaksızın yapılan bu iÅlemin onun menfaatlerini ihlĆ¢l etmemesi iƧin kanunda bazı dĆ¼zenlemeler yer almaktadır. TĆ¼rk MedenĆ® Kanunuānun 979. maddesinin 2. fıkrasına gƶre, zilyetliÄin havalesi, Ć¼Ć§Ć¼ncĆ¼ kiÅiye devreden tarafından bildirilmesinden ƶnce Ć¼Ć§Ć¼ncĆ¼ kiÅi aƧısından hĆ¼kĆ¼m ve sonuƧ doÄurmamaktadır. Bu hĆ¼kĆ¼m ile ƶngƶrĆ¼len nisbĆ® etkisizlik, Ć¼Ć§Ć¼ncĆ¼ kiÅiye yapılan bildirim ile sona ermektedir; dolayısıyla Ć¼Ć§Ć¼ncĆ¼ kiÅiye geƧici bir koruma saÄlamaktadır. TĆ¼rk MedenĆ® Kanunuānun 979. maddesinin 3. fıkrasına gƶre, Ć¼Ć§Ć¼ncĆ¼ kiÅi devredene karÅı ileri sĆ¼rebildiÄi savunmalara dayanarak eÅyayı devralana teslimden kaƧınabilir. TĆ¼rk ve Ä°sviƧre oktrinlerinde hĆ¢kim olan gƶrĆ¼ÅĆ¼n aksine, bu hĆ¼kĆ¼m aynĆ® hakka dayanan savunmaların yanında ÅahsĆ® (nisbĆ®) hakka dayanan savunmaların da devralana ileri sĆ¼rĆ¼lmesine imkĆ¢n vermektedir. Sƶz konusu dĆ¼zenleme, hĆ¼kmĆ¼n sƶzĆ¼nde aƧıklık olmasa da, sadece taÅınırlar Ć¼zerinde devralana aynĆ® hak kazandırılması iƧin zilyetliÄin devri gereken hĆ¢llerde uygulanmalıdır. Ä°sviƧre doktrininde savunulan yeni gƶrĆ¼ÅĆ¼n aksine, zilyetliÄin havalesinin bildirimi Ć¼zerine, Ć¼Ć§Ć¼ncĆ¼ kiÅi ile devreden arasındaki iliÅkide devredenin yerini devralanın alması sƶz konusu deÄildir. TĆ¼rk ve Ä°sviƧre hukuklarında, kira sƶzleÅmesinin kurulmasından sonra kiralananın devri durumunda, devreden yerine devralanın kiraya veren olması yƶnĆ¼nde aƧık bir dĆ¼zenleme yer almaktadır. Bu dĆ¼zenleme kiralananın taÅınır veya taÅınmaz olması aƧısından bir fark getirmemektedir. Bu makalede savunulan gƶrĆ¼Åe gƶre, kira sƶzleÅmesine dair ƶzel hĆ¼kĆ¼m olmasaydı bile, kiralanan taÅınırın mĆ¼lkiyetinin zilyetliÄin havalesi ile devri durumunda Ć¼Ć§Ć¼ncĆ¼ kiÅi (kiracı) kiralananı kira sĆ¼resinin sonuna kadar teslimden kaƧınabilirdi. Bu nedenle, taÅınır kiraları aƧısından kiralananın devrine dair ƶzel dĆ¼zenleme, kiracının irade serbestĆ®sine ƶlĆ§Ć¼sĆ¼z bir mĆ¼dahale teÅkil etmektedir.Publication Open Access Turkey-US relations in an age of regional and global turmoil: challenges and prospects introduction(Routledge, 2013) Department of International Relations; ĆniÅ, Ziya; Yılmaz, Åuhnaz ĆzbaÄcı; Faculty Member; Department of International Relations; College of Administrative Sciences and Economics; 7715; 46805Publication Open Access When and whom to join: the expansion of ongoing violent interstate conflicts(Cambridge University Press (CUP), 2014) Joyce, Kyle A.; Ghosn, Faten; Department of International Relations; Bayer, ReÅat; Faculty Member; Department of International Relations; College of Administrative Sciences and Economics; 51395The opportunity and willingness framework has received much attention in research on interstate conflict expansion. This framework is extended here by examining when and what side third parties join during ongoing conflicts. It is maintained that without examining both timing and side selection, understanding of conflict expansion is limited. The timing and side joined in interstate disputes between 1816 and 2001 are analysed using a competing risks duration model. The findings contribute novel insights into many key debates in conflict research such as balancing versus bandwagoning, as well as alliance reliability and the democratic peace. The results also indicate that relying on statistical models that do not distinguish between which side a third party can join may produce misleading results.Publication Open Access Transmission of work attitudes and values: comparisons, consequences, and implications(Sage, 2019) Kraaykamp, Gerbert; Tosun, Jale; Department of Psychology; Cemalcılar, Zeynep; Faculty Member; Department of Psychology; College of Social Sciences and Humanities; 40374Are attitudes toward work and perceptions of the benefits of work transmitted from parents to youth similarly across a variety of cultural contexts? What determines the centrality of work to one's life? How are intrinsic work values (intangible rewards such as autonomy, learning opportunities, and self-fulfillment) and extrinsic work values (such as status, income, and financial safety) shaped; and how do these work attitudes have consequences in the political, economic, and well-being domains? Are the determinants of work values robust across countries, and do the consequences of having certain work values differ by country? These research questions guide this issue of The ANNALS. This introductory Journal article clarifies key concepts underlying the volume and provides an overview of the data sources and analytic approaches addressed in the individual contributions. Most importantly, we provide a broad theoretical framework with notions from various disciplines aimed at giving readers a fuller grasp of the multifaceted significance of work values.Publication Open Access Why do people join backlash protests? lessons from Turkey(Sage, 2018) Schiumerini, Luis; Stokes, Susan; Department of International Relations; AytaƧ, Selim Erdem; Faculty Member; Department of International Relations; College of Administrative Sciences and Economics; 224278When people learn that demonstrators are being subjected to harsh treatment by the police, sometimes their reaction is to join demonstrations. What explains the potentially mobilizing power of repression? Information-oriented theories posit that repression changes people's beliefs about the likely success of the protests or the type of the government, thus encouraging them to join. Social-psychological theories posit that repression provokes a moral and emotional reaction from bystanders, and these emotional reactions are mobilizing. Our research offers a rare opportunity to test these theories, empirically, against one another. We offer experimental evidence from Turkey after the 2013 Gezi uprising. In this setting, emotional reactions appear to be the link between repression and backlash mobilization. Information-oriented theories of backlash mobilization may be less germane in democracies, in which people already have access to information about their governments, and in highly polarized polities, in which few people's political affinities are up for grabs.