Unlike corporations in the United States and the United Kingdom, which have dispersed ownership, fi rms in Turkey are mainly concentrated and controlled by business groups. e groups are usually in the form of holding companies that serve in diversifi ed industries. us, they enjoy economies of scale, reduced transaction costs, and diversifi ed risk by operating in diff erent economic activities. Family-controlled fi rms are the predominant type of business groups, and it is common that banks and other fi nancial institutions are part of a business group.