Manuscript Type: EmpiricalResearch Question/Issue: We investigate the indirect effect of a board's demographic diversity on firm performance via board monitoring in a context where boards are relatively homogeneous with respect to structural diversity, using data from Turkey. We contextualize our investigation by exploring the influence of ownership configurations on the effect of diversity. Research Findings/Insights: We find a positive and non-linear relationship between demographic diversity and performance, mediated by the board's monitoring efforts. The effect of monitoring is found to be contingent upon (moderated by) the controlling shareholders' propensity to expropriate, measured by the deviation of control rights from cash flow rights, i.e. the wedge. We report that demographic diversity enhances firm performance by mitigating the negative effect of the wedge on board monitoring. Theoretical/Academic Implications: Our results provide empirical support for the importance of contextual factors in the relationship between diversity and performance. Our framework and the compound diversity and board-monitoring indices we construct may prove useful to researchers. Practitioner/Policy Implications: Regulators can use our findings in formulating recommendations or regulations related to desirable characteristics of boards. Our results are also instructive for investors and proxy advisors and indicate that the mere existence of monitoring vehicles may be insufficient to prevent expropriation by dominant shareholders, but diverse boards may mitigate the propensity to expropriate. Board members and shareholders should also benefit from the findings in creating boards that are more diligent monitors.

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Both international and domestic developments have combined to bring the corporate governance (CG) debate to the fore in Turkey. Given this increased interest in CG matters and the signi cance of Turkey as an emerging market, we provide an overview of the Turkish CG framework with two objectives in mind: (i) contributing to the growing CG literature by presenting the main aspects of the CG practice in Turkey, and (ii) locating the Turkish CG reform agenda within the global debate-especially as it relates to the practice in emerging markets. We begin with a review of the CG debate as it relates to emerging markets. We then provide an account of the socioeconomic environment within which the Turkish CG debate is unfolding. This is followed by an examination of the external (market-related) and internal (rm-related) dimensions of the Turkish CG framework. Finally, we summarize the main ndings and offer some recommendations for a successful reform initiative in Turkey.

Purpose -The purpose of this paper is to take a snapshot of corporate social responsibility (CSR) practices in Turkey by exploring the role of the economy, state and societal culture. It aims to focus on the impact of cultural values on the role stakeholders play in driving corporate behaviour.Design/methodology/approach -The paper is based on a review of existing research into cultural dimensions and attitudes, surveys of corporate disclosures, interviews and cumulative knowledge of economic and social development. Findings -External factors have been major factors driving the emergence of the ''CSR'' discourse in emerging markets. In the case of Turkey, for example, economic fundamentals and cultural dimensions do not reflect a strong societal influence on corporate behaviour. Drivers for CSR in Turkey will be exogenous and institutional rather than endogenous and cultural.Practical implications -The paper recommends a stronger role for regulations and law-enforcement in driving corporate accountability and social performance, also highlighting the importance of international influences.Originality/value -The originality of the paper is in exhibiting the role of societal culture in shaping business expectations and in arguing for a stronger role for public enforcement and international monitoring. The paper has relevance for regulators and international agencies.