In international level, principles of corporate governance are first published by OECD in 1999. These principles
turn out to be international reference in all over the world. Corporate governance has become more important for
businesses in Turkey due to regulations about corporate governance, Turkish Trade Act, and European Union
adjustment laws (Çemberci, 2013). Capital Markets Board of Turkey (CMB) first published corporate governance
principles in 2003. These principles were transparency, accountability, responsibility and fairness (CMB, Corporate
Governance Principles, 2003) but these principles are revised and principle of public disclosure is added among the
previous ones in 2005 (Kavut, 2010).