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Privatization Performance in Turkey

Esra Kabaklarlı

This book examines the financial performance of Turkish firms that were privatized by way of IPOs (Initial Public Offerings). The author uses event study methodology to empirically evaluate the financial efficiency of privatized firms. She also compares the equity returns of state firms to the returns of private sector firms that were listed in the same period or in the same sector. The pre-and-post privatization performance is tested using the Wilcoxon signed-rank test involving accounting data and financial ratios of the privatized firms. Empirical findings of post privatization analysis indicate improvements in firm performance in regard to real sales, leverage and capital expenditures.

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References

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Ağartan, K. (2009). Privatization and limits to economic liberalization in Turkey: Erdemır Case Study, Phd Thesis, Binghamton University.

Aggarwal, R., Leal, R & L. Hernandez, L. (1993). The aftermarket performance of initial public offerings in Latin America. Financial Management, 22 (1), 42-/53.

Akın, A. H. (2006). Türkiye’de Bir Özelleştirme Örneği TAV. Yayınlanmamış Yüksek lisans Tezi. İstanbul Üniversitesi Sosyal Bilimler Enstitüsü. İstanbul.

Aktan, C. C. (1995). KİT Yeniden Yapılanma ve Özelleştirme Stratejisi (Türkiye İçin Bir Model ve Stratejik Planlama Önerisi). Ankara: TİSK Yayını.

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