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.
Part One – Privatization Concept and Theories
1.1. Definition of the Privatization Concept
1.2. Historical Development of Privatization Practices
1.3. Aims of Privatization
1.3.1. Economic Goals
126.96.36.199. Strengthening the Free Market Economy
188.8.131.52. Increasing Economic Efficiency
184.108.40.206. Strengthening the Capital Market
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