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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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Bibliographic Information published by the Deutsche Nationalbibliothek

The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the internet at

Library of Congress Cataloging-in-Publication Data

Names: Kabaklarlı, Esra, 1981- author

Title: Privatization performance in Turkey / Esra Kabaklarl

Description: Frankfurt am Main : PL Academic Research, 2016. | Includes bibliographical references.

Identifiers: LCCN 2016040455

Subjects: LCSH: Privatization—Turkey. | Going public (Securities)—Turkey. | Corporations—Turkey—Finance.

Classification: LCC HD4276.7 .K33 2016 | DDC 338.9561/05—dc23 LC record available at

ISBN 978-3-631-67551-9 (Print)

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