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Privatization Performance in Turkey

by Esra Kabaklarlı (Author)
©2016 Monographs 120 Pages

Summary

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.

Table Of Contents

  • Cover
  • Title
  • Copyright
  • About the author
  • About the book
  • This eBook can be cited
  • Abstract
  • Contents
  • Introduction
  • 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
  • 1.3.1.1. Strengthening the Free Market Economy
  • 1.3.1.2. Increasing Economic Efficiency
  • 1.3.1.3. Strengthening the Capital Market
  • 1.3.1.4. Improving Income Distribution
  • 1.3.2. Financial Goals
  • 1.3.2.1. Reducing the Public Sector’s Need for External Financing
  • 1.3.2.2. Reducing the Public Sector Borrowing Requirement (PSBR)
  • 1.3.2.3. Changing the Taxation Structure
  • 1.3.3. Privatization Goals of Developed and Developing Countries
  • 1.3.4. Economic Efficiency and Natural Monopolies
  • 1.4. Privatization Theories
  • 1.4.1. The Classical School and Monetarism
  • 1.4.2. Property Rights Theory
  • 1.4.3. Public Choice Theory
  • 1.4.4. The Market- Friendly Approach
  • 1.4.5. The Friedman Matrix (Efficient Use of Money)
  • Part Two – Privatization in the World and Privatization History of Turkey
  • 2. Privatization in Turkey
  • 2.1. The Pre-Republic Era
  • 2.2. The Post-Republic Era (1923–1945)
  • 2.3. Democratic Party and Planned Development Era (1946–1980)
  • 2.4. The Liberal Era after 1980
  • 2.5. Detailed Analysis of the Recent Privatizations in Turkey
  • 2.5.1. Privatizations in the Electricity Sector and Electricity Distribution Procedures
  • 2.5.1.1. The Performance of the Turkish Electricity Sector following Privatization
  • 2.5.2. Privatizations in the Telecommunications Sector
  • 2.5.2.1. The History of Turk Telecom
  • 2.5.2.2. Turk Telecom Privatization
  • 2.5.2.3. Turk Telecom Public Offering Process
  • 2.5.2.4. The Performance of Turk Telecom after Privatization
  • 2.5.3. Privatization of Highways and Bridges
  • 2.5.3.1. The Privatization of Highways in Theory
  • Part Three – Efficiency Analysis of Privatization through Initial Public Offerings (IPOs) in Turkey
  • 3.1. Data and Methodology
  • 3.2. Results from the Empirical Study
  • 3.3. Results from the Empirical Study with GARCH Method
  • Review and Conclusions
  • References
  • Internet Resources

Esra Kabaklarlı

Privatization
Performance
in Turkey

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About the author

Esra Kabaklarlı studied Economics at the University of Hacettepe. She works at the Department of Economics (Selçukl University of Turkey). Her research interests include money policy, youth unemployment, economic development and time series econometrics.

Details

Pages
120
Publication Year
2016
ISBN (MOBI)
9783631697566
ISBN (ePUB)
9783631697573
ISBN (PDF)
9783653070415
ISBN (Softcover)
9783631675519
DOI
10.3726/978-3-653-07041-5
Language
English
Publication date
2016 (November)
Keywords
Initial Public Offerings privatized firms firm performance real sales leverage capital expenditures
Published
Frankfurt am Main, Bern, Bruxelles, New York, Oxford, Warszawa, Wien, 2016. 120 pp., 12 fig., 21 tables

Biographical notes

Esra Kabaklarlı (Author)

Esra Kabaklarlı studied Economics at the University of Hacettepe. She works at the Department of Economics (Selçukl University of Turkey). Her research interests include money policy, youth unemployment, economic development and time series econometrics.

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Title: Privatization Performance in Turkey