The Financial and Operating Performance of Privatized Companies in the Turkish Cement Industry

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2005-6

Author

MÜSLÜMOV, Alövsat

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This paper examines the post-privatization performance of privatized companies in the Turkish cement industry. The findings indicate that, when performance criteria for both the state and private enterprises are considered, privatization in the cement industry results in significant performance deterioration. Total value added and the return on investment declines significantly after privatization. This decrease mainly stems from deterioration in asset productivity. The decline in asset productivity, however, is not caused by an increase in capital investment, since postprivatization capital investment did not change significantly. Significant contraction in total employment and an increase in financial leverage after privatization are among the key research findings. Privatization through public offering, gradual privatization and domestic ownership are found to stimulate the financial and operating performance of firms following privatization.

Subject Keywords

Privatization, Turkey, Cement industry, Ownership structure

URI

http://www2.feas.metu.edu.tr/metusd/ojs/index.php/metusd/article/view/49/49
https://hdl.handle.net/11511/58498

Journal

ODTÜ Gelişme Dergisi

Collections

Department of Economics, Article

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Citation Formats

A. MÜSLÜMOV, “The Financial and Operating Performance of Privatized Companies in the Turkish Cement Industry,” ODTÜ Gelişme Dergisi, vol. 32, no. 1, pp. 59–101, 2005, Accessed: 00, 2020. [Online]. Available: http://www2.feas.metu.edu.tr/metusd/ojs/index.php/metusd/article/view/49/49.