Journals / Business and Economics Research Journal / 2019 / Cilt: 10 - Sayı: 3

Restructuring before Privatization: An Examination of the Turkish State-Owned Enterprises

Özelleştirme Öncesi Yeniden Yapılandırma: Türk Kamu İktisadi Teşebbüsleri Üzerine Bir İnceleme

Pages
671–685
DOI
—
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Another finding is that the SOEs underwent a restructuring especially in the following year of being included into the privatization portfolio.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Though Turkey is one of the initial countries that started a privatization program, the pace of the implementation of the privatization program has remained quite low.
📊
Key Findings & Data:This study aims at filling this gap by examining which SOEs were included into the privatization portfolio and what kind of restructuring processes these SOEs underwent over the 1990-2001 period.
💡
Conclusion & Impact:Another finding is that the SOEs underwent a restructuring especially in the following year of being included into the privatization portfolio.
🔬Design:Research Article
📍Scope:2001 Verileri
⚙️Variables:Domain Parameters

Abstract

Though Turkey is one of the initial countries that started a privatization program, the pace of the implementation of the privatization program has remained quite low. Many stateowned enterprises (SOEs) stayed for a long time in the privatization program and many others are not even included in the privatization program. This situation arises the questions such as “what are the criteria for the SOEs to be included into the privatization portfolio” and “what kind of restructuring processes are these SOEs going through before the privatization”. Because the selection of the SOEs to be privatized and the associated restructuring directly affect the success of the privatizations. There is no study on this topic to our knowledge for Turkey. This study aims at filling this gap by examining which SOEs were included into the privatization portfolio and what kind of restructuring processes these SOEs underwent over the 1990-2001 period. The findings of the study suggest that Turkish governments decided to privatize the SOEs that were easier to be privatized. Another finding is that the SOEs underwent a restructuring especially in the following year of being included into the privatization portfolio.

Özet

Türkiye özelleştirme programını ilk başlatan ülkelerden biri olmasına rağmen bu programın uygulanma hızı oldukça yavaş kalmıştır. Özelleştirme programı kapsamına alınan kamu iktisadi teşebbüsleri (KİT’ler) uzun süre programda kalmaya devam etmişler, bazı KİT’ler ise hiç kapsama alınmamışlardır. Bu durum, KİT’lerin nasıl bir sıralamayla özelleştirme programı kapsamına alındıkları ve kapsama alınan KİT’lerin özelleştirilmelerine kadar geçen sürede nasıl bir yeniden yapılandırmadan geçtikleri sorularını beraberinde getirmektedir. Zira, hangi KİT’lerin özelleştirilmek üzere seçildikleri ve seçilen KİT’lerde hayata geçirilen yeniden yapılandırma faaliyetleri özelleştirmelerin başarısını doğrudan etkilemektedir. Bildiğimiz kadarıyla Türkiye üzerine bu konuda yapılmış bir araştırma bulunmamaktadır. Bu çalışma bahsedilen bu boşluğu doldurmak amacıyla, 1990-2001 döneminde hangi özellikleri taşıyan KİT’lerin özelleştirme programı kapsamına alındığı ve kapsama dahil edilen KİT’lerde ne tür bir yeniden yapılandırmaya gidildiğini analiz etmektedir. Çalışmanın sonuçları, iktidarların özelleştirilmeleri daha kolay olan KİT’leri özelleştirme programı kapsamına almayı tercih ettiklerini göstermektedir. Çalışmanın diğer bir sonucu, özelleştirme programı kapsamına alınan KİT’lerde özellikle kapsama alınmayı takip eden ilk sene içinde çeşitli yeniden yapılandırma faaliyetleri yürütülmüş olduğudur.

🔖

Cite This Article

ÖZCAN, İ. Ç. (2019). Restructuring before Privatization: An Examination of the Turkish State-Owned Enterprises. Business and Economics Research Journal, Cilt: 10 - Sayı: 3, 671–685. https://ajindex.com/articles/142690

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (12)

  1. Ahuja, G., & Majumdar, S. K. (1998). On the sequencing of privatization in transition economies. Industrial and Corporate Change, 7(1), 109-151.
  2. Aussenegg, W., & Jelic, R. (2007). The operating performance of newly privatised firms in Central European transition economies. European Financial Management, 13(5), 853-879.
  3. Biglaiser, G., & Brown, D. S. (2003). The determinants of privatization in Latin America. Political Research Quarterly, 56(1), 77-89.
  4. Blaszczyk, B., Górzyñski, M., Kamiñski, T., Maliszewski, W., & Woodward, R. (1999). Privatization and company restructuring in Poland. Boubakri, N., & Cosset, J. C. (1998). The financial and operating performance of newly privatized firms: Evidence from developing countries. The Journal of Finance, 53(3), 1081-1110.
  5. Boubakri, N., Cosset, J. C., & Guedhami, O. (2005). Liberalization, corporate governance and the performance of privatized firms in developing countries. Journal of Corporate Finance, 11(5), 767-790.
  6. Bös, D. (1999). Privatization and restructuring: An incomplete-contract approach. Journal of Institutional and Theoretical Economics (JITE)/Zeitschrift für die gesamte Staatswissenschaft, 362-382.
  7. Carlin, W., Reenen, J. V., & Wolfe, T. (1995). Enterprise restructuring in early transition: the case study evidence from Central and Eastern Europe 1. Economics of Transition, 3(4), 427-458.
  8. Chong, A., & López-De-Sılanes, F. (2004) Privatization in Latin America: What Does the Evidence Say?, Economia, 4, 37-111.
  9. Chong, A., & Galdo, V. (2007). Should state-owned firms change CEOs before privatization? Some evidence from the telecommunications industry. Applied Economics, 14, 591-595.
  10. D'souza, J., & Megginson, W. L. (1999). The financial and operating performance of privatized firms during the 1990s. The Journal of Finance, 54(4), 1397-1438.
  11. D'souza, J., Megginson, W., & Nash, R. (2007) The effects of changes in corporate governance and restructurings on operating performance: Evidence from privatizations. Global Finance Journal, 18, 157-184.
  12. Estrin, S., Gelb, A., & Singh, I. (1994). Restructuring, viability and privatization: A comparative study of enterprise adjustment in transition. Paper presented at the World Bank Workshop on Enterprise Adjustment in Eastern Europe, September 22nd-23rd, Washington DC. Feng, F., Sun, Q., & Tong, W. H. (2004). Do government-linked companies underperform? Journal of Banking & Finance, 28(10), 2461-2492. García, L. C., & Ansón, S. G. (2007). The Spanish privatisation process: