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dc.contributor.authorArin, K. P.en_US
dc.contributor.authorOkten, C.en_US
dc.date.accessioned2016-02-08T10:29:33Z
dc.date.available2016-02-08T10:29:33Z
dc.date.issued2003en_US
dc.identifier.issn0003-6846
dc.identifier.urihttp://hdl.handle.net/11693/24446
dc.description.abstractThis paper analyses the determinants of privatization prices in a multi-industry study using a sample of 68 recently privatized firms from Turkey. Results show that revenue and market characteristics are significant determinants of privatization prices while current cost and profit indicators are not. It is argued that potential buyers regard these state firms as inefficient, therefore do not take into consideration their current costs and profits in determining their value. When the dependent variable is altered by dividing the firm's privatization price by the firm's sales (revenues), it is found that sales-adjusted privatization prices are responsive to firms' profit margins. However, this result does not hold when the sample is restricted to a single industry. Profit margins along with other profitability and firm efficiency measures are no longer significant determinants of sales-adjusted privatization prices in the cement industry analysis. Unexploited production opportunities measured by capacity utilization ratios, and complete private ownership resume a more important role.en_US
dc.language.isoEnglishen_US
dc.source.titleApplied Economicsen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/0003684032000100391en_US
dc.subjectEconomic reformen_US
dc.subjectPrice dynamicsen_US
dc.subjectPrivatizationen_US
dc.subjectProfitabilityen_US
dc.titleThe determinants of privatization prices: evidence from Turkeyen_US
dc.typeArticleen_US
dc.departmentDepartment of Economics
dc.citation.spage1393en_US
dc.citation.epage1404en_US
dc.citation.volumeNumber35en_US
dc.citation.issueNumber12en_US
dc.identifier.doi10.1080/0003684032000100391en_US
dc.publisherRoutledgeen_US
dc.identifier.eissn1466-4283


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