Kıyı Emniyeti Hizmetleri Özelleştirilmeli mi? Finans Literatürüne Dayalı Bir Analiz

Assertive privatization program implemented over the last three decades in Turkey has ended up with the exit of the state enterprises from the most of the competitive sectors remaining those operating in the public service industries. The Directorate General of Coastal Safety (DGCS) is one of the remaining state-owned enterprises providing public service in the field of maritime transportation. This study attempts to provide an analysis on the privatization options for DGCS and their expected positive and negative outcomes. Our review suggests that share issue privatization can be a feasible privatization method for DGCS considering the regulatory and safety concerns regarding the specialty of the services offered.

Anahtar Kelimeler:

Özelleştirme, Kamu İktisadi Teşebbüsleri, Kamu Hizmeti, Özelleştirme Yöntemleri, Kıyı Emniyeti Genel Müdürlüğü

Should Turkish Coastal Safety Services be Privatized? An Analysis Based on Finance Literature

Assertive privatization program implemented over the last three decades in Turkey has ended up with the exit of the state enterprises from most of the competitive sectors remaining those operating in the public service industries. The Directorate General of Coastal Safety (DGCS) is one of the remaining state-owned enterprises providing public service in the field of maritime transportation. This study attempts to provide an analysis on the privatization options for DGCS and their expected positive and negative outcomes. Our review suggests that share issue privatization can be a feasible privatization method for DGCS considering the regulatory and safety concerns regarding the specialty of the services offered.

Keywords:

Privatization, State-owned Enterprises, Public Service, Privatization Methods, The Directorate General of Coastal Safety,

PDF

___

Akten, N. (2004). Analysis of shipping casualties in the Bosphorus. The Journal of Navigation, 57(3), 345-356.
United States Government Accountability Office. (2005). Air traffic control: Preliminary observations on commercialized air navigation service providers. Retrieved from https://www.gao.gov/assets/120/111542.pdf.
Aivazian, V. A., Ying, G., & Jiaping, Q. (2005). Can corporatization improve the performance of state-owned enterprises even without privatization?. Journal of Corporate Finance, 11(5), 791-808.
Bel, G. (1998). Privatization on the stock market: Sale at one go or sale in tranches?. Economics Letters, 58(1), 113-117.
Bel, G. (2003). Confidence building and politics in privatization: Some evidence from Spain. Economics Letters, 78(1), 9-16.
Bortolotti, B., & Perotti, E. (2007). From government to regulatory governance: Privatization and the residual role of the state. The World Bank Research Observer, 22(1), 53-66.
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.
Bozec, R., & Breton, G. (2003). The impact of the corporatization process on the financial performance of Canadian state‐owned enterprises. International Journal of Public Sector Management, 16(1), 27-47.
Cohen, M. A. (2010). A taxonomy of oil spill costs—What are the likely costs of the deepwater horizon spill? Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.622.5418&rep=rep1&type=pdf
Directorate General of Coastal Safety. (2018). Retrieved March 10, 2018, from http://www.kiyiemniyeti.gov.tr/Default.aspx?pid=20.
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(2), 157-184.
Ercan, M. R., & Önіş, Z. (2001). Turkish privatization: Institutions and dilemmas. Turkish Studies, 2(1), 109-134.
Gu, A.Y. (2003). State ownership, firm size, and IPO performance: Evidence from Chinese" A" share issues. American Business Review, 21(2), 101.
Directorate General Coastal Safety Annual Report. (2005).
Fan, J. P. H, Wong, T. J., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics, 84(2), 330-357.
Gupta, N. (2005). Partial privatization and firm performance. The Journal of Finance, 60(2), 987-1015.
Foldvary, F. (2003). The lighthouse as a private-sector collective good. Retrieved from http://www.independent.org/publications/article.asp?id=757.
Frontier Centre for Public Policy (2002). Nav Canada: A model for commercializing public enterprises. Retrieved from https://fcpp.org/pdf/series11.pdf.
Goodliffe, M. (2002). The new UK model for air traffic services-a public private partnership under economic regulation. Journal of Air Transport Management, 8(1), 13-18.
Ilgar, R. (2010). Investigation of transit maritime traffic in the strait of Çanakkale (Dardanelles). World Journal of Fish and Marine Sciences, 2(5), 427-435.
Karatas, C. (1992). Privatization and regulation in Turkey: An assessment. Journal of International Development, 4(6), 583-605.
Karataş, C. (2001). Privatization in Turkey: Implementation, politics of privatization and performance results. Journal of International Development, 13(1), 93-121.
Koldemir, B. (2005). Bosphorus: Is the passage getting safer?. J. Black Sea/ Mediterranean Environment, 11, 139-148.
McKenna, R. B. (1998). Privatization in vessel traffic management. In California and the World Ocean '97: Ocean resources: An agenda for the future (pp. 233-244). ASCE.
Megginson, W. L., Nash, R. C., & Van Randenborgh, M. (1994). The financial and operating performance of newly privatized firms: An international empirical analysis. The Journal of Finance, 49(2), 403-452.
Megginson, W. L. (2005) The financial economics of privatization. USA: Oxford University Press.
Menyah, K., Krishna, N. P., & Charles, G. I. (1990). The pricing of initial offerings of privatised companies on the London stock exchange. Accounting and Business Research, 21(81), 51-56.
Monnier, I. (1995). The cost of oil spills after tanker incidents (Joint MIT-Industry Program on Tanker Safety Report No.41). Cambridge: Department of Ocean Engineering, MIT.
Simga-Mugan, C., & Yüce, A. (2003). Privatization in emerging markets: The case of Turkey. Emerging Markets Finance and Trade, 39(5), 83-110.
Perotti, E. C., & Van Oijen, P. (2001). Privatization, political risk and stock market development in emerging economies. Journal of International Money and Finance, 20(1), 43-69.
Sun, Q., & Tong, W.H. (2003). China share issue privatization: the extent of its success. Journal of Financial Economics, 70(2), 183-222.
Turan, S. (2002). Unfinished symphony of the Turkish straits. Turkish Review of Eurasian Studies, Annual, Foundation for Middle East and Balkan Studies, OBİV, 145-167.
Ulusçu, O. S., Özbaş, B., Altıok, T., & Or, İ. (2009). Risk analysis of the vessel traffic in the strait of Istanbul. Risk Analysis, 29(10), 1454-1472.
Vanem E., Qyvind, E., & Skjong, R. (2008). Cost-effectiveness criteria for marine oil spill preventive measures. Reliability Engineering and System Safety, 93(9), 1354-1368.
Yarrow, G. (1986). Privatization in theory and practice. Economic Policy, 1(2), 323-364.