Financial and operating performance of article 44 companies offered in TSE after and before privatization

One of the essential objectives of Article 44 accomplishment is improving financial performance of economic firms. The aim of this research is to investigate the financial and operating performance of Article 44 companies offered in TSE for two years prior and after privatization. In this study the performance of firms is assessed by operational income margin, net income margin, return on equity, return on asset, operational cash flow asset, Tobin's Q ratio and economic added value. After normality test of data, parametric tests and nonparametric tests are run for each hypothesis. The results of this research show no significant difference between financial and operating performance of Article 44 companies offered in TSE, two years prior and after privatization.