Using a unique panel data set of privatised cement firms in Turkey, we test the hypothesis that privatisation and firm performance are determined simultaneously in a political economy context. By focusing on the short- and medium-run joint relationship between privatisation and firm performance,...

In the context of insurance industry, we provide a theoretical and empirical framework to analyze the tradeoffs between three fundamental goals of business: growth, profitability, and safety. Insurers balance on premium and underwriting standards to optimize one goal constrained by the other...

This paper investigates the association between executive compensation and performance. It uniquely utilizes a comprehensive set of corporate governance mechanisms within a three-stage least squares (3SLS) simultaneous equation framework. Results based on estimating a conventional single...