Investigation of effect of privatization through issue of share on the development of the stock market of the Group of 15 (G-15)

The present research aims to assess effect of privatization through issue of share on the development of the stock market of the group of 15 (G-15). The statistical population in this research is G15 countries that were selected for sampling countries whose statistical data were available for the study period. These data are collected for the period of 1997-2017. Data analysis is panel data. In this research, two indicators were considered for the development of the stock market: 1. Market size and 2-market liquidity. Therefore, two regression models were estimated. The results showed that privatization does not have an impact on stock development when stock market size index is used to measure stock development. But when the market liquidity index is used to measure stock development, privatization has a positive impact on stock market development, although this effect is small.