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performance deviation of privatized banks relative to the established bank group, banking freedom (regulations) and extensive deposit insurance schemes in respective economies are associated with increased performance deviation. A recent study (Okten & Arin, 2006) on the effect of privatization argues privatized firms improve productive efficiency by increasing their capital and decreasing their labor endowment. But this effect disappears when we control for changes in market structure using a measure for market concentration. Hence, while private ownership has a robust positive effect on productive efficiency, whether gains in productivity will be passed on to consumers in the form of lower prices will depend on the market structure ensuing from privatization. Kerr et al., (2008) studied the privatization process in New Zealand and Australia through which they confirmed that the performance of companies after being privatized has improved greatly and privatization has increased the annual growth of New Zealand companies up to 12% and Australian companies up to 9%. Another study (Sarboland, 2012) conducted in Iran conclude that privatization has increased the overall financial performance of the corporation, however financial (debt) leverage ratios also increase, which reflects the company's poor performance in the years after privatization because in such a situation creditors will have less assurance and, moreover, in the view of lenders the less financial (debt) leverage ratio, the better.

Some research studies found average performance after reforms, whereas, some studies found positive effect of reforms. However, most of the literature suggests that there is a significant relation between privatization and efficiency and due to the importance and the role that privatization has in increasing efficiency and optimum use of resources, more research is needed to confirm or reject the findings of previous studies. To do so, this current study has been tried to investigate the relation between privatization and efficiency in PTCL.

Methodology 方法论
The study basically focuses on the impact of Privatization on the financial performance of PTCL. Since the domain is PTCL, financial ratios of years 2000-2004 (before being privatized) and financial ratios of years 2005-2009 (after being privatized) have been analyzed, research population and sample are the same. Information and data needed for this research has been collected from the annual reports of PTCL. Since used data was obtained from company documents and financial records and accounting, the data is considered reliable. For measuring financial performance the following four variables have been used:

Operating Profit Margin

Net Profit Margin

Return On Equity

Earnings per share

Number of Share trade

In this study, to analyze data obtained from documents available in finance department, first, after separating and identifying the data of two periods (i.e., after and before privatization), the paired-samples t test for mean difference has been applied to analyze the data. This test explains volatility and significance of the variables, with the assumptions that the distribution of the variable is normal and that the variance of the variable is same in both set of populations. The test id done with help of Microsoft excel and SPSS.

Analysis and Fi