Ownership and Firm Performance : Evidences from Privatization IPOs around the World
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Abundant evidences indicate that privatization leads to enormous benefits to society, with few undesirable costs. Using data from 120 non-financial privatized firms from 32 countries, we follow the long-run operating performance of privatized companies up to 10 years and study the costs and benefits of privatization. Although privatization accompanies rapid sales growth and a marginal increase in profitability, privatized firms cannot close the efficiency gap with industry peers. Indeed, the previously documented striking achievements of the privatized firms were merely a reflection of the world business cycle, the pace of economic activity in general.
Abstract
Abundant evidences indicate that privatization leads to enormous benefits to society, with few undesirable costs. Using data from 120 non-financial privatized firms from 32 countries, we follow the long-run operating performance of privatized companies up to 10 years and study the costs and benefits of privatization. Although privatization accompanies rapid sales growth and a marginal increase in profitability, privatized firms cannot close the efficiency gap with industry peers. Indeed, the previously documented striking achievements of the privatized firms were merely a reflection of the world business cycle, the pace of economic activity in general.
참고문헌 (21)
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