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Privatisation in Developing Countries

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  • William L. Megginson
  • Natalie L. Sutter
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    Abstract

    We survey empirical studies examining privatisation's effects in developing economies. Most of these studies find that privatisation yields improvements in the operating and financial performance of divested firms, and only a handful document outright performance declines after privatisation. Almost all studies that examine post-privatisation changes in output, efficiency, profitability, capital investment spending and leverage document significant increases in the first four measures and significant declines in leverage. The studies examined here are far less unanimous regarding the impact of privatisation on employment levels in privatised firms. Studies that explicitly address the sources of post-privatisation performance improvement using data from multiple non-transition economies tend to find stronger efficiency gains for firms in regulated industries, in firms that restructure operations after privatisation, and in countries providing greater amounts of shareholder protection. Copyright (c) 2006 The Authors; Journal compilation (c) 2006 Blackwell Publishing Ltd.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Corporate Governance: An International Review.

    Volume (Year): 14 (2006)
    Issue (Month): 4 (07)
    Pages: 234-265

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    Handle: RePEc:bla:corgov:v:14:y:2006:i:4:p:234-265

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1

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    Cited by:
    1. Liam Wren-Lewis, 2011. "Do Infrastructure Reforms Reduce the Effect of Corruption? Theory and Evidence from Latin America and the Caribbean," Working Papers ECARES ECARES 2011-026, ULB -- Universite Libre de Bruxelles.
    2. Adelaide Figueiredo & Fernanda Figueiredo & Natália P. Monteiro & Odd Rune Straume, 2011. "Restructuring in privatised firms: a Statis approach," FEP Working Papers 404, Universidade do Porto, Faculdade de Economia do Porto.
    3. Liam Wren-Lewis, 2011. "Do infrastructure reforms reduce the effect of corruption? Theory and evidence from Latin America and the Caribbean," Economics Series Working Papers 576, University of Oxford, Department of Economics.
    4. Boubakri, Narjess & Cosset, Jean-Claude & Guedhami, Omrane & Saffar, Walid, 2011. "The political economy of residual state ownership in privatized firms: Evidence from emerging markets," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 244-258, April.
    5. A. Brandão & S. Castro, 2007. "State-owned enterprises as indirect instruments of entry regulation," Journal of Economics, Springer, vol. 92(3), pages 263-274, December.

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