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The Financial and Operating Performance of Privatized Firms during the 1990s

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Author Info
Juliet D'souza (Mercer University,)
William L. Megginson (University of Oklahoma)
Abstract

This study compares the pre- and postprivatization financial and operating performance of 85 companies from 28 industrialized countries that were privatized through public share offerings for the period from 1990 through 1996. We document significant increases in profitability, output, operating efficiency, and dividend payments-and significant decreases in leverage ratios-for our full sample of firms after privatization, and for most subsamples examined. Capital expenditures increase significantly in absolute terms, but not relative to sales. Employment declines, but insignificantly. Combined with results from two previous, directly comparable studies, these findings strongly suggest that privatization yields significant performance improvements. Copyright The American Finance Association 1999.

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Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 54 (1999)
Issue (Month): 4 (08)
Pages: 1397-1438
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Handle: RePEc:bla:jfinan:v:54:y:1999:i:4:p:1397-1438

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  1. Máximo Torero & Lorena Alcazar & Eduardo Nakasone, 2007. "El suministro de servicios públicos y bienestar social para los pobres. Aprendizaje de la privatización incompleta del sector eléctrico en Perú," RES Working Papers 3233, Inter-American Development Bank, Research Department. [Downloadable!]
  2. Evzen Kocenda, 2002. "Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatization," Econometrics 0203002, EconWPA. [Downloadable!]
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  3. Máximo Torero, 2003. "Peruvian Privatization: Impacts On Firm Performance," RES Working Papers 3173, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
  4. Máximo Torero & Lorena Alcazar & Eduardo Nakasone, 2007. "Provision of Public Services and Welfare of the Poor: Learning from an Incomplete Electricity Privatization Process in Rural Peru," RES Working Papers 3232, Inter-American Development Bank, Research Department. [Downloadable!]
  5. Wolf, C. & Pollitt, M.G., 2008. "Privatising national oil companies: Assessing the impact on firm performance," Cambridge Working Papers in Economics 0811, Faculty of Economics, University of Cambridge. [Downloadable!]
  6. Wolfgang Aussenegg, 1999. "Going Public in Poland: Case-by-Case Privatizations, Mass Privatization and Private Sector Initial Public Offerings," William Davidson Institute Working Papers Series 292, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  7. Witold J. Henisz & Bennet A. Zelner, 2004. "Interest Groups, Veto Points And Electricity Infrastructure Deployment," William Davidson Institute Working Papers Series 2004-711, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  8. Ngo Long & Frank Staehler, 2008. "How does state ownership affect optimal export taxes?," Economics Bulletin, Economics Bulletin, vol. 6(37), pages 1-7. [Downloadable!]
  9. Brown, J. David & Earle, John S. & Telegdy, Álmos, 2008. "Employment and Wage Effects of Privatization: Evidence from Hungary, Romania, Russia, and Ukraine," IZA Discussion Papers 3688, Institute for the Study of Labor (IZA). [Downloadable!]
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