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Short‐Term Effects Of Privatization On Operating Performance In The Czech Republic

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  • Joel T. Harper

Abstract

In this article I use a sample of 178 Czech firms that were in the first wave of voucher privatization to test changes in efficiency and profitability. Based on a previous study's methodology, nonparametric tests reveal that efficiency and profitability decreased immediately following privatization. This is in contrast to earlier studies that find privatization increases these measures. Changes in firms' operations do not vary significantly by size or ownership but do vary by industry type, with nonmanufacturing firms having more positive (or less negative) changes after privatization. Evidence indicates that in spite of the disappointing findings, positive operating performance changes are taking place, such as a decrease in employment. JEL classification: G32, L33, 052

Suggested Citation

  • Joel T. Harper, 2001. "Short‐Term Effects Of Privatization On Operating Performance In The Czech Republic," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(1), pages 119-131, March.
    • Handle: RePEc:bla:jfnres:v:24:y:2001:i:1:p:119-131
    DOI: 10.1111/j.1475-6803.2001.tb00821.x
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    Cited by:

    1. Rui Alpalhao & Paulo Alves, 2013. "States as LBO Specialists: Evidence from Portugal," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 4(2), pages 68-76, April.
    2. Michel Albouy & Hassan Obeid, 2007. "L’impact des privatisations sur la performance des entreprises françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 10(1), pages 5-37, March.
    3. Marwan Mohamed Abdeldayem & Saeed Hameed AL Dulaimi, 2019. "Privatisation and Financial Performance in Egypt Since 1991," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(4), pages 461-479, April.
    4. Ghulam, Yaseen & Jaffry, Shabbar, 2015. "Efficiency and productivity of the cement industry: Pakistani experience of deregulation and privatisation," Omega, Elsevier, vol. 54(C), pages 101-115.
    5. Harper, Joel T., 2002. "The performance of privatized firms in the Czech Republic," Journal of Banking & Finance, Elsevier, vol. 26(4), pages 621-649, April.
    6. Ghulam, Yaseen, 2017. "Long-run performance of an industry after broader reforms including privatization," Research in International Business and Finance, Elsevier, vol. 42(C), pages 745-768.
    7. Tomas Jandik & Craig G. Rennie, 2008. "The Evolution of Corporate Governance and Firm Performance in Transition Economies: The Case of Sellier and Bellot in the Czech Republic," European Financial Management, European Financial Management Association, vol. 14(4), pages 747-791, September.
    8. James D. Goodnow & Pavel Vopařil, 2005. "A Classification of International Business Strategies in the Czech Republic: A Longitudinal Analysis of Selected Firms," Prague Economic Papers, Prague University of Economics and Business, vol. 2005(4), pages 331-349.
    9. Céline Du Boys, 2009. "Government As A Shareholder In Listed Companies: Consequences On Performance, Governance And Repartition Of Power Between Stakeholders," Post-Print hal-01470317, HAL.
    10. Ichiro Iwasaki & Satoshi Mizobata, 2020. "Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(1), pages 32-67, January.
    11. Yaseen Ghulam, 2018. "Is the Improved Financial Performance after Broader Reforms and Privatisation Long-Lasting and Uniform Across Industries?," Review of Economics & Finance, Better Advances Press, Canada, vol. 13, pages 77-92, August.
    12. Kevin Campbell, 2002. "Ownership Structure and the Operating Performance of Hungarian Firms," UCL SSEES Economics and Business working paper series 9, UCL School of Slavonic and East European Studies (SSEES).
    13. Marwan Mohamed Abdeldayem & Saeed Hameed AL Dulaimi, 2019. "Privatisation as a Worldwide Tool of Economic Reform: A Literature Review," International Journal of Social and Administrative Sciences, Asian Economic and Social Society, vol. 4(2), pages 66-84, June.

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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