L’impact des privatisations sur la performance des entreprises françaises
Abstract(VF)Les déficits budgétaires de nombreux pays, la faiblesse des performances financières des entreprises publiques et les développements récents de la recherche en finance incitent de nombreux États à céder leurs entreprises au secteur privé. Après un panorama du mouvement de privatisation dans le monde et particulièrement en France ainsi qu’un exposé des principaux courants théoriques qui confortent ce mouvement, cet article expose les résultats d’une étude empirique réalisée sur les privatisations françaises. Au cours de la période 1986-2004, nous trouvons que le transfert de propriété du secteur public au secteur privé a une incidence positive sur la performance des entreprises privatisées. La performance est évaluée à partir d’analyses de ratios de rentabilité, de productivité, d’investissement et de financement.(VA)The budget deficits of numerous countries, the poor financial performance of nationalized firms and the recent developments of financial theory encourage many States to sell off their companies to the private sector. After a survey of recent privatization trends in the world and in France, as well as a presentation of the main theories in favour of privatization, this article presents the results of an empirical study on French privatizations. Over the 1986-2004 period, we find that privatization has a positive impact on the economic and financial performance of the firms in our sample. Performance is measured through different ratios:profitability, productivity, investment and financing.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by revues.org in its journal Revue Finance Contrôle Stratégie.
Volume (Year): 10 (2007)
Issue (Month): 1 (March)
Contact details of provider:
Web page: http://www.revues.org/
Find related papers by JEL classification:
- G39 - Financial Economics - - Corporate Finance and Governance - - - Other
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1996. "A Theory of Privatisation," Economic Journal, Royal Economic Society, vol. 106(435), pages 309-19, March.
- Rafael La Porta & Florencio López-De-Silanes, 1999.
"The Benefits Of Privatization: Evidence From Mexico,"
The Quarterly Journal of Economics,
MIT Press, vol. 114(4), pages 1193-1242, November.
- Rafael La Porta & Florencio López-de-Silanes, 1997. "The Benefits of Privatization : Evidence from Mexico," World Bank Other Operational Studies 11583, The World Bank.
- Rafael La Porta & Florencio Lopez-de-Silane, 1997. "The Benefits of Privatization: Evidence from Mexico," NBER Working Papers 6215, National Bureau of Economic Research, Inc.
- Eckel, Catherine & Eckel, Doug & Singal, Vijay, 1997. "Privatization and efficiency: Industry effects of the sale of British Airways," Journal of Financial Economics, Elsevier, vol. 43(2), pages 275-298, February.
- Andrei Shleifer, 1998.
"State Versus Private Ownership,"
NBER Working Papers
6665, National Bureau of Economic Research, Inc.
- Andrei Shleifer, 1998. "State Versus Private Ownership," Harvard Institute of Economic Research Working Papers 1841, Harvard - Institute of Economic Research.
- Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
- Narjess Boubakri & Jean-Claude Cosset, 1998. "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries," Journal of Finance, American Finance Association, vol. 53(3), pages 1081-1110, 06.
- Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
- Nellis, J., 1999. "Time to Rethink Privatization in Transition Economies?," Papers 38, World Bank - International Finance Corporation.
- Hervé Alexandre & Gérard Charreaux, 2001.
"Efficiency of French Privatizations:A Dynamic Vision,"
Working Papers CREGO
011001, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Oct 2001.
- Alexandre, Herve & Charreaux, Gerard, 2004. "Efficiency of French privatizations: a dynamic vision," Journal of Corporate Finance, Elsevier, vol. 10(3), pages 467-494, June.
- Gérard, Charreaux & Alexandre, Hervé, 2004. "Efficiency of French privatizations: a dynamic vision," Economics Papers from University Paris Dauphine 123456789/6090, Paris Dauphine University.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Bishop, Matthew R. & Kay, John A., 1989. "Privatization in the United Kingdom: Lessons from experience," World Development, Elsevier, vol. 17(5), pages 643-657, May.
- Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
- Jones, Steven L. & Megginson, William L. & Nash, Robert C. & Netter, Jeffry M., 1999. "Share issue privatizations as financial means to political and economic ends," Journal of Financial Economics, Elsevier, vol. 53(2), pages 217-253, August.
- Harper, Joel T, 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 119-31, Spring.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gérard Charreaux).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.