Advanced Search
MyIDEAS: Login to save this article or follow this journal

Restructuring in privatised firms: A Statis approach

Contents:

Author Info

  • Figueiredo, Adelaide
  • Figueiredo, Fernanda
  • Monteiro, Natália P.
  • Straume, Odd Rune

Abstract

We analyse the dynamics and evolution of the corporate restructuring process in the Portuguese banking sector, where 10 banks were privatised during the period 1989–1996. We apply a novel methodological approach in this context, using a multidimensional measure of restructuring that links product and labour market variables. We find evidence of considerable heterogeneity in the restructuring process, where firms adjust at different speeds and intensities. We also find that the wage level is by far the firm attribute that changed more, which is shown to reflect substantial changes in terms of composition, and not size, of the workforce. Our empirical evidence also suggests that privatisation is associated with a higher level of rent sharing.

Download Info

If 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.
File URL: http://www.sciencedirect.com/science/article/pii/S0954349X11000713
Download Restriction: Full text for ScienceDirect subscribers only

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Elsevier in its journal Structural Change and Economic Dynamics.

Volume (Year): 23 (2012)
Issue (Month): 1 ()
Pages: 108-116

as in new window
Handle: RePEc:eee:streco:v:23:y:2012:i:1:p:108-116

Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/525148

Related research

Keywords: Statis; Privatisation; Portuguese banking;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
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.:
as in new window
  1. Natália Pimenta Monteiro, 2004. "Using propensity matching estimators to evaluate the impact of privatisation on wages," NIPE Working Papers 12/2004, NIPE - Universidade do Minho.
  2. Brown, J. David & Earle, John S. & Vakhitov, Volodymyr, 2006. "Wages, layoffs, and privatization: Evidence from Ukraine," Journal of Comparative Economics, Elsevier, vol. 34(2), pages 272-294, June.
  3. Daniel Münich & Jan Svejnar & Katherine Terrell, 2005. "Returns to Human Capital Under The Communist Wage Grid and During the Transition to a Market Economy," The Review of Economics and Statistics, MIT Press, vol. 87(1), pages 100-123, February.
  4. Saul Estrin & Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2009. "The Effects of Privatization and Ownership in Transition Economies," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 699-728, September.
  5. J. David Brown & John S. Earle & Almos Telegdy, . "Employment and Wage Effects of Privatisation: Evidence from Hungary, Romania, Russia, and Ukraine," Upjohn Working Papers and Journal Articles jse2010, W.E. Upjohn Institute for Employment Research.
  6. Monteiro, Natália Pimenta & Portela, Miguel & Straume, Odd Rune, 2010. "Firm Ownership and Rent Sharing," IZA Discussion Papers 4909, Institute for the Study of Labor (IZA).
  7. Djankov, Simeon & Murrell, Peter, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," CEPR Discussion Papers 3319, C.E.P.R. Discussion Papers.
  8. Natália Pimenta Monteiro, 2007. "Regulatory reform and labour earnings in Portuguese banking," NIPE Working Papers 7/2007, NIPE - Universidade do Minho.
  9. Haskel, Jonathan & Szymanski, Stefan, 1993. "Privatization, Liberalization, Wages and Employment: Theory and Evidence for the UK," Economica, London School of Economics and Political Science, vol. 60(238), pages 161-81, May.
  10. Clarke, George R.G. & Cull, Robert & Shirley, Mary M., 2005. "Bank privatization in developing countries: A summary of lessons and findings," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1905-1930, August.
  11. Hilderth, A.K. & Oswald, A.J., 1993. "Rent-Sharing and Wages: Evidence form Company and Establishment Panels," Economics Series Working Papers 99154, University of Oxford, Department of Economics.
  12. Rafael La Porta & Florencio López-de-Silanes, 1997. "The Benefits of Privatization : Evidence from Mexico," World Bank Other Operational Studies 11583, The World Bank.
  13. Josse, J. & Pagès, J. & Husson, F., 2008. "Testing the significance of the RV coefficient," Computational Statistics & Data Analysis, Elsevier, vol. 53(1), pages 82-91, September.
  14. Alberto Chong & Gianmarco Leon, 2009. "Privatised Firms and Labour Outcomes in Emerging Markets," Journal of Development Studies, Taylor & Francis Journals, vol. 45(9), pages 1513-1525.
  15. Xin Meng & Junsen Zhang & Pak-Wai Liu, 2000. "Sectoral gender wage differentials and discrimination in the transitional Chinese economy," Journal of Population Economics, Springer, vol. 13(2), pages 331-352.
  16. Villalonga, Belen, 2000. "Privatization and efficiency: differentiating ownership effects from political, organizational, and dynamic effects," Journal of Economic Behavior & Organization, Elsevier, vol. 42(1), pages 43-74, May.
  17. Brainerd, Elizabeth, 2002. "Five Years after: The Impact of Mass Privatization on Wages in Russia, 1993-1998," Journal of Comparative Economics, Elsevier, vol. 30(1), pages 160-190, March.
  18. Brainerd, Elizabeth, 1998. "Winners and Losers in Russia's Economic Transition," American Economic Review, American Economic Association, vol. 88(5), pages 1094-1116, December.
  19. Evžen Koèenda & Jan Hanousek & Peter Ondko, 2007. "The Banking Sector in New EU Member Countries: A Sectoral Financial Flows Analysis (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 57(5-6), pages 200-224, August.
  20. Megginson, William L., 2005. "The economics of bank privatization," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1931-1980, August.
  21. William L. Megginson & Natalie L. Sutter, 2006. "Privatisation in Developing Countries," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 234-265, 07.
  22. Lavit, Christine & Escoufier, Yves & Sabatier, Robert & Traissac, Pierre, 1994. "The ACT (STATIS method)," Computational Statistics & Data Analysis, Elsevier, vol. 18(1), pages 97-119, August.
  23. Estrin, Saul & Hanousek, Jan & Svejnar, Jan, 2009. "Effects of Privatization and Ownership in Transition Economies," Policy Research Working Paper Series 4811, The World Bank.
  24. 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.
  25. 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.
  26. Wayne K. Talley & James Peoples, 2001. "Black-White Earnings Differentials: Privatization versus Deregulation," American Economic Review, American Economic Association, vol. 91(2), pages 164-168, May.
  27. Samuel P.S. Ho & Xiao-Yuan Dong & Paul Bowles & Fiona MacPhail, 2002. "Privatization and enterprise wage structures during transition: Evidence from rural industry in china," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(3), pages 659-688, November.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. G. Madonia & M. Cracolici & M. Cuffaro, 2013. "Exploring Wider Well-Being in the EU-15 Countries: An Empirical Application of the Stiglitz Report," Social Indicators Research, Springer, vol. 111(1), pages 117-140, March.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:eee:streco:v:23:y:2012:i:1:p:108-116. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).

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.