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L'efficacité des privatisations françaises: une vision dynamique à travers la théorie de la gouvernance

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Author Info

  • Hervé Alexandre
  • Gérard Charreaux

    ()
    (Université de Bourgogne)

Abstract

Le programme de privatisation français est l'un des principaux programmes mondiaux quant au volume des émissions. Une lecture du processus de privatisation à travers la théorie de la gouvernance des entreprises a conduit à élaborer un modèle permettant de prendre en compte, d'une part, la dimension temporelle du processus de privatisation, d'autre part, les variables contextuelles, organisationnelles, de gouvernance et stratégiques qui contraignent ce processus. Après avoir répliqué un certain nombre de tests traditionnels, nous avons testé ce modèle sur un échantillon de 19 entreprises privatisées françaises et sur un horizon de sept ans, ce qui a permis d'aboutir aux conclusions suivantes. L'incidence favorable attribuée traditionnellement aux privatisations n'est pas véritablement confirmée pour les privatisations françaises, tout au moins sur l'horizon considéré. La privatisation n'induit un effet positif significatif sur la performance que pour un faible nombre d'entreprises. L'importance de l'effet, cependant, est subordonnée à certaines des variables proposées.

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Bibliographic Info

Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 1011002.

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Length: 41 pages
Date of creation: Oct 2001
Date of revision: Oct 2001
Handle: RePEc:dij:wpfarg:1011002

Note: version française de Efficiency of French Privatizations:A Dynamic Vision
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Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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Keywords: privatisation; efficacité statique; efficacité dynamique; gouvernance des entreprises.;

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References

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  1. Henry-Jean Gathon & Pierre Pestieau, 1996. "La performance des entreprises publiques. Une question de propriété ou de concurrence ?," Revue Économique, Programme National Persée, vol. 47(6), pages 1225-1238.
  2. 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.
  3. 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.
  4. Gérard Charreaux, 1997. "L'entreprise publique est-elle nécessairement moins efficace?," Working Papers CREGO 0970901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  5. Bernardo Bortolotti & Domenico Siniscalco & Marcella Fantini, 2000. "Privatisation and Institutions: A Cross Country Analysis," CESifo Working Paper Series 375, CESifo Group Munich.
  6. 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.
  7. Ehrlich, Isaac & Georges Gallais-Hamonno & Zhiqiang Liu & Randall Lutter, 1994. "Productivity Growth and Firm Ownership: An Analytical and Empirical Investigation," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 1006-38, October.
  8. 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.
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Cited by:
  1. Mouna Mrad & Slaheddine Hallara, 2014. "The Relationship Between the Board of Directors and the Performance/Value Creation in a Context of Privatization: The Case of French Companies," Public Organization Review, Springer, vol. 14(1), pages 83-108, March.
  2. Razane Chroqui, 2008. "Banques étrangères, mode de gouvernance et performance des banques privatisées," Revue d'Économie Financière, Programme National Persée, vol. 93(3), pages 275-295.

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