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Should State-Owned Firms Change CEOs Before Privatization? The Case of the Telecommunications Industry

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  • Alberto Chong

    ()

  • Virgilio Galdo

Abstract

Should state-owned enterprises change chief executive officer before privatizing? We test competing views on this question by complementing a recently released database with newly collected data. We are able to cover 77 telecommunications privatizations, which account for nearly 80 percent of the sector in terms of value. We find that CEO replacement will improve performance in the telecommunications industry before privatization as measured by penetration, operating efficiency, and profitability. CEO change before privatization does appear to have real consequences in firm performance before privatization. Moreover, findings are consistent with previous research that links CEO replacement and an increase in privatization prices

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4321.

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Date of creation: Feb 2003
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Handle: RePEc:idb:wpaper:4321

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  1. Alberto Chong & Florencio Lopez-de-Silanes, 2004. "Privatization in Mexico," Research Department Publications 4373, Inter-American Development Bank, Research Department.
  2. 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.
  3. Nicolas Barberis & Maxin Boycho & Andrei Shleifer & Natalia Tsukanova, 1995. "How Does Privatization Work? Evidence from the Russian Shops," Harvard Institute of Economic Research Working Papers 1721, Harvard - Institute of Economic Research.
  4. Lopez-de-Silanes, Florencio, 1997. "Determinants of Privatization Prices," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 965-1025, November.
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