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Restructuring in privatised firms: a Statis approach

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  • Adelaide Figueiredo

    ()
    (Faculty of Economics and LIAAD/INESC - Porto, University of Porto)

  • Fernanda Figueiredo

    ()
    (Faculty of Economics, University of Porto and CEAUL)

  • Natália P. Monteiro

    ()
    (Departament of Economics and NIPE, University of Minho)

  • Odd Rune Straume

    ()
    (Departament of Economics and NIPE, University of Minho and University of Bergen)

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.

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Bibliographic Info

Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 404.

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Date of creation: Feb 2011
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Handle: RePEc:por:fepwps:404

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Keywords: Statis; Privatisation; Portuguese banking;

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