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Performance and capital structure of privatized firms in the european union

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Author Info

  • Patricia Bachiller

    ()
    (Departamento de Contabilidad y Finanzas. Facultad de Ciencias Económicas y Empresariales. Universidad de Zaragoza.)

  • María José Arcas

    (Departamento de Contabilidad y Finanzas. Facultad de Ciencias Económicas y Empresariales. Universidad de Zaragoza.)

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    Abstract

    The objective of this paper is to analyze whether there are differences in performance between firms that have been privatized and private firms in the EU. We also analyze whether previous ownership (state-owned versus private) and regulation affect capital structure. Focusing on economic reasons that justify privatizations, we compare the differences in the profitability, leverage and labor intensity of privatized firms in the EU countries with a matched-pairs sample of private firms, during the period 1999-2002. For the total sample, we have found evidence that privatized firms are more profitable, less leveraged and more efficient than private firms. With respect to capital structure, for the total sample, privatization and regulation determine leverage, being the privatized firms less leveraged and the regulated firms more leveraged. However, we have found important differences between zones.

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    Bibliographic Info

    Paper provided by Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza in its series Documentos de Trabajo with number dt2006-02.

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    Date of creation: Feb 2006
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    Handle: RePEc:zar:wpaper:dt2006-02

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    Related research

    Keywords: privatization; efficiency; capital structure; European Union;

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    1. Carmen Fillat Castejón & Julia Woerz, 2006. "Good or bad? The influence of FDI on output growth. An industry-level analysis," Documentos de Trabajo dt2006-01, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
    2. Larramona, Gemma & Sanso, Marcos, 2006. "Migration dynamics, growth and convergence," Journal of Economic Dynamics and Control, Elsevier, vol. 30(11), pages 2261-2279, November.
    3. Antonio Estache & S. Jarvela & Luis Correia da Silva, 2006. "Is Debt Replacing Equity in Regulated Privatized Infrastructure in Developing Countries?," ULB Institutional Repository 2013/43915, ULB -- Universite Libre de Bruxelles.
    4. de Miguel, Alberto & Pindado, Julio, 2001. "Determinants of capital structure: new evidence from Spanish panel data," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 77-99, March.
    5. Jesús Mur & Ana Angulo, 2005. "Model selection strategies in a spatial context," Documentos de Trabajo dt2005-06, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
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