IDEAS home Printed from https://ideas.repec.org/a/dij/revfcs/v10y2007iq1p5-37.html
   My bibliography  Save this article

L’impact des privatisations sur la performance des entreprises françaises

Author

Listed:
  • Michel Albouy

    () (Université de Grenoble 2)

  • Hassan Obeid

    () (Université de Grenoble 2)

Abstract

(VF)Les déficits budgétaires de nombreux pays, la faiblesse des performances financières des entreprises publiques et les développements récents de la recherche en finance incitent de nombreux États à céder leurs entreprises au secteur privé. Après un panorama du mouvement de privatisation dans le monde et particulièrement en France ainsi qu’un exposé des principaux courants théoriques qui confortent ce mouvement, cet article expose les résultats d’une étude empirique réalisée sur les privatisations françaises. Au cours de la période 1986-2004, nous trouvons que le transfert de propriété du secteur public au secteur privé a une incidence positive sur la performance des entreprises privatisées. La performance est évaluée à partir d’analyses de ratios de rentabilité, de productivité, d’investissement et de financement.(VA)The budget deficits of numerous countries, the poor financial performance of nationalized firms and the recent developments of financial theory encourage many States to sell off their companies to the private sector. After a survey of recent privatization trends in the world and in France, as well as a presentation of the main theories in favour of privatization, this article presents the results of an empirical study on French privatizations. Over the 1986-2004 period, we find that privatization has a positive impact on the economic and financial performance of the firms in our sample. Performance is measured through different ratios:profitability, productivity, investment and financing.

Suggested Citation

  • Michel Albouy & Hassan Obeid, 2007. "L’impact des privatisations sur la performance des entreprises françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 10(1), pages 5-37, March.
  • Handle: RePEc:dij:revfcs:v:10:y:2007:i:q1:p:5-37
    as

    Download full text from publisher

    File URL: http://crego.u-bourgogne.fr/images/stories/rev/101037.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. repec:hrv:faseco:33077889 is not listed on IDEAS
    2. Alexandre, Herve & Charreaux, Gerard, 2004. "Efficiency of French privatizations: a dynamic vision," Journal of Corporate Finance, Elsevier, pages 467-494.
    3. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1996. "A Theory of Privatisation," Economic Journal, Royal Economic Society, vol. 106(435), pages 309-319, March.
    4. Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
    5. Narjess Boubakri & Jean-Claude Cosset, 1998. "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries," Journal of Finance, American Finance Association, vol. 53(3), pages 1081-1110, June.
    6. Andrei Shleifer, 1998. "State versus Private Ownership," Journal of Economic Perspectives, American Economic Association, pages 133-150.
    7. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, pages 305-360.
    8. Nellis, J., 1999. "Time to Rethink Privatization in Transition Economies?," Papers 38, World Bank - International Finance Corporation.
    9. 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 403-452, June.
    10. Andrei Shleifer, 1998. "State versus Private Ownership," Journal of Economic Perspectives, American Economic Association, pages 133-150.
    11. repec:dau:papers:123456789/6090 is not listed on IDEAS
    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. Rafael La Porta & Florencio López-de-Silanes, 1999. "The Benefits of Privatization: Evidence from Mexico," The Quarterly Journal of Economics, Oxford University Press, pages 1193-1242.
    14. Eckel, Catherine & Eckel, Doug & Singal, Vijay, 1997. "Privatization and efficiency: Industry effects of the sale of British Airways," Journal of Financial Economics, Elsevier, pages 275-298.
    15. Bishop, Matthew R. & Kay, John A., 1989. "Privatization in the United Kingdom: Lessons from experience," World Development, Elsevier, pages 643-657.
    16. 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, pages 217-253.
    17. Harper, Joel T, 2001. "Short-Term Effects of Privatization on Operating Performance in the Czech Republic," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(1), pages 119-131, Spring.
    18. 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, pages 321-389.
    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


    Cited by:

    1. Céline Du Boys, 2009. "Government As A Shareholder In Listed Companies: Consequences On Performance, Governance And Repartition Of Power Between Stakeholders," Post-Print hal-01470317, HAL.

    More about this item

    Keywords

    privatisation; performance financière; structure de propriété; privatization; financial performance; ownership structure.;

    JEL classification:

    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dij:revfcs:v:10:y:2007:i:q1:p:5-37. 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: (Gérard Charreaux). General contact details of provider: http://www.revues.org/ .

    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 CitEc recognized a reference but did not link an item in RePEc 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.