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Efficiency of French privatizations: a dynamic vision

  • Alexandre, Herve
  • Charreaux, Gerard

We interpret privatization in light of corporate governance theory. After replicating some traditional tests, we test our new model on a sample of privatized French firms. We cannot confirm for French privatizations the positive effect on overall static and dynamic efficiency of the firm traditionally attributed to privatizations. In addition, we find that whatever positive value accrues from privatization is affected by the contextual, organizational, governance, and strategic variables that influence the privatization process.

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Article provided by Elsevier in its journal Journal of Corporate Finance.

Volume (Year): 10 (2004)
Issue (Month): 3 (June)
Pages: 467-494

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Handle: RePEc:eee:corfin:v:10:y:2004:i:3:p:467-494
Contact details of provider: Web page: http://www.elsevier.com/locate/jcorpfin

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  1. Bernardo Bortolotti & Domenico Siniscalco & Marcella Fantini, 2000. "Privatisation and Institutions: A Cross Country Analysis," CESifo Working Paper Series 375, CESifo Group Munich.
  2. Saxonhouse, Gary R, 1976. "Estimated Parameters as Dependent Variables," American Economic Review, American Economic Association, vol. 66(1), pages 178-83, March.
  3. 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.
  4. 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.
  5. 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.
  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. 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.
  8. Henry-Jean Gathon & Pierre Pestieau, 1996. "La performance des entreprises publiques. Une question de propriété ou de concurrence ?," Revue économique, Presses de Sciences-Po, vol. 0(6), pages 1225-1238.
  9. 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.
  10. 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.
  11. Wu, De-Min, 1973. "Alternative Tests of Independence Between Stochastic Regressors and Disturbances," Econometrica, Econometric Society, vol. 41(4), pages 733-50, July.
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