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Efficiency of French privatizations: a dynamic vision

  • Alexandre, Herve
  • Charreaux, Gerard

The French privatizations program is one of the principal programs worldwide regarding the volume of equity issues. A reading of the privatization process through the corporate governance theory resulted in the development of a model allowing to take into account, on the one hand, the temporal dimension of the privatization process, and on the other hand, the contextual, organizational, governance and strategic variables that influence this process. After having replicated a certain number of traditional tests, we tested this model on a sample of 19 French privatized firms over a seven-year horizon, which resulted in the following conclusions. The favorable incidence traditionally attributed to privatizations was not truly confirmed for French privatizations, at least for the considered horizon. Privatization induces a significant positive effect on performance for only a small number of firms. The importance of the effect, however, is subordinate to some of the suggested variables.

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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. Wu, De-Min, 1973. "Alternative Tests of Independence Between Stochastic Regressors and Disturbances," Econometrica, Econometric Society, vol. 41(4), pages 733-50, July.
  2. 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.
  3. 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.
  4. 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.
  5. Saxonhouse, Gary R, 1976. "Estimated Parameters as Dependent Variables," American Economic Review, American Economic Association, vol. 66(1), pages 178-83, March.
  6. 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.
  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. 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.
  9. Bernardo Bortolotti & Domenico Siniscalco & Marcella Fantini, 2000. "Privatisation and Institutions: A Cross Country Analysis," CESifo Working Paper Series 375, CESifo Group Munich.
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