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Malaysia Privatization: A Comprehensive Study

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  • Qian Sun
  • Wilson H.S. Tong

Abstract

As the first comprehensive study on privatization in Malaysia, this paper compares financial and operating performance of a sample of 24 firms before and after privatization. The 24 firms were privatized via public listing on the Malaysian exchange -. Measures that improve following privatization include profitability, output level, and dividend payout; leverage declines. We also observe increased linkages between ownership and corporate governance with such performance changes. By and large, our results are similar to the results of the directly comparable multi-country studies of Megginson, Nash, and van Randenborgh (1994), Boubakri and Cosset (1998), and D’Souza and Megginson (1999).

Suggested Citation

  • Qian Sun & Wilson H.S. Tong, 2002. "Malaysia Privatization: A Comprehensive Study," Financial Management, Financial Management Association, vol. 31(4), Winter.
    • Handle: RePEc:fma:fmanag:sun02
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    Citations

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    Cited by:

    1. Esther Wanjugu Gitundu & Sifunjo E. Kisaka & Symon Kibet Kiprop & Lawrence Kangogo Kibet, 2016. "The Effects of Ownership and Corporate Governance Reforms on Efficiency of Privatized Companies in Kenya," International Journal of Economics and Financial Issues, Econjournals, vol. 6(1), pages 323-331.
    2. Cabeza-García, Laura & Gómez-Ansón, Silvia, 2011. "Post-privatisation ownership concentration: Determinants and influence on firm efficiency," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 412-430, September.
    3. Wong, Wai-Yan & Hooy, Chee-Wooi, 2018. "Do types of political connection affect firm performance differently?," Pacific-Basin Finance Journal, Elsevier, vol. 51(C), pages 297-317.
    4. D'Souza, Juliet & Megginson, William L. & Ullah, Barkat & Wei, Zuobao, 2017. "Growth and growth obstacles in transition economies: Privatized versus de novo private firms," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 422-438.
    5. Azlan Amran & Roszaini Haniffa, 2011. "Evidence in development of sustainability reporting: a case of a developing country," Business Strategy and the Environment, Wiley Blackwell, vol. 20(3), pages 141-156, March.
    6. Ngo My Tran & Ann Jorissen & Walter Nonneman, 2015. "Privatization of Vietnamese Firms and Its Effects on Firm Performance," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(2), pages 202-217, February.
    7. Riyad Neman Darwazeh & Mohammad Dabaghia, 2018. "Privatization Effect on Shareholder Value in the Jordanian State Owned Enterprises," International Journal of Economics and Financial Issues, Econjournals, vol. 8(2), pages 70-78.
    8. Amiruddin BIN MUHAMED & Rebecca STRÄTLING & Aly SALAMA, 2014. "The Impact Of Government Investment Organizations In Malaysia On The Performance Of Their Portfolio Companies," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 85(3), pages 453-473, September.
    9. Bala Ramasamy & Darry Ong & Matthew C. H. Yeung, 2005. "Firm Size, Ownership and Performance in the Malaysian Palm Oil Industry," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 1(1), pages 81-104.

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