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Privatization, Foreign Acquisition, and Firm Performance: A New Empirical Methodology and its Application to Hungary

Author

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  • Miklós Szanyi
  • Péter Csizmadia
  • Miklós Illéssy
  • Csaba Makó

Abstract

This study examines the effects of ownership transformation from the state to the private sector on firm performance in the post-privatization period using annual census-type data of Hungarian enterprises for the early 2000s. The empirical methodology designed to overcome the data limitations arising from an insufficient observation period effectively captured restructuring efforts by new owners and company managers and provided strong empirical evidence of the close relationship between ownership transformation and firm performance

Suggested Citation

  • Miklós Szanyi & Péter Csizmadia & Miklós Illéssy & Csaba Makó, 2010. "Privatization, Foreign Acquisition, and Firm Performance: A New Empirical Methodology and its Application to Hungary," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 7(2), pages 307-343, December.
    • Handle: RePEc:liu:liucej:v:7:y:2010:i:2:p:307-343
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    File URL: http://eaces.liuc.it/18242979201002/182429792010070204.pdf
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    References listed on IDEAS

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    1. Egert, Balazs & Halpern, Laszlo, 2006. "Equilibrium exchange rates in Central and Eastern Europe: A meta-regression analysis," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1359-1374, May.
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    Keywords

    privatization; foreign investment; firm performance; meta-analysis; Hungary;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property
    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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