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Do State-owned Enterprises Underperform Compared to Privately owned Companies? An Examination of the Largest Polish Enterprises

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  • Bartosz Kabaciński
  • Jarosław Kubiak
  • Katarzyna Szarzec

Abstract

The aim of this article is to compare financial performance of the largest non-financial state-owned enterprises (SOEs) and privately owned enterprises in the years 2013–2015. We performed a univariate as well as discriminant analysis using various indicators assessing profitability, financial liquidity, and financial operational efficiency. When observing several aspects of financial performance, it is difficult to state whether SOEs underperform. Compared to privately owned enterprises, state companies achieve higher returns on assets. However, they underperform in terms of fixed capital employed, inventory management and have less financial liquidity.

Suggested Citation

  • Bartosz Kabaciński & Jarosław Kubiak & Katarzyna Szarzec, 2020. "Do State-owned Enterprises Underperform Compared to Privately owned Companies? An Examination of the Largest Polish Enterprises," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(13), pages 3174-3192, October.
    • Handle: RePEc:mes:emfitr:v:56:y:2020:i:13:p:3174-3192
    DOI: 10.1080/1540496X.2019.1707653
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    Cited by:

    1. Iwasaki, Ichiro & Kočenda, Evžen & Shida, Yoshisada, 2021. "Distressed acquisitions: Evidence from European emerging markets," Journal of Comparative Economics, Elsevier, vol. 49(4), pages 962-990.

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