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L’impact de l’annonce de la privatisation sur la performance

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  • Bozec, Yves

    (École des sciences de la gestion, Université du Québec à Montréal)

  • Laurin, Claude

    (Département des sciences comptables, École des Hautes Études Commerciales)

Abstract

The purpose of this paper is to investigate whether the legal status of a firm and the set of corporate goals that it pursues have an influence on the firm's efficiency. To perform this investigation, the productivity of the two main Canadian railways, namely Canadian National Railway (CNR) and the Canadian Pacific (CP), is compared over the period surrounding CNR's privatization announcement. Internal efficiency is measured using Total Factor Productivity over a fifteen year period, starting in 1981 and ending in 1995. Results tend to show that although less efficient in the period ending in 1991, CNR has become as efficient as CP during the three-year period preceding the privatization. These results lead to the conclusion that a shift in the firm's set of corporate goals has had a significant impact on CNR's efficiency. Cet article vise à analyser si le statut juridique de l’entreprise et la nature des objectifs qu’elle poursuit influent sur l’efficience de ses opérations. Pour ce faire, nous avons choisi de comparer la productivité des deux principaux transporteurs ferroviaires canadiens, soit le Canadien National (CN), transporteur du secteur public, avec son plus proche rival du secteur privé, le Canadien Pacifique (CP), durant les périodes précédant et suivant l’annonce de la privatisation du CN. L’efficience interne des deux transporteurs est comparée à l’aide de la productivité totale des facteurs (PTF) sur une période de quinze ans, soit de 1981 à 1995. Les résultats tendent à démontrer que bien qu’étant moins efficientes durant la période 1981-1991, les opérations du CN sont devenues aussi efficientes que celles du CP durant la période de préprivatisation, soit de 1992 à 1995. Ces résultats nous portent à conclure qu’un changement dans la nature des objectifs poursuivis par le CN a eu un impact significatif sur son efficience interne.

Suggested Citation

  • Bozec, Yves & Laurin, Claude, 2000. "L’impact de l’annonce de la privatisation sur la performance," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(2), pages 265-298, juin.
    • Handle: RePEc:ris:actuec:v:76:y:2000:i:2:p:265-298
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