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Privatization in Austria: Some theoretical reasons and performance measures

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Abstract

The issues of privatization (and sometimes deregulation) have been reviewed in a large literature on the various aspects of privatization, that has emphasized the potential efficiency gains. Hence, we provide some theoretical reasoning why privatization is useful as well as profitable for an economy and empirically present the extent of privatization in Austria and other European Union countries. In order to assess the impact of privatization in Austria on economic performance, we observe cash flows, the employment performance, and the stock-exchange ratings of the privatized formerly state-owned enterprises.

Suggested Citation

  • Friedrich Schneider & Ansgar Belke, 2004. "Privatization in Austria: Some theoretical reasons and performance measures," Economics working papers 2004-04, Department of Economics, Johannes Kepler University Linz, Austria.
  • Handle: RePEc:jku:econwp:2004_04
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    1. Ansgar Belke & Rainer Fehn & Neil Foster, 2001. "Venture Capital Investment and Labor Market Performance: A Panel Data Analysis," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 197/2001, Department of Economics, University of Hohenheim, Germany.
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    4. Maria K. Boutchkova & William L. Megginson, 2000. "Privatization and the Rise of Global Capital Markets," Financial Management, Financial Management Association, vol. 29(4), Winter.
    5. Ansgar Belke & Friedrich Schneider, 2003. "Privatization in Austria: Some Theoretical Reasons and First Results About the Privatization Proceeds," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 229/2003, Department of Economics, University of Hohenheim, Germany.
    6. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.
    7. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-859, September.
    8. Karl Aiginger, 1999. "The Privatisation Experiment in Austria," Austrian Economic Quarterly, WIFO, vol. 4(4), pages 261-270, October.
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    10. Carlin, Wendy & Fries, Steven & Schaffer, Mark E & Seabright, Paul, 2001. "Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey," CEPR Discussion Papers 2840, C.E.P.R. Discussion Papers.
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    12. Wolfgang Aussenegg, 2000. "Privatization versus Private Sector Initial Public Offerings in Poland," Multinational Finance Journal, Multinational Finance Journal, vol. 4(1-2), pages 69-99, March-Jun.
    13. 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.
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    Cited by:

    1. Belke, Ansgar H. & Baumgärtner, Frank & Schneider, Friedrich & Setzer, Ralph, 2005. "The Different Extent of Privatisation Proceeds in EU Countries: A Preliminary Explanation Using a Public Choice Approach," IZA Discussion Papers 1741, Institute for the Study of Labor (IZA).
    2. Ansgar Belke & Albina Zenkić, 2007. "Exchange-rate Regimes and the Transition Process in the Western Balkans," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 42(5), pages 267-280, September.
    3. Christina Schneider, 2010. "Fighting with one hand tied behind the back: political budget cycles in the West German states," Public Choice, Springer, vol. 142(1), pages 125-150, January.
    4. Ansgar Belke & Andreas Schaal, 2005. "Chance Osteuropa – Herausforderung für die Finanzdienstleistung," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 261/2005, Department of Economics, University of Hohenheim, Germany.
    5. Ansgar Belke & Friedrich Schneider, 2005. "Privatisation in Austria: Response to Internal and External Pressures," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 3(1), pages 26-32, 04.

    More about this item

    Keywords

    Austria; Performance Measures; Privatization; Profitability; State-owned Enterprises;

    JEL classification:

    • H42 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Private Goods
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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