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Restructuring in privatised firms:a Statis approach

We analyse the dynamics and evolution of the corporate restructuring process in the Portuguese banking sector, where 10 banks were privatised during the period 1989-1996. We apply a novel methodological approach in this context, using a multidimensional measure of restructuring that links product and labour market variables. We find evidence of considerable heterogeneity in the restructuring process, where firms adjust at different speeds and intensities. We also find that the wage level is by far the firm attribute that changed more, which is shown to reflect substantial changes in terms of composition, and not size, of the workforce. Our empirical evidence also suggests that privatisation is associated with a higher level of rent sharing.

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File URL: http://www3.eeg.uminho.pt/economia/nipe/docs/2010/NIPE_WP_16_2010.PDF
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Paper provided by NIPE - Universidade do Minho in its series NIPE Working Papers with number 16/2010.

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Date of creation: 2010
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Handle: RePEc:nip:nipewp:16/2010
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Núcleo de Investigação em Políticas Económicas, Escola de Economia e Gestão, Universidade do Minho, P-4710-057 Braga, Portugal

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Web page: http://www3.eeg.uminho.pt/economia/nipe/versao_inglesa/index_uk.htm
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  1. Natália P. Monteiro & Miguel Portela & Odd Rune Straume, 2010. "Firm ownership and rent sharing," NIPE Working Papers 13/2010, NIPE - Universidade do Minho.
  2. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
  3. Münich, Daniel & Svejnar, Jan & Terrell, Katherine, 1999. "Returns to Human Capital Under the Communist Wage Grid and During the Transition to a Market Economy," CEPR Discussion Papers 2332, C.E.P.R. Discussion Papers.
  4. J. David Brown & John Earle & Vladimir Vakhitov, 2006. "Wages, Layoffs, and Privatization: Evidence from Ukraine," CERT Discussion Papers 0601, Centre for Economic Reform and Transformation, Heriot Watt University.
  5. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
  6. Lavit, Christine & Escoufier, Yves & Sabatier, Robert & Traissac, Pierre, 1994. "The ACT (STATIS method)," Computational Statistics & Data Analysis, Elsevier, vol. 18(1), pages 97-119, August.
  7. Evžen Koèenda & Jan Hanousek & Peter Ondko, 2007. "The Banking Sector in New EU Member Countries: A Sectoral Financial Flows Analysis (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 57(5-6), pages 200-224, August.
  8. Haskel, Jonathan & Szymanski, Stefan, 1993. "Privatization, Liberalization, Wages and Employment: Theory and Evidence for the UK," Economica, London School of Economics and Political Science, vol. 60(238), pages 161-81, May.
  9. Brainerd, Elizabeth, 2002. "Five Years after: The Impact of Mass Privatization on Wages in Russia, 1993-1998," Journal of Comparative Economics, Elsevier, vol. 30(1), pages 160-190, March.
  10. Hildreth, Andrew K G & Oswald, Andrew J, 1997. "Rent-Sharing and Wages: Evidence from Company and Establishment Panels," Journal of Labor Economics, University of Chicago Press, vol. 15(2), pages 318-37, April.
  11. Megginson, William L., 2005. "The economics of bank privatization," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1931-1980, August.
  12. Rafael La Porta & Florencio López-de-Silanes, 1999. "The Benefits of Privatization: Evidence from Mexico," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1193-1242.
  13. Estrin, Saul & Hanousek, Jan & Kocenda, Evzen & Svejnar, Jan, 2009. "Effects of privatization and ownership in transition economies," Policy Research Working Paper Series 4811, The World Bank.
  14. William L. Megginson & Natalie L. Sutter, 2006. "Privatisation in Developing Countries," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 234-265, 07.
  15. Natália Pimenta Monteiro, 2004. "Using propensity matching estimators to evaluate the impact of privatisation on wages," NIPE Working Papers 12/2004, NIPE - Universidade do Minho.
  16. Brainerd, Elizabeth, 1998. "Winners and Losers in Russia's Economic Transition," American Economic Review, American Economic Association, vol. 88(5), pages 1094-1116, December.
  17. Samuel P.S. Ho & Xiao-Yuan Dong & Paul Bowles & Fiona MacPhail, 2002. "Privatization and enterprise wage structures during transition: Evidence from rural industry in china," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(3), pages 659-688, November.
  18. J. David Brown & John S. Earle & Almos Telegdy, . "Employment and Wage Effects of Privatisation: Evidence from Hungary, Romania, Russia, and Ukraine," Upjohn Working Papers and Journal Articles jse2010, W.E. Upjohn Institute for Employment Research.
  19. Natália Monteiro, 2009. "Regulatory reform and labour earnings in Portuguese banking," Empirical Economics, Springer, vol. 36(3), pages 557-574, June.
  20. Clarke, George R.G. & Cull, Robert & Shirley, Mary M., 2005. "Bank privatization in developing countries: A summary of lessons and findings," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1905-1930, August.
  21. Wayne K. Talley & James Peoples, 2001. "Black-White Earnings Differentials: Privatization versus Deregulation," American Economic Review, American Economic Association, vol. 91(2), pages 164-168, May.
  22. Josse, J. & Pagès, J. & Husson, F., 2008. "Testing the significance of the RV coefficient," Computational Statistics & Data Analysis, Elsevier, vol. 53(1), pages 82-91, September.
  23. Villalonga, Belen, 2000. "Privatization and efficiency: differentiating ownership effects from political, organizational, and dynamic effects," Journal of Economic Behavior & Organization, Elsevier, vol. 42(1), pages 43-74, May.
  24. Alberto Chong & Gianmarco Leon, 2009. "Privatised Firms and Labour Outcomes in Emerging Markets," Journal of Development Studies, Taylor & Francis Journals, vol. 45(9), pages 1513-1525.
  25. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  26. Xin Meng & Junsen Zhang & Pak-Wai Liu, 2000. "Sectoral gender wage differentials and discrimination in the transitional Chinese economy," Journal of Population Economics, Springer;European Society for Population Economics, vol. 13(2), pages 331-352.
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