IDEAS home Printed from https://ideas.repec.org/p/wfo/wpaper/y2010i358.html
   My bibliography  Save this paper

Corporate Ownership and Performance. Going Public versus Going Private in Europe

Author

Listed:
  • Franz R. Hahn
  • Peter Egger

    (WIFO)

Abstract

This paper conducts an in-depth analysis of the impact of acquisitions, initial public offerings and management buyouts on productivity and profitability of a large sample of Europe-based manufacturing companies covering the period from 1996 to 2005. At the center of our analysis is the perception that the performance evaluation of governance-related activities in the business sector such as ownership changes is similar in spirit to the assessment of treatment effects in the evaluation literature. We use propensity score matching techniques in order to resolve the missing data and the selection problem and find evidence corroborating the view that efficiency gains are strongest for those ownership changes that establish corporate governance structures with low principal-agent costs.

Suggested Citation

  • Franz R. Hahn & Peter Egger, 2010. "Corporate Ownership and Performance. Going Public versus Going Private in Europe," WIFO Working Papers 358, WIFO.
    • Handle: RePEc:wfo:wpaper:y:2010:i:358
    as

    Download full text from publisher

    File URL: https://www.wifo.ac.at/wwa/pubid/38403
    File Function: abstract
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sascha Becker & Peter Egger, 2013. "Endogenous product versus process innovation and a firm’s propensity to export," Empirical Economics, Springer, vol. 44(1), pages 329-354, February.
    2. Deborah A. Cobb‐Clark & Thomas Crossley, 2003. "Econometrics for Evaluations: An Introduction to Recent Developments," The Economic Record, The Economic Society of Australia, vol. 79(247), pages 491-511, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Richard Harris & John Moffat, 2011. "R&D, Innovation and Exporting," SERC Discussion Papers 0073, Centre for Economic Performance, LSE.
    2. Giorgio Bellettini & Carlotta Berti Ceroni & Giovanni Prarolo, 2013. "Persistence Of Politicians And Firms' Innovation," Economic Inquiry, Western Economic Association International, vol. 51(4), pages 2056-2070, October.
    3. Tymon Słoczyński, 2015. "The Oaxaca–Blinder Unexplained Component as a Treatment Effects Estimator," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 77(4), pages 588-604, August.
    4. Christian Volpe Martincus & Jerónimo Carballo, 2010. "Is Export Promotion Effective in Developing Countries? Firm-Level Evidence on the Intensive and Extensive Margins of Exports," IDB Publications (Working Papers) 36763, Inter-American Development Bank.
    5. Pedro Albarran & Raquel Carrasco & Adelheid Holl, 2013. "Domestic transport infrastructure and firms’ export market participation," Small Business Economics, Springer, vol. 40(4), pages 879-898, May.
    6. Saul Estrin & Julia Korosteleva & Tomasz Mickiewicz, 2022. "Schumpeterian Entry: Innovation, Exporting, and Growth Aspirations of Entrepreneurs," Entrepreneurship Theory and Practice, , vol. 46(2), pages 269-296, March.
    7. Anita Alves Pena, 2015. "The effect of continuing education participation on outcomes of male and female agricultural workers in the USA," Education Economics, Taylor & Francis Journals, vol. 23(6), pages 751-776, December.
    8. Alfons Palangkaraya, 2013. "On the Relationship between Innovation and Export: The Case of Australian SMEs," Melbourne Institute Working Paper Series wp2013n04, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    9. Halima Jibril & Stephen Roper, 2022. "Of chickens and eggs: Exporting, innovation novelty and productivity," Working Papers 027, The Productivity Institute.
    10. Ida D'Attoma & Silvia Pacei, 2018. "Evaluating the Effects of Product Innovation on the Performance of European Firms by Using the Generalised Propensity Score," German Economic Review, Verein für Socialpolitik, vol. 19(1), pages 94-112, February.
    11. Carlo Altomonte & Tommaso Aquilante & Gábor Békés & Gianmarco I.P. Ottaviano, 2013. "Internationalization and innovation of firms: evidence and policy [Managing knowledge within and outside the multinational corporation]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 28(76), pages 663-700.
    12. Stenberg, Anders & de Luna, Xavier & Westerlund, Olle, 2011. "Does Formal Education for Older Workers Increase Earnings? Analyzing Annual Data Stretching Over 25 Years," Working Paper Series 8/2011, Stockholm University, Swedish Institute for Social Research.
    13. Tavassoli, Sam, 2013. "The Role of Product Innovation Output on Export Behavior of Firms," Papers in Innovation Studies 2013/38, Lund University, CIRCLE - Centre for Innovation Research.
    14. Volpe Martincus, Christian & Carballo, Jerónimo, 2010. "Beyond the average effects: The distributional impacts of export promotion programs in developing countries," Journal of Development Economics, Elsevier, vol. 92(2), pages 201-214, July.
    15. Sam Tavassoli, 2011. "A Comparative Investigation of Firms' Innovative behaviors During Different Stages of the Cluster Life-Cycle (Cover study for PhD dissertation)," ERSA conference papers ersa10p1045, European Regional Science Association.
    16. Hveem, Joakim, 2012. "Are temporary work agencies stepping-stones into regular employment?," SULCIS Working Papers 2012:3, Stockholm University, Linnaeus Center for Integration Studies - SULCIS.
    17. Juan A. Mañez & María E. Rochina-Barrachina & Amparo Sanchis & Juan A. Sanchis, 2011. "On The Role Of Process Innovations On Smes Productivity Growth?," Working Papers 1125, Department of Applied Economics II, Universidad de Valencia.
    18. Santosh Kumar Sahu & Sunder Ramaswamy & Abishek Choutagunta, "undated". "Export Performance, Innovation, and Productivity in Indian Manufacturing Firms," Working Papers 2017-159, Madras School of Economics,Chennai,India.
    19. Lisandra Flach & Michael Irlacher, 2018. "Product versus Process: Innovation Strategies of Multiproduct Firms," American Economic Journal: Microeconomics, American Economic Association, vol. 10(1), pages 236-277, February.
    20. Horácio C. Faustino & Joana C. Lima & Pedro Verga Matos, 2012. "Exports, Productivity and Innovation: Evidence from Portugal using micro data," Working Papers Department of Economics 2012/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.

    More about this item

    Keywords

    sample selection; matching techniques; corporate governance; growth;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wfo:wpaper:y:2010:i:358. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Florian Mayr (email available below). General contact details of provider: https://edirc.repec.org/data/wifooat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.