Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms
dc.contributor.author | Boubakri, Narjess | en_US |
dc.contributor.author | Cosset, Jean-Claude | en_US |
dc.contributor.author | Guedhami, Omrance | en_US |
dc.date.accessioned | 2006-08-01T16:09:47Z | |
dc.date.available | 2006-08-01T16:09:47Z | |
dc.date.issued | 2001-12-01 | en_US |
dc.identifier.other | RePEc:wdi:papers:2001-419 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/39803 | en_US |
dc.description.abstract | This paper seeks to provide an answer to the following question, namely when and how does privatization work? Using a unique sample of 201 firms headquartered in 32 developing countries, we document a significant increase in profitability, efficiency, investment and output. Next, using univariate tests, we show that corporate governance mechanisms and economic reforms and environment have an effect on the changes in operating performance. For example, we find that privatization yields better results when stock market and trade liberalizations precede it. The results of a regression analysis, across a number of specifications, indicate that economic reforms and environment as well as corporate governance variables explain the post-privatization performance changes. In particular, economic growth, control relinquishment by the government and foreign ownership are key determinants of profitability changes. We also find higher improvements in efficiency and output for firms in countries in which stock markets are more developed and where property rights are better protected and enforced. Finally, our results suggest that trade openness is an important determinant of the post-privatization increase in investment. | en_US |
dc.format.extent | 114382 bytes | |
dc.format.extent | 3151 bytes | |
dc.format.extent | 298942 bytes | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | text/plain | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.relation.ispartofseries | 419 | en_US |
dc.subject | Liberalization, Corporate Governance, Privatization, Performance | en_US |
dc.title | Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/39803/3/wp419.pdf | en_US |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
Files in this item
Remediation of Harmful Language
The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.
Accessibility
If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.