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The Financial and Operating Performance of Privatized Firms during the 1990s
Abstract
This study compares the pre‐ and postprivatization financial and operating performance of 85 companies from 28 industrialized countries that were privatized through public share offerings for the period from 1990 through 1996. We document significant increases in profitability, output, operating efficiency, and dividend payments—and significant decreases in leverage ratios—for our full sample of firms after privatization, and for most subsamples examined. Capital expenditures increase significantly in absolute terms, but not relative to sales. Employment declines, but insignificantly. Combined with results from two previous, directly comparable studies, these findings strongly suggest that privatization yields significant performance improvements.
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Citations
Cited by
FAN, J., WONG, T., & ZHANG, T. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.03.008 · Cited by 2,725
Fan, J. P. H., & Wong, T. J. (2004) · SSRN Electronic Journal · doi:10.2139/ssrn.642441 · Cited by 435
Ownership as a form of corporate governance
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., & Certo, S. T. (2010) · Journal of Management Studies · doi:10.1111/j.1467-6486.2010.00929.x · Cited by 389
Zahra, S. A., Ireland, R. D., Gutiérrez, I., & Hitt, M. A. (2000) · Academy of Management Review · doi:10.5465/amr.2000.3363324 · Cited by 266
Metadata
- Authors
- D'souza, J., & Megginson, W. L.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-08
- Volume
- 54
- Issue
- 4
- Pages
- 1397-1438
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2011956646
- Cited by
- 626
- References
- 0
- FWCI
- 108.73
- Type
- journal article
- Language
- en
- Open access
- closed
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- D'souza, J., & Megginson, W. L. (1999). The Financial and Operating Performance of Privatized Firms during the 1990s. The Journal of Finance. https://doi.org/10.1111/0022-1082.00150
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
