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The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis
Abstract
This study compares the pre and postprivatization financial and operating performance of 61 companies from 18 countries and 32 industries that experience full or partial privatization through public share offerings during the period 1961 to 1990. Our results document strong performance improvements, achieved surprisingly without sacrificing employment security. Specifically, after being privatized, firms increase real sales, become more profitable, increase their capital investment spending, improve their operating efficiency, and increase their work forces. Furthermore, these companies significantly lower their debt levels and increase dividend payout. Finally, we document significant changes in the size and composition of corporate boards of directors after privatization.
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Citations
Cited by
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Shleifer, A., & Vishny, R. W. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118354 · Cited by 3,336
FAN, J., WONG, T., & ZHANG, T. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.03.008 · Cited by 2,725
State versus private ownership
Shleifer, A. (1998) · Journal of Economic Perspectives · doi:10.1257/jep.12.4.133 · Cited by 1,266
Water For Life: The impact of the privatization of water services on child mortality
Galiani, S., Gertler, P., & Schargrodsky, E. (2005) · Journal of Political Economy · doi:10.1086/426041 · Cited by 877
Metadata
- Authors
- MEGGINSON, W. L., NASH, R. C., & VAN RANDENBORGH, M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1994-06
- Volume
- 49
- Issue
- 2
- Pages
- 403-452
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W1979984511
- Cited by
- 1,415
- References
- 0
- FWCI
- 86.13
- Type
- journal article
- Language
- en
- Open access
- closed
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- MEGGINSON, W. L., NASH, R. C., & VAN RANDENBORGH, M. (1994). The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1994.tb05147.x
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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.
