Earticle

초록

영어

Recent evidences indicate that privatization leads to enormous benefits to society almost without undesirable costs. However, stakeholders of privatization seem not to satisfy the resulting performance of privatized firms. Using data from 35 firms privatized from 31 countries during the period 1980-2003, this research follows long-run operating performance of privatized telecommunication operators up to 10 years and study costs and benefits of privatization. Privatization is followed by a 2.65 percentage-point increase in the 5-year mean ratio of operating-income-to-sales as firms catch up with global standard of industry-matched control groups, and by a 4.2 percentage-point decrease in the next 5-year mean ratio. Indeed, previously documented striking achievements were mere reflection of the world business cycle, the pace of economic activity in general, during the last three decades.

목차

Abstract
 I. Introduction
 II. The Sample
 III. Basic Results
  A. Raw Data
  B. Industry-Adjusted Data
  C. Robustness Check and Interpretation of the Results
 IV. The Role of Market Power and Corporate Governance
  A. The Role of Market Power
  B. The Role of Internal Corporate Governance
  C. The Role of External Corporate Governance
 V. Conclusion
 Appendix
 References
 Table

키워드

저자

• Seung Doo Choi [ Dongeui University. ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330