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 202 firms privatized from 37 countries during the period 1980-2002, we follow long-run operating performance of privatized companies up to 10 years and study costs and benefits of privatization. Privatization is followed by a 1.1-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 2.3-percentage-point decrease in the next 5-year mean ratio. Indeed, previously documented striking achievements were mere reflection of technological innovations during the last three decades and the world business cycle, the pace of economic activity in general.

목차

Abstract
 I. INTRODUCTION
 II. THE SAMPLE
 III. BASIC RESULTS
  A. Raw Data
  B. Industry-Adjusted Data
  C. Robustness and Interpretation of the Results
 IV. THE ROLE OF MARKET POWER
 V. Corporate Governance on the Operating Performance
 VI. PRIVATIZATION AND RESTRUCTURING: PANEL REGRESSION ANALYSIS
 VII. CONCLUSION
 REFERENCES
 Appendix

저자

• Seung Doo Choi [ Dongeui University and University of Oklahoma ]
• William Megginson [ Dongeui University and University of Oklahoma ]

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• 간행물명

  한국재무학회 학술대회

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• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330