Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries PDF Download
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Author: Cosset, Jean-Claude
Publisher: Montréal : HEC Montréal, Centre de recherche en e-finance
ISBN:
Category :
Languages : en
Pages : 36
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Author: Cosset, Jean-Claude
Publisher: Montréal : HEC Montréal, Centre de recherche en e-finance
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
Author: NARJESS BOUBAKRI, JEAN-CKAYDE CLAUDE COSSET, AND OMRANE GUEDHAMI
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
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Author: Narjess Boubakri
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
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Book Description
This paper seeks to provide an answer to the following question: When and how does privatization work? Using a unique sample of 189 firms headquartered in 32 developing countries, we document a significant increase in profitability, efficiency, investment and output. Next, using univariate tests, we show that changes in performance are related to economic reforms and conditions and to corporate governance. For example, we find that privatization yields better results when it is preceded by stock market and trade liberalization. The results of a regression analysis then indicate that macroeconomic and corporate governance variables explain post-privatization performance improvements. In particular, economic growth, control relinquishment by government and foreign ownership are key determinants of profitability changes. We also find higher improvements in efficiency and output for firms from countries with more developed stock markets and where the protection of property rights is better. Finally, our results suggest that trade openness is an important determinant of post-privatization increase in investment.
Author: Narjess Boubakri
Publisher:
ISBN:
Category :
Languages : en
Pages : 57
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Book Description
Author: Samer Ali Kobeissi
Publisher:
ISBN:
Category :
Languages : en
Pages : 156
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Book Description
Privatization has lately become a hot topic, especially in developing countries. There is more and more evidence that the success of privatization highly depend s on the corporate governance practices within a country as well as within the p rivatized firm itself. This paper presents an elaborate review of the previous l iterature on privatization and corporate governance, with special attention to t he internal and external control mechanisms that monitor firm's performance. Next, the paper focuses on privatization in the Arab World. It uses a sample of 18 firms to conduct an exploratory empirical analysis on the effect of privatiza tion on firm's performance and the link between post-privatization performance a nd corporate governance variables. In general, the privatized firms show improvements in performance, increase in o utput, and decrease in debt level and in investment level. There is also an impr ovement in stock performance on the long run. In terms of the effect of governance on performance, lower levels of government ownership are associated with higher profitability, higher level of investment, and lower debt level. Also, positive changes in board are associated with higher profitability, higher levels of output, and lower debt levels, but also with lo wer levels of investment. However, the relationship between governance variables and stock performance is not clear.
Author: Sunita Kikeri
Publisher: World Bank Publications
ISBN:
Category : Privatizacion - Paises en desarrollo
Languages : en
Pages : 31
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Book Description
"This paper takes stock of recent privatization trends, examines the extent to which government ownership is still prevalent in developing countries, and summarizes emerging issues for state enterprise reform going forward. Between 1990 and 2003, 120 developing countries carried out nearly 8,000 privatization transactions and raised $410 billion in privatization revenues. Privatization activity peaked in 1997 and dropped off in the late 1990s and, while still at overall low levels, is slowly creeping back. While there are a large number of studies assessing the impact of privatization on enterprise performance and overall welfare, there are no systematic data on the extent to which privatization has changed the role of state enterprises in the economy. Anecdotal evidence suggests that the state's role has been substantially reduced in Eastern and Central Europe and in certain countries in Latin America. But available evidence also suggests that, despite a long track record of privatization, government ownership in state enterprises is still widely prevalent in some regions and countries, and in certain sectors in virtually all regions. The paper shows that the costs of not reforming state enterprises are high and that continued efforts need to be made to improve their performance by improving privatization policies and institutions; adopting more of a case-by-case approach for complex sectors and countries; and exposing state enterprises to market discipline through new private entry and exit of unviable firms and improvements in their corporate governance. "--World Bank web site.
Author: E. Rosenbaum
Publisher: Springer
ISBN: 0230286070
Category : Business & Economics
Languages : en
Pages : 291
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Book Description
The volume focuses on privatisation in transition countries, addressing issues ranging from corporate governance to the relationship between privatisation and the emergence of markets, from a multi-disciplinary perspective. The contributors investigate both the theoretical groundwork of privatisation and enterprise restructuring as well as recent empirical evidence. The contributions show that changes in ownership titles are but one part of the story, being closely interwoven as they are with the transformation of corporate governance, enterprise restructuring, network transformation and the emergence of markets.
Author: Ravi Ramamurti
Publisher: World Bank Publications
ISBN: 9780821318638
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
Author: John R. Nellis
Publisher: World Bank Publications
ISBN: 9780821345030
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
IFC Discussion Paper No. 38.QUOTEIt is now universally acknowledged that ownership matters; that private ownership in and of itself is a major determinant of good performance in firms... Decent economic policy and well-functioning legal and administrative institutions... matter greatly as well.QUOTEThis paper looks at what happens when the shift to private ownership gets far out in front of the effort to build the institutional underpinnings of a capitalist economy. The emphasis is on what went wrong and why and what, if anything, can be done to be correct it. Proposals include renationalization and/or postponement of further privatization, both to be accompanied by measures to strengthen the managerial capacities of the state. Neither approach seems likely to produce short-term improvements. The regrettable fact is that governments that botch privatization are equally likely to botch the management of state-owned firms. In a number of Central European transition countries, privatization is living up to expectations; and there is no need for such measures. For institutionally-weak countries, the less dramatic but reasonable short-term course of action is to push ahead more slowly with case- by-case and tender privatization in cooperation with the international assistance community in hopes of producing some success stories that will lead by example.
Author: Wanrapee Banchuenvijit
Publisher:
ISBN:
Category :
Languages : en
Pages : 270
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Book Description
This dissertation seeks not only to extend the existing privatization literature but also to provide the association between privatization and corporate governance literatures. It is divided into three essays. The first essay examines changes in the financial and operating performance of 103 firms worldwide that were partially or fully privatized through public share offerings during 1993-2003. The empirical results from the Wilcoxon and proportion tests show increases in profitability, operating efficiency, capital spending, output, and dividend payments as well as decreases in leverage and total employment. A combined result of this essay and the three previous and comparable papers indicates that, for the whole period from 1961 to 2003, privatization helps improve firm performance in a wide variety of countries, industries, and competitive environments. The second essay investigates the impact of macro corporate governance mechanisms (anti-director rights index, enforcement index, and corporate disclosure index) on the subsequent performance of 103 privatized firms around the world during 1993-2003. After controlling for endogeneity, the empirical results exhibit that macro governance mechanisms are important determinants of firm performance following privatization in both developed and developing countries. Finally, the third essay studies how internal control mechanisms (board size, board composition, CEO duality, and financial expertise of boards) affect the subsequent performance of 103 privatized firms around the world during 1993-2003. After controlling for endogeneity, the empirical results demonstrate that internal governance mechanisms (with the concentration on the role of board of directors) are important determinants of firm performance following privatization in only developing countries.
