The financial and operating performance of newly privatized firms: Evidence from developing countries
The financial and operating performance of newly privatized firms: Evidence from developing countries
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DOI：
10.1111/0022-1082.00044
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发表时间：
1998-06-01
影响因子：
8
通讯作者：
Cosset, JC
中科院分区：
文献类型：
--
作者：
Boubakri, N;Cosset, JC
本文考察了1980年至1992年期间经历全部或部分私有化的21个发展中国家的79家公司的财务和经营业绩的变化。除了未经调整的会计绩效指标外，我们还使用了根据市场效应调整的会计绩效指标。未经调整和市场调整的结果都显示出盈利能力、经营效率、资本投资支出、产出、就业水平和股息的显著增加。我们还发现，私有化后杠杆率有所下降，但这种变化仅对未调整的杠杆率有显著影响。当我们将数据分成不同的子样本时，我们的结果通常是稳健的。
This paper examines the change in the financial and operating performance of 79 companies from 21 developing countries that experienced full or partial privatization during the period from 1980 to 1992. We use accounting performance measures adjusted for market effects in addition to unadjusted accounting performance measures. Both unadjusted and market-adjusted results show significant increases in profitability, operating efficiency, capital investment spending, output, employment level, and dividends. We also find a decline in leverage following privatization but this change is significant only for unadjusted leverage ratios. Our results are generally robust when we partition our data into various subsamples.