LIBERALIZATION, CORPORATE GOVERNANCE, AND THE PERFORMANCE OF NEWLY PRIVATIZED FIRMS - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook LIBERALIZATION, CORPORATE GOVERNANCE, AND THE PERFORMANCE OF NEWLY PRIVATIZED FIRMS write by NARJESS BOUBAKRI, JEAN-CKAYDE CLAUDE COSSET, AND OMRANE GUEDHAMI. This book was released on 2001. LIBERALIZATION, CORPORATE GOVERNANCE, AND THE PERFORMANCE OF NEWLY PRIVATIZED FIRMS available in PDF, EPUB and Kindle.
Liberalization, Corporate Governance and the Performance of Newly Privatized Firms
Liberalization, Corporate Governance and the Performance of Newly Privatized Firms - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Liberalization, Corporate Governance and the Performance of Newly Privatized Firms write by Narjess Boubakri. This book was released on 2003. Liberalization, Corporate Governance and the Performance of Newly Privatized Firms available in PDF, EPUB and Kindle. 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.
Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms
Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms write by Narjess Boubakri. This book was released on 2001. Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms available in PDF, EPUB and Kindle.
Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries
Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries write by Cosset, Jean-Claude. This book was released on 2004. Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries available in PDF, EPUB and Kindle.
The Performance of Newly Privatized Firms in Selected MENA Countries
The Performance of Newly Privatized Firms in Selected MENA Countries - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Performance of Newly Privatized Firms in Selected MENA Countries write by Sami Ben Naceur. This book was released on 2006. The Performance of Newly Privatized Firms in Selected MENA Countries available in PDF, EPUB and Kindle. The paper works with a sample of 95 newly privatized firms (NPFs) that went public through stock markets in four Middle East and North Africa countries (Egypt, Morocco, Tunisia and Turkey). We find that these firms experience significant increase in profitability and operating efficiency, and significant decline in employment and leverage. We also document strong performance improvements for firms that not relinquish control from the state, that are not sold to foreigners and that come from Egypt. Employment decline is more severe in Egypt and in firms where the state is no longer in control. Also, the results indicate that revenue firms and NPFs in Morocco yield significantly less leverage than control firms and those from other countries. As for the sources of these performance changes, we find that profitability change is negatively related to control relinquishment by the government and positively related with foreign ownership. Trade openness, change in real GDP over the privatization window, index of investor protection and foreign ownership are important determinants of the change in sales efficiency and output changes. These findings suggest that NPFs become more productive in environments where property rights are better protected and enforced and that foreign investors influence the firm's productivity through their monitoring role.
