Post-Privatization Corporate Governance and Firm Performance - 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 Post-Privatization Corporate Governance and Firm Performance write by Mohammed Omran. This book was released on 2009. Post-Privatization Corporate Governance and Firm Performance available in PDF, EPUB and Kindle. We examine and analyze the post-privatization corporate governance of a sample of 52 newly privatized firms from Egypt over the 1995-2005 period. We look at the ownership structure that results from privatization and its evolution; the determinants of private ownership concentration; and the impact of private ownership concentration, identity and board composition on firm performance. We find that the state gives up control over time to the private sector, but still controls, on average, more than 35 percent of these firms. We also document a trend in private ownership concentration over time, mostly for the benefit of foreign investors. Firm size, sales growth, industry affiliation, and timing and method of privatization seem to play a key role in determining private ownership concentration. Ownership concentration and ownership identity, in particular foreign investors, prove to have a positive impact on firm performance, while employees ownership concentration has a negative ones. The higher proportion of outside directors and the change in the board composition following privatization affect firm performance positively. These results could have some important policy implications; in which private ownership by foreign investors seem to add more value to firms; while selling state-owned enterprises (SOEs) to employees is not recommended. Also, the state is highly advised to relinquishes control and allow for changes in the board of director following privatization as changing ownership, per se, might not have an impact on firm performance unless it is coupled with new management style.
Privatization and Corporate Governance
Privatization and Corporate Governance - 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 Privatization and Corporate Governance write by Samer Ali Kobeissi. This book was released on 2006. Privatization and Corporate Governance available in PDF, EPUB and Kindle. 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.
Private Ownership and Corporate Performance
Private Ownership and Corporate Performance - 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 Private Ownership and Corporate Performance write by . This book was released on 1997. Private Ownership and Corporate Performance available in PDF, EPUB and Kindle. The assumption behind privatisation in eastern Europe and elsewhere is that private ownership improves corporate performance. We focus on comparing the performance of state firms with either private or privatised firms operating under reasonably similar conditions in three countries of eastern Europe. We supplement this comparison by an examination of the relative performance of privatised and state firms in the period before the former were privatised. Our empirical results confirm the hypothesis that the effect of ownership change is particularly pronounced on the revenue side of corporate performance. In general, we find that firms with outsider owners significantly outperform the firms with insider owners on most performance measures, and that the employees are particularly ineffective owners (indeed less effective than the state). Subscribe to publications email alerts.
Postprivatization corporate governance : the role of ownership structure and investor protection
Postprivatization corporate governance : the role of ownership structure and investor protection - 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 Postprivatization corporate governance : the role of ownership structure and investor protection write by Narjess Boubakri. This book was released on 2003. Postprivatization corporate governance : the role of ownership structure and investor protection available in PDF, EPUB and Kindle.
Corporate Governance, Ownership Structure and Firm Performance
Corporate Governance, Ownership Structure and Firm Performance - 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 Corporate Governance, Ownership Structure and Firm Performance write by Hoang N. Pham. This book was released on 2022-01-25. Corporate Governance, Ownership Structure and Firm Performance available in PDF, EPUB and Kindle. The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
