Recent evidences indicate that privatization leads to enormous benefits to society, with few, if any, undesirable costs. However, stakeholders of rivatization seem not to be satisfied with the resulting performance of privatized firms. Using data from 202 privatized firms from 37 countries during the period 1980–2002, we follow the long-run operating performance of privatized companies for up to 10years and study the 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 the global standard of industry-matched control groups and by a 2.3-percentage-point decrease in the next 5-year mean ratio. Indeed, the previously documented striking achievements were merely a reflection of the world business cycle, the pace of economic activity in general, and the technological innovations during the last three decades.
Key words: Privatization, Operating performance, External governance, Deregulation, Political econom
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공지사항
[2011년 제 3차] Does Ownership Matter? Evidences from Operating Per
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2011-08-22