The effects of changes in corporate governance and restructurings on operating performance: Evidence from privatizations

Global Finance Journal

Volumn 18, Issue 2, 2007, Pages 157-184

  D'Souza, Juliet ^a   Megginson, William ^b   Nash, Robert ^c  

^a GEORGIA GWINNETT COLLEGE   (United States)

^b UNIVERSITY OF OKLAHOMA   (United States)

^c WAKE FOREST UNIVERSITY   (United States)

Author keywords

International financial markets; Performance; Privatization

Indexed keywords

EID: 35548960579     PISSN: 10440283     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.gfj.2006.04.004     Document Type: Article

References (63)

1. Anderson S., de Palma A., and Thisse J. Privatization and efficiency in a differentiated industry. European Economic Review 41 (1997) 1635-1654
2. Anderson C., Makhija A., and Spiro M. Foreign ownership in the privatization process: Empirical evidence from Czech Privatization, Working Paper (1997), University of Missouri and University of Pittsburgh
3. Barberis N., Boycko M., Shleifer A., and Tsukanova N. How does privatization work: Evidence from Russian shops?. Journal of Political Economy 104 (1996) 764-790
4. Biais B., and Perotti E. Machiavellian privatization. American Economic Review 92 (2002) 240-258
5. Birdsall N., and Nellis J. Winners and losers: Assessing the distributional impact of privatization. World Development 31 (2003) 1617-1633
6. Bortolotti B., D'Souza J., Fantini M., and Megginson W. Privatization and the sources of performance improvement in the global telecommunication industry. Telecommunications Policy 26 (2002) 243-268
7. Boubakri N., and Cosset J. The financial and operating performance of newly privatized firms: Evidence from developing countries. Journal of Finance 53 (1998) 1081-1110
8. Boubakri N., Cosset J., and Guedhami O. Post-privatization corporate governance: The role of ownership structure and investor protection. Journal of Financial Economics 76 (2005) 369-399
9. Boycko M., Shleifer A., and Vishny R. A theory of privatization. Economic Journal 106 (1996) 309-319
10. Brown, D., Earle, J., & Telegdy, A. (2007). The productivity effects of privatization: Longitudinal estimates from Hungary, Romania, Russia, and Ukraine. Journal of Political Economy, 114, 61-99.
11. Chong A., and López-de-Silanes F. Privatization and labor force restructuring around the world, Working Paper (2002), Yale University
12. Chong, A., & Lopez-de-Silanes F., 2005, The truth about privatization in Latin America. in: A. Chong & F. Lopez-de-Silanes (eds.), Privatization in Latin America: Myths and reality, (Stanford University Press and The World Bank, Palo Alto and Washington, DC).
13. Claessens S. Corporate governance and equity prices: Evidence from the Czech and Slovak Republics. Journal of Finance 52 (1997) 1641-1658
14. Demirgüç-Kunt A., and Maksimovic V. Law, finance, and firm growth. Journal of Finance 53 (1998) 2107-2139
15. D'Souza J., and Megginson W. The financial and operating performance of privatized firms during the 1990s. Journal of Finance 54 (1999) 1397-1438
16. Dewenter K., and Malatesta P. State-owned and privately-owned firms: An empirical analysis of profitability, leverage, and labor intensity. American Economic Review 91 (2001) 320-334
17. Djankov S., and Murrell P. Enterprise restructuring in transition: A quantitative survey. Journal of Economic Literature 40 (2002) 739-792
18. D'Souza J., Nash R., and Megginson W. Effect of institutional and firm-specific characteristics on post-privatization performance: Evidence from developed countries. Journal of Corporate Finance 11 (2005) 747-766
19. Eckel C., Eckel D., and Singal V. Privatization and efficiency: Industry effects of the sale of British Airways. Journal of Financial Economics 43 (1997) 275-298
20. Estrin S., and Perotin V. Does ownership always matter?. International Journal of Industrial Organization 9 (1991) 55-72
21. Faccio, M. (2006). Politically connected firms. American Economic Review, 96, 369-386.
22. Galiani S., Gertler P., and Schargrodsky E. Water for life: The impact of the privatization of water services on child mortality. Journal of Political Economy 113 (2005) 83-120
23. Gaughan P. Mergers, acquisitions, and corporate restructurings. (3rd Edition) (2002), Wiley, New York
24. Gupta N. Partial privatization and firm performance. Journal of Finance 60 (2005) 987-1015
25. Hite G., Owers J., and Rogers R. The market for interfirm asset sales: Partial sell-offs and total liquidations. Journal of Financial Economics 18 (1987) 229-252
26. Jensen M. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48 (1993) 831-880
27. Jensen M., and Ruback R. The market for corporate control: The scientific evidence. Journal of Financial Economics 11 (1983) 5-50
28. John K., Lang L., and Netter J. The voluntary restructuring of large firms in response to performance decline. Journal of Finance 47 (1992) 891-917
29. Jones S., Megginson W., Nash R., and Netter J. Share issue privatizations as financial means to political and economic ends. Journal of Financial Economics 53 (1999) 217-253
30. John K., and Ofek E. Asset sales and increase in focus. Journal of Financial Economics 37 (1995) 105-126
31. Kaplan S., and Weisbach M. The success of acquisitions: Evidence from divestitures. Journal of Finance 47 (1992) 107-138
32. Kikeri S., Nellis J., and Shirley M. Privatization: The lessons of experience (1992), World Bank, Washington, DC
33. Lang L., Poulsen A., and Stulz R. Asset sales, firm performance, and the agency costs of managerial discretion. Journal of Financial Economics 37 (1995) 3-37
34. La Porta R., and López-de-Silanes F. Benefits of privatization: Evidence from Mexico. Quarterly Journal of Economics 114 (1999) 1193-1242
35. La Porta R., López-de-Silanes F., Shleifer A., and Vishny R. Legal determinants of external finance. Journal of Finance 52 (1997) 1131-1150
36. La Porta R., López-de-Silanes F., Shleifer A., and Vishny R. Law and finance. Journal of Political Economy 106 (1998) 1113-1150
37. Levine R. Financial development and economic growth: Views and agenda. Journal of Economic Literature 35 (1997) 688-726
38. Levine R., and Zervos S. Stock markets, banks, and economic growth. American Economic Review 88 (1998) 537-558
39. Li W., and Xu L. The impact of privatization and competition in the telecommunications sector around the world. Journal of Law and Economics 47 (2004) 395-430
40. Lizal L., and Svejnar J. Investment, credit rationing and the soft budget constraint: Evidence from Czech panel data. Review of Economics and Statistics 84 (2002) 303-370
41. Lopez-de-Silanes F. Determinants of privatization prices. Quarterly Journal of Economics 112 (1997) 965-1025
42. López-de-Silanes F. Do's and don'ts in privatization: Evidence from developing countries. Privatization Barometer Newsletter 2 (2005) 29-35
43. Maksimovic V., and Phillips G. The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains?. Working Paper (2000), University of Maryland
44. McKenzie D., and Mookherjee D. The distributive impact of privatization in Latin America: Evidence from four countries. Economia 3 (2003) 161-218
45. Megginson W. The financial economics of privatization. (First edition) (2005), Oxford University Press, New York
46. Megginson W., Nash R., Netter J., and Poulsen A. The choice of public versus private markets: Evidence from privatizations. Journal of Finance 59 (2004) 2835-2870
47. Megginson W., Nash R., and Randenborgh V. The financial and operating performance of newly privatized firms: An international empirical analysis. Journal of Finance 49 (1994) 403-452
48. Megginson W., and Netter J. From state to market: A survey of empirical studies on privatization. Journal of Economic Literature 39 (2001) 321-389
49. Mitchell M., and Mulherin H. The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics 41 (1996) 193-229
50. Mulherin H., and Boone A. Comparing acquisitions and divestitures. Journal of Corporate Finance 6 (2000) 117-139
51. Nellis J. Time to rethink privatization in transition economies?. IFC Discussion paper no. 38 (1999), World Bank Group, Washington, D.C.
52. Nellis J. Privatization in Africa: What has happened? What is to be done?. Working Paper (2005), Center for Global Development
53. Newbery D., and Pollitt M. The restructuring and privatization of Britain's CEGB: Was it worth it?. Journal of Industrial Economics 45 (1997) 269-303
54. Paudyal K., Saadouni B., and Briston R. Privatisation initial public offerings in Malaysia: Initial premium and long-term performance. Pacific-Basin Finance Journal 6 (1998) 1-25
55. Rajan R., and Zingales L. Financial dependence and growth. American Economic Review 88 (1998) 559-586
56. Ramamurti R. Testing the limits of privatization: Argentine railroads. World Development 25 (1997) 1973-1993
57. Shirley M., and Walsh P. Public versus private ownership: The current state of the debate. Working Paper (2000), World Bank Group
58. Slovin M., Sushka M., and Ferraro S. A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs. Journal of Financial Economics 37 (1995) 89-104
59. Smith S., Cin B., and Vodopivec M. Privatization incidence, ownership forms and firm performance: Evidence from Slovenia. Journal of Comparative Economics 25 (1997) 158-179
60. Subrahmanyam A., and Titman S. The going public decision and the development of financial markets. Journal of Finance 54 (1998) 1045-1082
61. Vickers J., and Yarrow G. Economic perspectives on privatization. Journal of Economic Perspectives 5 (1991) 111-132
62. Weston S. Divestitures: Mistakes or learnings?. Journal of Applied Corporate Finance 2 (1989) 68-76
63. Wurgler J. Financial markets and the allocation of capital. Journal of Financial Economics 58 (2000) 187-214