Privatization, corporate governance and economic environment: Firm-level evidence from Asia

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• 作者：Boubakri ; Narjess ; Cosset ; Jean-Claude ; Guedhami ; Omrane
• 关键词：Liberalization ; Corporate governance ; Privatization ; Performance ; G32 ; G38 ; K22
• 刊名：Pacific-Basin Finance Journal
• 出版年：2004
• 出版时间：January, 2004
• 年：2004
• 卷：12
• 期：1
• 页码：65-90
• 全文大小：189 K

文摘

We examine the postprivatization performance of newly privatized firms in Asia and document how the private ownership structure evolves over time. We show that privatization leads to an increase in profitability, efficiency, and output in former state-owned firms from Asia. However, these changes are generally less significant than those reported in other developing countries (DCs). We also find that higher improvements in performance are associated with certain aspects of (1) corporate governance and (2) the economic environment. Finally, we show that governments generally do not relinquish control and private ownership concentrates over time, but by far less than what we observe elsewhere in developing countries.