The financial and operating performance of newly privatized firms: Evidence from developing countries
成果类型：
Article
署名作者：
Boubakri, N; Cosset, JC
署名单位：
Laval University
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/0022-1082.00044
发表日期：
1998
页码：
1081-1110
关键词：
摘要：
This paper examines the change in the financial and operating performance of 79 companies from 21 developing countries that experienced full or partial privatization during the period from 1980 to 1992. We use accounting performance measures adjusted for market effects in addition to unadjusted accounting performance measures. Both unadjusted and market-adjusted results show significant increases in profitability, operating efficiency, capital investment spending, output, employment level, and dividends. We also find a decline in leverage following privatization but this change is significant only for unadjusted leverage ratios. Our results are generally robust when we partition our data into various subsamples.
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