The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis

Megginson, William L.; Nash, Robert C.; Randenborgh, Matthias van

doi:10.2307/2329158

Cited by 345 publications

(437 citation statements)

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“…In most of the companies examined, the size of the boards is increasing, while in some a decrease is observed (Megginson et al, 1994). The number of external company directors is increasing, since they assume more important control roles (Lehn, 2002).…”

Section: Ownership Structure Of Companiesmentioning

confidence: 96%

“…More specifi cally, it has been observed that most of the companies examined increase their profi tability (net operating profi t/total assets) and their efficiency (net operating profi t/total staff) despite the signifi cant decrease in their market share. Moreover, output, investments, and dividends improve, while companies' leverage is reduced (Megginson et al, 1994;D'Souza et al, 2001;Bortolotti et al, 2002).…”

Section: Economic Performancementioning

confidence: 99%

“…Most of the studies (Baroncelli, 1998;D'Souza and Megginson, 1999;Parker, 1999;Ramaswamy and von Glinow, 2000;Bortolotti et al, 2002;Harper, 2002) indicated a reduction in the workforce after the privatization of an organization. Nevertheless, according to studies such as Megginson et al (1994) and Boubakri and Cosset (1998), there was no downsizing; on the contrary, the staff of some companies increased inexplicably. D'Souza et al (2001) did not confi rm any measurable changes in the workforce.…”

Section: Work Relationsmentioning

confidence: 99%

“…Moreover, a number of studies (Megginson et al, 1994;Boubakri and Cosset, 1998;D'Souza and Megginson, 1999;D'Souza et al, 2001) distinguish companies in different pairs of patterns, such as: (1) companies that function under the provisions of common law and companies that operate under other legal systems;…”

mentioning

confidence: 99%

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Managing privatizations in the telecommunications sector

Karamanis

2009

Strategic Change

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᭹Until the 1980s the structure of the telecommunications sector was monopolistic. In almost all developed countries the sector was dominated by a government-owned organization managing the telecommunication network and exclusively providing telecommunication services. However, the rapid growth of telecommunications in the last two decades has led to the need for structural changes. ᭹ These changes include, among others, the progressive liberalization of the sector, the establishment of a regulatory framework, and the privatization of government-owned telecommunication organizations (PTOs).᭹ The aim of this study is to provide a comprehensive review of the existing relevant literature and to estimate the effect of privatization on the corporate governance of telecommunication organizations.

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Section: Ownership Structure Of Companiesmentioning

confidence: 96%

Section: Economic Performancementioning

confidence: 99%

Section: Work Relationsmentioning

confidence: 99%

mentioning

confidence: 99%

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Managing privatizations in the telecommunications sector

Karamanis

2009

Strategic Change

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“…Most of them reveal that public enterprises are less efficient than those in the private sector. Furthermore, Megginson, Nash, & Van Randenborgh (1994) compared the pre-and post-privatization periods within the financial and operating performance of 61 companies from 18 countries and 32 industries that had undergone either full or partial privatization through public share offerings during the period from 1961 to 1990. The results reveal significant improvements in performance, achieved, though surprisingly, without having to sacrifice employment security.…”

Section: Literature Reviewmentioning

confidence: 99%

Financial analysis of Serbian companies undergoing privatization

Veskovic¹

2016

Eur J Appl Econ

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Abstract:This study presents a financial analysis of companies undergoing the process of privatization in the Republic of Serbia (RS). A total of 182 of such companies were examined and compared to an equal number of randomly chosen companies of comparable size. The results revealed a significant gap between the financial performances of the two samples. For that reason, the companies undergoing privatization need to undergo radical changes for the purpose of achieving a higher level of profitability and preventing further losses. Given that these companies pose a significant challenge for the Serbian economy, the author believes that this study will serve as a reference for further research. In addition, this manuscript shall present the comparative analysis of the total net loss of the observed companies and the gross domestic product of the RS, as well as between the corresponding number of employees for the year 2013.

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Organizational performance following changes in ownership: modelling post-privatization outcomes

Ramaswamy¹,

Glinow

2000

Strat. Change

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Post‐privatization performance is not simply a function of industry structure and regulatory context as it is traditionally perceived. Mere transfer of ownership from public to private bands is unlikely to improve performance. Significant organizational changes in leadership, systems, structure and cultures are essential for realizing desirable performance outcomes following privatization. An integrated model encompassing internal and external performance drivers is presented and future research directions are proposed. Copyright © 2000 John Wiley & Sons, Ltd.

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The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis

Cited by 345 publications

References 1 publication

Managing privatizations in the telecommunications sector

Managing privatizations in the telecommunications sector

Financial analysis of Serbian companies undergoing privatization

Organizational performance following changes in ownership: modelling post-privatization outcomes

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