The Impact of Privatization on Economic Performance in European Companies

Abstract

The objective of this paper is to analyze the effect of privatization on the performance of firms by using a panel data set of 38 companies that were privatized in Europe. We compare the profit, profitability, total product, operating efficiency, net income, employment, leverage and risk of these SOEs before and after their privatization. The legal environment, regulation, goals of privatization and competition characterize each sector, which is why we split the total sample into sectors. Our results indicate that the performance of companies in the utility industry is significantly better after privatization; however, we cannot assert this for the other sectors.

Tax incentive policy and firm performance: evidence from Vietnam

“…Farinos, Garcia, and Ibanez (2007) also find that there are significant operating improvements in Spanish SOEs after privatization. Bachiller (2012) concludes that only the performance of companies in the utility industry is significantly better after privatization in European companies. However, Mckenzie and Keneley (2011), Aussenegg and Jelic (2007) and Farinos et al (2007) find that there are no significant improvements in the profitability and efficiency of privatized SOEs.…”

O‘zbekistonda davlat ishtirokidagi korxonalarning huquqiy maqomi va ularni isloh qilishning istiqbollari

“…Iqtisodiyotda xususiylashtirishning afzalliklari va munozarali jihatlari bo'yicha o'tkazilgan aksariyat tahlillarning xulosalari, davlat ishtirokidagi korxonalarga nisbatan xususiy mulk shaklidagi korxonalarning faoliyati samaraliroq ekanligi isbotlanganini Zaragoza universiteti (Ispaniya) professori Patricia Bachiller tadqiqotlarida ko'rish mumkin 1 .…”

Dampak Privatisasi BUMN Terhadap Kinerja Keuangan BUMN Indonesia

“…Kinerja keuangan perusahaan yang diukur dengan 10 Rasio keuangan menunjukkan bahwa jika ditinjau dari rasio Margin laba yang terdiri dari rasio GPM, OPM, NPM menunjukkan perusahaan BUMN setelah dilakukan privatisasi lebih baik dalam menghasilkan laba namun pengelolaan biaya kurang optimal sehingga laba yang seharusnya menghasilkan laba yang maksimal menjadi kurang maksimal karena pengelolaan biaya (Bachiller, 2017;Hodge, 2018;Palinda, 2016). Jika ditinjau dari rasio profitabilitas yaitu rasio ROA dan ROI, perusahaan BUMN setelah dilakukan privatisasi lebih efektif dalam menghasilkan laba jika dilihat berdasarkan investasi yang ditanamkan (Anugrah, 2012;Bachiller, 2012Bachiller, , 2017. Sementara jika ditinjau dari segi aset, perusahaan BUMN setelah dilakukan privatisasi kurang efektif dalam menghasilkan laba (Iannotta, Nocera, & Sironi, 2013;Rahayu, 2017;Shen & Lin, 2012).…”

“…Jika ditinjau dari rasio solvabilitas yaitu rasio CR, DAR, DER menunjukkan kemampuan perusahaan BUMN setelah dilakukan privatisasi dalam melunasi kewajiban lebih baik pada kewajiban jangka panjang dibandingkan kewajiban lancar dan kewajiban kepada pemegang saham (Bachiller, 2012(Bachiller, , 2017Ho et al, 2016). Jika ditinjau dari rasio perputaran yaitu rasio FATR dan NATR menunjukkan perusahaan BUMN setelah dilakukan privatisasi dapat mengelola aset secara keseluruhan baik aset tetap maupun aset bersih sehingga penjualan yang dihasilkan lebih optimal.…”