Partial Privatization And Firm Performance  

Oleh:

Gupta, Nandini

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 2 (Apr. 2005), page 987-1016.
Topik: privatization; studies; management styles; financial performance; privatization; public enterprise; productivity; securities markets
Fulltext: p 987.pdf (141.67KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Most privatization programs begin with a period of partial privatization in which only non - controlling shares of firms are sold on the stock market. Since management control is not transferred to private owners it is widely contended that partial privatization has little impact. This perspective ignores the role that the stock market can play in monitoring and rewarding managerial performance even when the government remains the controlling owner. Using data on Indian state-owned enterprises it is found that partial privatization has a positive impact on profitability, productivity, and investment. Because partially privatized firms remain under government control, it is unlikely that the performance gains in the data occur through eliminating political interference that forces managers to employ surplus labor and pursue other inefficient policies. hence, the results support the managerial view that improved managerial efficiency is a significant factor in explaining the effect of privatization on performance.

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