Download or read book Assessing the Impact of Privatisation on Company Efficiency written by David Parker and published by . This book was released on 1996 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of Privatization written by Stephen Martin and published by Routledge. This book was released on 1997-02-13 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are resources allocated more efficiently through private ownership than through the public sector? The experiences of eleven newly privatised companies are examined to evaluate this hypothesis. With the Government's pro-privatization policies in place for over a decade, this is a prime time to evaluate theory versus reality.
Download or read book The Impact of Privatisation written by Stephen Martin and published by Psychology Press. This book was released on 1997 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade economic policy in the UK and elsewhere has been guided by the belief that resources are used more efficiently in the private sector than under state ownership. Consequently, many formerly state-owned companies have been transferred to the private sector. After surveying the theoretical arguments for and against this hypothesis, this book examines the experience of eleven firms, including British Airways, Rolls-Royce and British Telecom. Various indicators are used to measure each firm's performance before and after privatisation to assess whether this policy has brought about improvements in efficiency. The first four chapters provide background material for the empirical work that follows. Chapter 1 outlines the theoretical arguments for and against the idea that private ownership will be more efficient than state control. Chapter 2 provides brief histories of the eleven organisations studied and chapter 3 discusses how their performance can be measured. Chapter 4 reviews the literature on the relative efficiency of public and private ownership. Chapter 5 considers the impact of privatisation on each of the eleven firms' labour and total factor productivity growth. Chapter 6 performs a similar analysis using two standard accounting ratios (value-added and the rate of profit). Chapter 7 assesses the impact of privatisation on technical efficiency using data envelopment analysis. In chapter 8 the impact of ownership on employment, wage levels and the distribution of business income is considered. The penultimate chapter discusses the restructuring that has followed each company's move into the private sector, and the final chapter summarises the results.
Download or read book Privatising National Oil Companies written by Christian Wolf and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study empirically investigates the impact of privatisation on firm performance in the global oil and gas industry, where questions of resource control have regained widespread attention. Using a dataset of 60 public share offerings by 28 National Oil Companies it is shown that privatisation is associated with comprehensive and sustained improvements in performance and efficiency. Over the seven-year period around the initial privatisation offering, return on sales increases by 3.6 percentage points, total output by 40%, capital expenditure by 47%, and employment intensity drops by 35%. Many of our observed performance improvements are already realised in anticipation of the initial privatisation date, accrue over time, and level off after the initial ownership change rather than accelerate. Details of residual government ownership, control transfer, and size and timing of follow-on offerings provide limited incremental explanatory power for firm performance, except for employment intensity. Based on these results partial privatisations in the oil sector might be seen to capture a significant part of the performance improvement associated with private capital markets without the selling government having to cede majority control.
Download or read book Privatization written by Graeme Hodge and published by Routledge. This book was released on 2018-03-09 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contracting out public sector services and divesting public enterprises are reforms that have enjoyed widespread global popularity in recent years. Better services, lower prices and greater accountability are the promises made by politicians, senior executives, and investment companies when functions are moved from the public sector to private enterprise. But in Privatization, Graeme A. Hodge challenges these assumptions. Through an examination of hundreds of international studies on the performance of privatization activities, Hodge demonstrates that privatizing public services is often not the guaranteed panacea portrayed by its political supporters. Importantly, privatization activities can lead to modest gains, but there are also winners and losers in this reform. It therefore deserves far more care and balanced debate than it usually attracts.
Download or read book The Effect of Privatisation on the Economic Performance of Firms written by Joaquim Vergés and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an evaluation of the effects of privatisation on the efficiency of firms in the case of large Spanish State-Owned Enterprises that had been privatised from 1990 onward. The firms' efficiency is approached here by economic performance indicators, through acknowledging their shortcomings but also taking profit from their, some time neglected, advantages. Unlike other research work that compares pre-post privatisation performance, we make use here of usual economic-performance indicators, though taking into account their hierarchical relationship; take as privatisation moment the point at which control over the firm actually passes from the government to private investors; and work on companies' base data, which allows us to obtain performance measures more accurate by excluding all extraordinary and non-operating financial flows. The comparative analysis carried out yields mixed results; most of the evidence points toward the conclusion that the firms' economic performance did not actually improve after privatisation, the only clear exception being one of the six cases studied here.
Download or read book Privatization written by Sunita Kikeri and published by World Bank Publications. This book was released on 2005 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper takes stock of recent privatization trends, examines the extent to which government ownership is still prevalent in developing countries, and summarizes emerging issues for state enterprise reform going forward. Between 1990 and 2003, 120 developing countries carried out nearly 8,000 privatization transactions and raised $410 billion in privatization revenues. Privatization activity peaked in 1997 and dropped off in the late 1990s and, while still at overall low levels, is slowly creeping back. While there are a large number of studies assessing the impact of privatization on enterprise performance and overall welfare, there are no systematic data on the extent to which privatization has changed the role of state enterprises in the economy. Anecdotal evidence suggests that the state's role has been substantially reduced in Eastern and Central Europe and in certain countries in Latin America. But available evidence also suggests that, despite a long track record of privatization, government ownership in state enterprises is still widely prevalent in some regions and countries, and in certain sectors in virtually all regions. The paper shows that the costs of not reforming state enterprises are high and that continued efforts need to be made to improve their performance by improving privatization policies and institutions; adopting more of a case-by-case approach for complex sectors and countries; and exposing state enterprises to market discipline through new private entry and exit of unviable firms and improvements in their corporate governance. "--World Bank web site.
Download or read book The World Bank Research Observer written by and published by . This book was released on 2003 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effects of Privatisation on Companies Economic Performance written by Maria Teresa Bosch and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an evaluation of the effects of privatisation on the efficiency of firms in the case of large Spanish State-Owned Enterprises that had been privatised from 1990 onward. The firms' efficiency is approached here by financial-performance indicators, through acknowledging, on the one hand, their shortcomings and, on the other, the advantage of their direct comprehensibility. Unlike other research work that compares pre-post privatisation performance, we 1) make use here of usual economic-performance indicators, though taking into account their hierarchical relationship; 2) take as privatisation moment the point at which control over the firm actually passes from the government to private investors; and 3) work on companies' base data, and exclude all extraordinary and non-operating financial flows. The comparative analysis carried out yields mixed results; most of the evidence points toward the conclusion that the firms' economic performance did not actually improve after privatisation, the only clear exception being of one of the six cases studied here.
Download or read book The Political Economy of Privatization written by Kenneth A. Lanza and published by . This book was released on 1995 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Impact of Privatization written by and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Are resources allocated more efficiently through private ownership than through the public sector? The experiences of eleven newly privatised companies are examined to evaluate this hypothesis.
Download or read book Privatisation in Developing Countries written by Paul Cook and published by Edward Elgar Publishing. This book was released on 2000 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decades of the 20th century, privatization has been a key policy instrument in the move to more market-based economic systems in all parts of the developing world. Privatization, however, has not necessarily been accompanied by an increase in market competition. Many public utilities have been privatized as monopolies and in addition regulatory systems have been developed to restrict their market power and protect the interests of consumers. This volume brings together a collection of papers that provide theoretical and empirical insights into privatization and regulation, as well as policy perspectives in relation to developing countries.
Download or read book How Does Privatization Work written by Anthony Bennett and published by Routledge. This book was released on 2002-09-11 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization has been one of the most important elements of public policy in the last decade and there have been massive transfers of ownership from the public to the private sector on a national and international level. This book combines thematic papers with country case studies to discuss the mechanisms which have enabled this to occur, and to assess privatization's mixed achievements. The authors, international academics, practitioners and consultants and the process of privatization is discussed in East Germany, Nigeria, Pakistan, Guyana, Sri Lanka, Trinidad and Tobago, and Great Britain.
Download or read book Privatization State Capitalism and State Ownership of Business in the 21st Century written by William L. Megginson and published by . This book was released on 2017 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study summarizes the economic and political developments relating to privatization, state capitalism, and state ownership of business since 2000 and then surveys the extensive recent research examining these issues empirically. Through the early 21st century, there was an unambiguous global trend towards reducing government ownership of business enterprise, but this trend has since at least been slowed, and perhaps even reversed. We discuss the factors that have promoted a global resurgence of state ownership, then define and analyze the new ideology labeled "state capitalism." Recent research examines whether privatization improves the operating and financial performance of divested companies, as well as when, where and how governments decide to privatize individual companies and how these sales are priced. All the performance studies surveyed document significant improvements after companies are divested. Recent academic and professional research categorizes and evaluates various types of state owners; examines determinants of the level of state ownership; studies how state ownership impacts the valuation of corporate assets and examines the relative efficiency of state versus private ownership; and assesses how state ownership impacts corporate financial policies, especially capital investment. This research highlights that different types of state owners have very different impacts on corporate value and performance, and that state ownership generally has a significant, and mostly pernicious, impact on corporate investment and financial policies. The separate effect of state ownership on corporate valuation is less clear-cut. This survey also summarizes recent empirical research examining the relationship between state ownership of business assets and financial markets and institutions, and also surveys the literature examining political connections between politicians and corporate managers. Sovereign wealth fund research yields essentially benign findings, but almost all studies examining state-owned banking show that state ownership reduces banks' efficiency. All the financial markets and institutions studies examined highlight the distortive effects and economic costs of bailouts and guarantees, and almost all the political connections studies find that these connections are privately beneficial but socially costly. Finally, the research surveyed here convinces the author that "state capitalism" is an essentially failed model.
Download or read book Reality Check written by John R. Nellis and published by CGD Books. This book was released on 2005 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the 1990's, privatization of inefficient state-owned enterprises was strongly embraced in developing and transitional economies. Little attention has gone to the distributional implications of the privatization movement, a particularly surprising oversight given the current backlash in many settings against further privatization. This book offers a comprehensive set of country-specific studies on the effects of privatization on people --winners and losers in different income, employment, and education groups. The studies analyze the changes in public tax revenue from privatized enterprises, shifts in pension and other liabilities, and changes in income of different groups. Contributors include David McKenzie (Stanford University), Dilip Mookherjee (Boston University), Gover Barja (Universidad Católica Boliviana, La Paz), Miguel Urquiola (Columbia University), Samuel Freije (Universidad de Las Américas in Puebla, Mexico), Luis A. Rivas (Ministry of Finance and Central Bank of Nicaragua), Máximo Torero, Enrique Schroth, and Alberto Pasco Font (Group of Analysis for Development [GRADE], Lima), Roberto Macedo (University of São Paulo, Presbyterian Mackenzie University, and Foundation Institute of Economic Research, São Paolo), Antonio Estache (World Bank), Michael Bleyzer and Edi Segura (SigmaBleyzer Corporation), Gary H. Jefferson, (Brandeis University), Su Jian (Brandeis and Peking Universities), Jiang Yuan and Yu Xinhua (National Bureau of Statistics, Beijing), and Malathy Knight-John and P.P.A. Wasantha (Institute of Policy Studies, Sri Lanka).
Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Download or read book Is Privatization a Free Lunch New Evidence on Ownership Status and Firm Performance written by Bryan Roberts and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies that use panel data to assess the impact of privatization on firm performance suggest that privatization positively affects growth in sales, productivity and, more surprisingly, employment. Using survey data on 90 enterprises in the Republic of Kyrgyzstan during 1993-1995, we also find that the typical privatized Kyrgyz firm had substantially higher rates of growth of sales revenue and labor productivity, and somewhat higher employment growth, than the typical state-owned firm in 1995. Empirical evidence to date thus suggests that privatization would have reduced Kyrgyz unemployment, they do show that state enterprises were quite willing to fire workers. We find no evidence that positive selection bias was important in our sample, and we do not find that outsider-owned firms outperformed insider-owned firms. Finally, there is some evidence that the better productivity performance of privatized firms was due to managerial human capital turnover.
