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The operating performance of newly privatised firms in central European transition economies
journal contribution
posted on 2023-06-08, 19:16 authored by Wolfgang Aussenegg, Ranko JelicRanko JelicThis study examines the operating performance of privatised firms in three Central European Transition Economies between 1990 and 1998. Overall, we find no evidence of a significant improvement in operating performance for the first six years after privatisation. Contrary to the increasing empirical evidence for non-transition economies, our privatised firms experience no improvement in profitability, capital investments, efficiency, and output, a significant drop in employment, as well as a significant increase in leverage. The most important determinants of the performance changes following privatisation were country effects, timing of the privatisation sales, industry classification, and state ownership after privatisation. Our findings are consistent with the empirical evidence that the transition process proved to be more difficult than expected and that, although necessary, privatisations do not necessarily produce equal efficiency gains in transition economies (Megginson, 2005; Havrylyshyn and McGettigan, 1999). © 2007 Blackwell Publishing Ltd.
History
Publication status
- Published
Journal
European Financial ManagementISSN
1354-7798Publisher
WileyExternal DOI
Issue
5Volume
13Page range
853-879Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2014-12-15Usage metrics
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