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PRIVATISING NATIONAL OIL COMPANIES: ASSESSING THE IMPACT ON FIRM PERFORMANCE - page 14 / 30

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Performance changes over time

Moving beyond the pre- vs. post-privatisation averages, we now consider the year-

by-year performance evolution over the seven-year period. This perspective promises

additional insights into the dynamics of privatisation, since e.g. Dewenter and

Malatesta (2001) find that performance improvements largely occur in the three years

leading up to privatisation, rather than at or after the time of privatisation.

Figure 1 (A) to (F): Change in selected performance metrics around initial SIP

(A): Return on sales

(B): Output per employee

14.0% 12.0%

10.0% 8.0%

6.0% 4.0%

2.0% 0.0%

  • -

    3

  • -

    2

  • -

    1 0 1

Years around initial SIP

AVERAGE MEDIAN

2

3

1.20

1.10

1.00

0.90

0.80

0.70

  • -

    3

  • -

    2

  • -

    1 0 1 Years around initial SIP AVERAGE MEDIAN

2

3

(C): Capital expenditure

(D): Employees over assets

1.80

1.60

1.40

1.20

1.00

0.80

0.60

  • -

    3

  • -

    2

  • -

    1 0 1

Years around initial SIP

2

3

1.50

1.40

1.30

1.20

1.10

1.00

0.90

0.80

0.70

  • -

    3

  • -

    2

  • -

    1 0

Years around initial SIP

1

2

3

AVERAGE

MEDIAN

AVERAGE MEDIAN

(E): Dividend payout ratio

(F): Real-term oil price (2005 money)

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

  • -

    3

  • -

    2

  • -

    1 0 1

Years around initial SIP

AVERAGE MEDIAN

2

3

38.00

36.00

34.00

32.00

30.00

28.00

26.00

24.00

  • -

    3

  • -

    2

  • -

    1 0

Years around initial SIP

1

AVERAGE MEDIAN

2

3

14

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