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PRIVATISING NATIONAL OIL COMPANIES: ASSESSING THE IMPACT ON FIRM PERFORMANCE - page 23 / 30

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Constant

0.0066 (0.0239)

1.0299 *** (0.3499)

1.4185 (0.3958)

0.4800 (0.3607)

0.8141 *** (0.1739)

1.1431 *** (0.1381)

0.8498 *** (0.2766)

0.2463 (0.1629)

L.Govt%

0.0075 (0.0205)

-0.3923 (0.3892)

-0.5547 (0.4769)

0.0211 (0.4120)

-0.0077 (0.1858)

0.3538 ** (0.1690)

-0.1485 (0.3202)

0.1490 (0.1758)

L.CtrTrans

-0.0091 (0.0102)

-0.0230 (0.1211)

0.0815 (0.2636)

0.2198 (0.1941)

0.0952 (0.0667)

-0.1487 *** (0.0521)

0.1139 (0.1301)

0.0535 (0.0633)

Year

0.0119 *** (0.0032)

0.0657 ** (0.0241)

-0.0173 (0.0279)

0.0338 (0.0374)

0.0485 *** (0.0110)

-0.0791 *** (0.0220)

-0.0267 (0.0370)

0.0172 (0.0253)

Oil

0.0011 *** (0.0002)

0.0019 (0.0021)

0.0062 (0.0042)

0.0109 *** (0.0036)

-0.0005 (0.0014)

-0.0046 *** (0.0014)

0.0007 (0.0017)

-0.0040 *** (0.0014)

Post1

0.0371 * (0.0193)

0.1742 (0.1395)

-0.4335 (0.2561)

-0.5337 (0.5073)

0.0640 (0.1366)

-0.0559 (0.1056)

-0.1919 (0.2050)

0.0756 (0.1160)

Post2

-0.0066 (0.0248)

-0.1552 (0.1684)

0.3395 (0.3875)

0.2639 (0.6772)

0.1860 (0.1581)

0.1327 (0.1584)

0.5985 (0.3532)

0.1783 (0.1482)

Post3

-0.0665 ** (0.0323)

-0.6895 * (0.3786)

-1.1138 (0.6317)

-1.2850 * (0.7533)

-0.6667 *** (0.2366)

-0.1028 (0.1443)

0.0447 (0.4849)

0.2224 (0.1708)

Post4

0.1363 *** (0.0238)

0.8635 ** (0.3893)

-1.5540 * (0.7907)

1.4588 (1.0672)

0.4354 (0.3483)

-0.1772 (0.1347)

-1.1390 * (0.5926)

-0.0686 (0.2234)

Post5

-0.0253 (0.0282)

-1.0415 * (0.6004)

1.3743 *** (0.2134)

2.1391 * (1.2247)

-0.3229 ** (0.1486)

-0.0730 (0.2111)

-0.1489 (1.1064)

0.4361 (0.3664)

Post1 x Year

-0.0107 ** (0.0041)

-0.0610 * (0.0329)

0.0538 (0.0545)

0.1485 (0.0999)

-0.0072 (0.0200)

0.0295 (0.0269)

0.0143 (0.0464)

0.0002 (0.0266)

Post2 x Year

0.0007 (0.0033)

0.0107 (0.0189)

-0.0452 (0.0450)

-0.0745 (0.0988)

-0.0327 (0.0209)

0.0021 (0.0190)

-0.0747 * (0.0432)

-0.0291 (0.0219)

Post3 x Year

0.0065 ** (0.0029)

0.0682 ** (0.0305)

0.0897 (0.7059)

0.0873 (0.0680)

0.0557 ** (0.0222)

0.0096 (0.0144)

0.0180 (0.0407)

-0.0143 (0.0188)

Post4 x Year

-0.0102 *** (0.0020)

-0.0701 ** (0.0296)

0.1346 * (0.0733)

-0.1476 * (0.0828)

-0.0330 (0.0248)

0.0235 ** (0.0091)

0.0808 * (0.0448)

0.0175 (0.0142)

Post5 x Year

0.0013 (0.0025)

0.0778 * (0.0448)

-0.1805 *** (0.0099)

-0.1406 (0.0851)

0.0285 ** (0.0125)

0.0038 (0.0173)

0.0230 (0.0881)

-0.0277 (0.0239)

variables, the two main issues of interest are whether corporate performance is

systematically impacted by the total number of privatisation offerings, and/or by the

timing of any individual offering.

Table 6: Results of panel data model for long-term performance trends

Capex

Dividends / Net income

Return on

Output /

Production

Sales

Employee

Costs

Physical

Employment /

Debt /

Output

Assets

Equity

coefficient in the respective interaction variable, and vice versa. Thus, moving an

the dummy variable is usually complemented by a – less pronounced – negative

closely aligned in terms of their statistical significance, and a positive coefficient for

corresponding dummy and trend interaction variables for follow-on offerings are

monotonously impacted by the total number of privatisation offerings. The

The coefficients of the dummy variables provide no evidence that performance is

Notes: Table shows estimates of coefficients and standard errors (in parentheses), based on the dataset adjusted for outliers at the 5% level. F-test is for joint significance of the variables listed (i.e. excluding fixed unit effects). Fixed unit effects are jointly significant at 1%-level for all regression models. */ ** / *** : Significant at the 10-percent / 5-percent / 1-percent level, respectively.

N

254

228

124

261

254

234

252

258

F-test

105.9

8.6

63390.4

468.7

7717.4

86.1

21.5

8350.8

R-sq (within)

0.3375

0.4248

0.2827

0.3944

0.5696

0.7383

0.1713

0.1521

23

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