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PRIVATISING NATIONAL OIL COMPANIES: ASSESSING THE IMPACT ON FIRM PERFORMANCE - page 29 / 30

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privatising companies do not remedy this by widespread redundancies in the

workforce, but by ambitious growth programmes in investment and output, with

positive ramifications for all per-employee metrics of performance and efficiency. In

line with Gupta (2005) we find that – even partial – privatisation leads to an increase

in the productivity of labour without major layoffs. More generally, based on our

results the pervasive pattern of partial privatisations in the oil and gas sector could be

explained by the fact that governments succeed in capturing large parts of the

performance gains associated with private capital markets without having to cede

majority control. A longer-term, sustained privatisation process might well, however,

be advantageous or even required in order to defend and build on these initial gains in

performance and efficiency.

REFERENCES

Adolph, C., D. M. Butler and S. E. Wilson (2005). Like shoes and shirt, one size does not fit all: Evidence on time series cross-section estimators and specifications from Monte Carlo experiments, University of Washington Working Paper. Aivaziana, V. A., G. Ying and J. Qiu (2005). "Can corporatization improve the performance of state-owned enterprises even without privatization?" Journal of Corporate Finance 11(2005): 791-808. Al-Obaidan, A. M. and G. W. Scully (1991). "Efficiency differences between private and state-owned enterprises in the international petroleum industry." Applied Economics 23(2): 237-246. Alchian, A. A. (1965). "Some economics of property rights." Il Politico 30(4): 816-829. Barber, B. and J. Lyon (1997). "Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics." Journal of Financial Economics 43(3): 341-372. Beck, N. and J. N. Katz (1995). "What To Do (and Not To Do) with Time-Series Cross-Section Data." American Political Science Review 89(3): 634-647. Boardman, A. E., C. Laurin and A. R. Vining (2000). Privatization in Canada: Operating, Financial and Stock Price Performance With International Comparisons. Working Paper. Vancouver, University of British Columbia. Boardman, A. E. and A. R. Vining (1989). "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-owned Enterprises." Journal of Law & Economics 32(1): 1-33. Boubakri, N. and J.-C. Cosset (1998). "The financial and operating performance of newly privatized firms: Evidence from developing countries." Journal of Finance 53(6): 1081-1110. Boubakri, N., J.-C. Cosset and O. Guedhami (2005). "Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms." Journal of Corporate Finance 11(2005): 767-790. Bozec, R., M. Dia and G. Breton (2006). "Ownership-efficiency relationship and the measurement selection bias." Accounting & Finance 46(5): 733-754. BP (2007). "Statistical Review of World Energy 2007." Choi, S.-D., I. Lee and W. L. Megginson (2006). Do Privatization IPO Firms Outperform in the Long-Run?, University of Oklahoma Working Paper. D'Souza, J. and W. L. Megginson (1999). "The financial and operating performance of privatized firms during the 1990s." Journal of Finance 54(4): 1397.

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