X hits on this document

PDF document

PRIVATISING NATIONAL OIL COMPANIES: ASSESSING THE IMPACT ON FIRM PERFORMANCE - page 7 / 30

72 views

0 shares

0 downloads

0 comments

7 / 30

important aspects. First, whilst their papers are cross-sectional in design, we conduct

the first time-series analysis of privatised NOCs. Second, they have to restrict

themselves to the analysis of high-level data from a third party provider, we can

consider firm performance and efficiency in more granular detail based on primary

company sources. Third, our study is the only one to make use of panel data analysis

to control for time-invariant fixed firm effects.

III. Dataset

There are typically two options to privatise a state-owned company: either a

private trade sale to an industrial or financial buyer, or a public share offering. This

analysis focuses on the latter because for trade sales there is rarely any comparable

pre-vs.-post disclosure available – SIPs are the only transactions for which changes

can practically be observed over time. But because the most important and politically

sensitive privatisations usually occur in the SIP format anyway, it is possible to argue

that a sample of SIPs represent a meaningful picture of oil privatisations in general.

Overall, in the period from 1977 up to and including 2004 a total of 41 privatised

companies have been identified based on previous studies, third party databases and a

detailed press search by country.7 Of these 41 companies, three companies were

acquired shortly after privatisation, in one instance the government only sold a very

minor stake relative to third party investors, in two cases the SIP constituted a

negligible stake listed on the domestic stock exchange (largely employee shares), and

in seven cases data could not be found or was not made available. For the remaining

28 NOCs from 20 countries extensive accounting and share price data was collected

7 All voucher privatisations and all Russian privatisations in oil and gas (whether voucher or not) have been excluded from the analysis, largely for concerns over the transparency of the privatisation process.

7

Document info
Document views72
Page views72
Page last viewedSun Dec 04 14:26:14 UTC 2016
Pages30
Paragraphs1873
Words11467

Comments