Liberalization Corporate Governance And The Performance Of Newly Privatized Firms

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Liberalization, Corporate Governance and the Performance of Newly Privatized Firms

Author : Narjess Boubakri
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Liberalization, Corporate Governance and the Performance of Newly Privatized Firms by : Narjess Boubakri

Download or read book Liberalization, Corporate Governance and the Performance of Newly Privatized Firms written by Narjess Boubakri and published by . This book was released on 2003 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to provide an answer to the following question: When and how does privatization work? Using a unique sample of 189 firms headquartered in 32 developing countries, we document a significant increase in profitability, efficiency, investment and output. Next, using univariate tests, we show that changes in performance are related to economic reforms and conditions and to corporate governance. For example, we find that privatization yields better results when it is preceded by stock market and trade liberalization. The results of a regression analysis then indicate that macroeconomic and corporate governance variables explain post-privatization performance improvements. In particular, economic growth, control relinquishment by government and foreign ownership are key determinants of profitability changes. We also find higher improvements in efficiency and output for firms from countries with more developed stock markets and where the protection of property rights is better. Finally, our results suggest that trade openness is an important determinant of post-privatization increase in investment.

LIBERALIZATION, CORPORATE GOVERNANCE, AND THE PERFORMANCE OF NEWLY PRIVATIZED FIRMS

Author : NARJESS BOUBAKRI, JEAN-CKAYDE CLAUDE COSSET, AND OMRANE GUEDHAMI
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.L/5 ( download)

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Book Synopsis LIBERALIZATION, CORPORATE GOVERNANCE, AND THE PERFORMANCE OF NEWLY PRIVATIZED FIRMS by : NARJESS BOUBAKRI, JEAN-CKAYDE CLAUDE COSSET, AND OMRANE GUEDHAMI

Download or read book LIBERALIZATION, CORPORATE GOVERNANCE, AND THE PERFORMANCE OF NEWLY PRIVATIZED FIRMS written by NARJESS BOUBAKRI, JEAN-CKAYDE CLAUDE COSSET, AND OMRANE GUEDHAMI and published by . This book was released on 2001 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms

Author : Narjess Boubakri
Publisher :
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.:/5 (51 download)

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Book Synopsis Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms by : Narjess Boubakri

Download or read book Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms written by Narjess Boubakri and published by . This book was released on 2001 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries

Author : Cosset, Jean-Claude
Publisher : Montréal : HEC Montréal, Centre de recherche en e-finance
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (56 download)

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Book Synopsis Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries by : Cosset, Jean-Claude

Download or read book Liberalization, Corporate Governance and the Performance of Privatized Firms in Developing Countries written by Cosset, Jean-Claude and published by Montréal : HEC Montréal, Centre de recherche en e-finance. This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Performance of Newly Privatized Firms in Selected MENA Countries

Author : Sami Ben Naceur
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Performance of Newly Privatized Firms in Selected MENA Countries by : Sami Ben Naceur

Download or read book The Performance of Newly Privatized Firms in Selected MENA Countries written by Sami Ben Naceur and published by . This book was released on 2006 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper works with a sample of 95 newly privatized firms (NPFs) that went public through stock markets in four Middle East and North Africa countries (Egypt, Morocco, Tunisia and Turkey). We find that these firms experience significant increase in profitability and operating efficiency, and significant decline in employment and leverage. We also document strong performance improvements for firms that not relinquish control from the state, that are not sold to foreigners and that come from Egypt. Employment decline is more severe in Egypt and in firms where the state is no longer in control. Also, the results indicate that revenue firms and NPFs in Morocco yield significantly less leverage than control firms and those from other countries. As for the sources of these performance changes, we find that profitability change is negatively related to control relinquishment by the government and positively related with foreign ownership. Trade openness, change in real GDP over the privatization window, index of investor protection and foreign ownership are important determinants of the change in sales efficiency and output changes. These findings suggest that NPFs become more productive in environments where property rights are better protected and enforced and that foreign investors influence the firm's productivity through their monitoring role.

Post-Privatization Corporate Governance and Firm Performance

Author : Mohammed Omran
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Post-Privatization Corporate Governance and Firm Performance by : Mohammed Omran

Download or read book Post-Privatization Corporate Governance and Firm Performance written by Mohammed Omran and published by . This book was released on 2009 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine and analyze the post-privatization corporate governance of a sample of 52 newly privatized firms from Egypt over the 1995-2005 period. We look at the ownership structure that results from privatization and its evolution; the determinants of private ownership concentration; and the impact of private ownership concentration, identity and board composition on firm performance. We find that the state gives up control over time to the private sector, but still controls, on average, more than 35 percent of these firms. We also document a trend in private ownership concentration over time, mostly for the benefit of foreign investors. Firm size, sales growth, industry affiliation, and timing and method of privatization seem to play a key role in determining private ownership concentration. Ownership concentration and ownership identity, in particular foreign investors, prove to have a positive impact on firm performance, while employees ownership concentration has a negative ones. The higher proportion of outside directors and the change in the board composition following privatization affect firm performance positively. These results could have some important policy implications; in which private ownership by foreign investors seem to add more value to firms; while selling state-owned enterprises (SOEs) to employees is not recommended. Also, the state is highly advised to relinquishes control and allow for changes in the board of director following privatization as changing ownership, per se, might not have an impact on firm performance unless it is coupled with new management style.

Privatization, Corporate Governance and the Emergence of Markets

Author : E. Rosenbaum
Publisher : Springer
ISBN 13 : 0230286070
Total Pages : 291 pages
Book Rating : 4.2/5 (32 download)

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Book Synopsis Privatization, Corporate Governance and the Emergence of Markets by : E. Rosenbaum

Download or read book Privatization, Corporate Governance and the Emergence of Markets written by E. Rosenbaum and published by Springer. This book was released on 2000-03-23 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume focuses on privatisation in transition countries, addressing issues ranging from corporate governance to the relationship between privatisation and the emergence of markets, from a multi-disciplinary perspective. The contributors investigate both the theoretical groundwork of privatisation and enterprise restructuring as well as recent empirical evidence. The contributions show that changes in ownership titles are but one part of the story, being closely interwoven as they are with the transformation of corporate governance, enterprise restructuring, network transformation and the emergence of markets.

Privatization and Corporate Governance

Author : Samer Ali Kobeissi
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (787 download)

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Book Synopsis Privatization and Corporate Governance by : Samer Ali Kobeissi

Download or read book Privatization and Corporate Governance written by Samer Ali Kobeissi and published by . This book was released on 2006 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization has lately become a hot topic, especially in developing countries. There is more and more evidence that the success of privatization highly depend s on the corporate governance practices within a country as well as within the p rivatized firm itself. This paper presents an elaborate review of the previous l iterature on privatization and corporate governance, with special attention to t he internal and external control mechanisms that monitor firm's performance. Next, the paper focuses on privatization in the Arab World. It uses a sample of 18 firms to conduct an exploratory empirical analysis on the effect of privatiza tion on firm's performance and the link between post-privatization performance a nd corporate governance variables. In general, the privatized firms show improvements in performance, increase in o utput, and decrease in debt level and in investment level. There is also an impr ovement in stock performance on the long run. In terms of the effect of governance on performance, lower levels of government ownership are associated with higher profitability, higher level of investment, and lower debt level. Also, positive changes in board are associated with higher profitability, higher levels of output, and lower debt levels, but also with lo wer levels of investment. However, the relationship between governance variables and stock performance is not clear.

Determinants of Performance Improvements in Privatized Firms

Author : Juliet D'Souza
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Determinants of Performance Improvements in Privatized Firms by : Juliet D'Souza

Download or read book Determinants of Performance Improvements in Privatized Firms written by Juliet D'Souza and published by . This book was released on 2001 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the second half of ...

Privatization and the Market for Corporate Control

Author : J. Harold Mulherin
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Privatization and the Market for Corporate Control by : J. Harold Mulherin

Download or read book Privatization and the Market for Corporate Control written by J. Harold Mulherin and published by . This book was released on 2015 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important development in international corporate governance in the past 20 years has been the privatization of state-owned enterprises. There is evidence that privatization has resulted in improved firm performance but the source of this improvement is difficult to isolate. We argue that one of the most important results of privatization for corporate governance is the potential entry of those firms into the market for corporate control as targets and bidders, which can result in improved firm performance for numerous reasons. We document the magnitude and the wealth effects of the mergers of privatized firms, attempting to find every privatized firm that was either a target or a bidder in a merger. We find 52 privatized firms that subsequently become targets of takeovers and 90 privatized firms that became bidders in 341 mergers. In general, we find that privatized firms operate very much as non-privatized firms have in the market for corporate control. Target firms experience a 12 percent increase in equity value at the announcement of a merger. Bidding firms experience a positive but insignificant change in equity value at merger announcement. The results indicate that mergers result in net wealth creation for privatized firms and are indicative that one effect of privatization is wealth-creating mergers.

International Corporate Governance

Author : Chris A. Mallin
Publisher : Edward Elgar Publishing
ISBN 13 : 1845429990
Total Pages : 332 pages
Book Rating : 4.8/5 (454 download)

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Book Synopsis International Corporate Governance by : Chris A. Mallin

Download or read book International Corporate Governance written by Chris A. Mallin and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compilation serves a particularly useful purpose by presenting a full range of fascinating case studies. The editor thus enables each reader to assimilate the particulars in his own parlance, thus avoiding the almost insoluble problem of international corporate governance namely that each country uses the same words, but with utterly different meanings. Obviously, this problem has inhibited constructive conversation. After digesting these case studies, one is encouraged to derive certain generalized conclusions, among which are no matter what the terminology, the integrity of publicly traded securities depends on transparency and enforceable accountability of manager to owner. Robert Monks, Lens Governance Advisors, US This collection of thoroughly researched and well-written case studies of the governance of companies in nine countries demonstrates how far away we are from convergence in corporate governance systems. Differences in ownership structures, board composition, financial markets, accounting standards, takeover defences, legal systems, societal and corporate cultures, and even political involvement, are highlighted in this splendid collection. The book demonstrates the importance of the few core concepts that are emerging in the field, such as greater transparency, independence in non-executive directors, and the need for more effective governance. The consideration of case studies is presently the best way to understand the reality of corporate governance around the world. This book offers valuable insights to students, teachers and practitioners of the subject. R.I. (Bob) Tricker, Honorary Professor, University of Hong Kong and Founder Editor, Corporate Governance an international review Corporate governance has become a global phenomenon. This book highlights, through various case studies, how corporate governance has evolved in a number of countries around the world. The international cast of contributors, from varying professional backgrounds including academics, lawyers and company directors, focus on different regions around the globe, reflecting various ownership structures, legal systems, and political and cultural aspirations. Some of the case studies used include: Standard Life; Telecom Italia; and Eskom. Academics, directors and practitioners will find this book valuable for its insights into corporate governance developments in different legal environments and different business forms. It will also be immensely useful to postgraduate and undergraduate students for the up-to-date case studies on corporate governance, which will add depth and real world meaning to their studies.

Corporate Governance

Author : Kevin Keasey
Publisher : John Wiley & Sons
ISBN 13 : 0470870311
Total Pages : 482 pages
Book Rating : 4.4/5 (78 download)

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Book Synopsis Corporate Governance by : Kevin Keasey

Download or read book Corporate Governance written by Kevin Keasey and published by John Wiley & Sons. This book was released on 2005-05-05 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decade since the publication of the Cadbury Report in1992 has seen growing interest in corporate governance. This growth has recently become an explosion with major corporate scandals such as WorldCom and Enron in the US, the international diffusion of corporate governance codes and wider interest in researching corporate governance in different institutional contexts and through different subject lenses. In view of these developments, this book will be a rigorous update and development of the editor’s earlier work, Corporate Governance: Economic, Management and Financial Issues. Each chapter, written by an expert in the subject offers a high level review of the topic, embracing material from financial accounting, strategy and economic perspectives.

The Oxford Handbook of Corporate Law and Governance

Author : Jeffrey Neil Gordon
Publisher : Oxford University Press
ISBN 13 : 0198743688
Total Pages : 1217 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis The Oxford Handbook of Corporate Law and Governance by : Jeffrey Neil Gordon

Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.

Journal of Public Finance and Public Choice n. 1-3/2011

Author : AA. VV.
Publisher : Gangemi Editore spa
ISBN 13 : 8849276990
Total Pages : 226 pages
Book Rating : 4.8/5 (492 download)

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Book Synopsis Journal of Public Finance and Public Choice n. 1-3/2011 by : AA. VV.

Download or read book Journal of Public Finance and Public Choice n. 1-3/2011 written by AA. VV. and published by Gangemi Editore spa. This book was released on 2013-08-29T00:00:00+02:00 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contenuto/Contents Wallace E. Oates On the Development of the Theory of Fiscal Federalism: An Essay in the History of (Recent) Economic Thought Yong J. Yoon An Analogy: Symmetric Tragedies and Calculus of Consent Richard J. Cebula An Empirical Analysis of Determinants of Recent Federal Personal Income Tax Evasion in the U.S. Michelle B. Matthews – William F. Shughart II – Taylor P. Stevenson Political Arithmetic: New Evidence on the ‘Small-State Bias' in Federal Spending King Banaian – Örn B. Bodvarsson – Anton D. Lowenberg Determinants of Immigration Policy: An Empirical Study of US Legislative Voting Caterina Astarita Income Inequality and Crime: An Empirical Analysis of the Italian Case Alice M. Crisp – Franklin G. Mixon, Jr. Lincoln's Wartime Incumbency Network: Vertical Trust, Informal Payments, and the U.S. Presidential Election of 1864 Mouna M'Rad – Slaheddine Hallara The Impact of French Privatization on Firms' Performance Yilin Hou – Jason S. Seligman Local Sales Tax and Revenue Volatility Massimo Di Matteo Towards a Social Philosophy for the Twenty First Century: Critical Reflections on an Unpublished Essay by Richard Goodwin Michele G. Giuranno The Logic of Party Coalitions with Political Activism

Handbook of Research on IPOs

Author : Mario Levis
Publisher : Edward Elgar Publishing
ISBN 13 : 1781955379
Total Pages : 599 pages
Book Rating : 4.7/5 (819 download)

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Book Synopsis Handbook of Research on IPOs by : Mario Levis

Download or read book Handbook of Research on IPOs written by Mario Levis and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a

Rethinking Corporate Governance

Author : Roger Blanpain
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041134506
Total Pages : 394 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Rethinking Corporate Governance by : Roger Blanpain

Download or read book Rethinking Corporate Governance written by Roger Blanpain and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now that the economic orthodoxy of 'light-touch' regulation has been widely discredited by recent events in the financial markets, and shareholder-oriented management has come under intense scrutiny, it is time to seriously consider the merits of stakeholder-oriented economies. In this far-reaching symposium on this aspect of comparative labour relations, 35 scholars examine case studies and evolving scenarios in a wide variety of countries, from leading economic powers such as the United States, the United Kingdom, and Germany to post-socialist states such as Poland, Hungary, and Bulgaria to the formidable global economic presences of Brazil, Russia, and India. With contributions from leading experts from all around the world in the fields of labour law, industrial relations, labour economics, labour statistics, human resources management, organization theory and other related subjects, the papers focus on the impact of the global economic crisis and its implications for the future of employment. Specific contexts covered include: ; adversarial versus strategic collective bargaining; transnational collective bargaining; long-term employees as the most valuable corporate stakeholders; workers' voice and participation in the restructuring of undertakings; privatization of state-owned companies; executive pay; investment in vocational training in times of economic crisis; the impact of the EU's Cross-Border Merger Directive; inherent dangers in the EMU one-size-fits-all monetary policy; and cases of large-scale corporate fraud. Of particular interest is the treatment of important developments in Singapore and Nigeria, as well as lessons to be learned from pitfalls encountered in South Africa and other countries. With its theoretical arguments and empirical data, this volume is certainly a major contribution to the debate over whether shareholder or stakeholder approaches to management yield the best results in terms of employment outcomes. As the world economic crisis continues to take its toll on employment, pension funds, public services, and living standards, the book is sure to find a wide audience among policymakers and lawyers worldwide concerned with the future of employment relations and their effect on both productivity and social stability. This volume includes a selection of papers from the Eighth International Conference in commemoration of Marco Biagi held at the Marco Biagi Foundation in Modena, Italy in March 2010.

Bank Privatization and Performance

Author : Thorsten Beck
Publisher : World Bank Publications
ISBN 13 : 0050302124
Total Pages : 37 pages
Book Rating : 4.0/5 (53 download)

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Book Synopsis Bank Privatization and Performance by : Thorsten Beck

Download or read book Bank Privatization and Performance written by Thorsten Beck and published by World Bank Publications. This book was released on 2005 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Beck, Cull, and Jerome assess the effect of privatization on performance in a panel of Nigerian banks for the period 1990--2001. They find evidence of performance improvement in nine banks that were privatized, which is remarkable given the inhospitable environment for true financial intermediation. Their results also suggest negative effects of the continuing minority government ownership on the performance of many Nigerian banks. The authors' results complement aggregate indications of decreasing financial intermediation over the 1990s. Banks that focused on investment in government bonds and non-lending activities enjoyed a relatively higher performance. This paper--a product of the Finance Team, Development Research Group--is part of a larger effort in the group to study the effects of bank privatization in developing countries"--World Bank web site.