The Spanish privatisation process: Implications on the performance of divested firms |
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Authors: | Laura Cabeza García Silvia Gómez Ansón |
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Institution: | a Department of Business Administration, University of Leon, Campus de Vegazana s/n Leon 24071, Spain b Department of Business Administration, University of Oviedo, Avenida del Cristo s/n Oviedo 33071, Spain |
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Abstract: | This paper reviews the main characteristics of the Spanish privatisation and liberalisation processes and their consequences for the performance of privatised firms. Conventional pre- versus post-privatisation comparisons fail to indicate significant improvements in privatised firms' profitability and operating efficiency over a medium-term horizon once industry effects are taken into account. In contrast, they do highlight significant improvements in divested firms' industry-adjusted profitability and efficiency over a long-term horizon. Furthermore, the results of the study suggest that the economic environment may play an important role in the success of privatisation processes, and that profitability and efficiency gains seem to take place in firms operating in competitive markets and in firms that were privatised during periods of macroeconomic growth. Our results also partially support the influence of restructurings before privatisation on firms' performance. |
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Keywords: | L33 L32 L51 |
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