Privatization,corporatization, ownership forms and their effects on the performance of the world's major airports |
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| Institution: | 1. Sauder School of Business, University of British Columbia, Vancouver, Canada V6T 1Z2;2. Hebrew University of Jerusalem, Mt. Scopus, 91905 Jerusalem, Israel;1. Faculty of Business Administration, Osaka University of Commerce, 4-1-10 Mikuriyasakae-machi Higashiosaka, Osaka, 577-8505, Japan;2. Institute for Transport Studies, University of Leeds, Institute for Transport Studies, 34-40 University Road, University of Leeds, Leeds, LS2 9JT, UK;3. Graduate School of Maritime Sciences, Kobe University, 5-1-1, Fukaeminami-machi, Higashinada-ku, Kobe, 658-0022, Japan;1. Department of International Logistics, Chung‐Ang University, 84 Heuksuk‐Ro, Dongjak‐Ku, Seoul 156‐756, Korea;2. Cardiff Business School, Cardiff University, Aberconway Building, Colum Road, Cardiff CF10 3EU, UK;1. University of Cambridge, Dept of Land Economy, 16-21 Silver St, Cambridge CB3 9EP, United Kingdom;2. University of Melbourne, THRIVE Research Hub, Parkville, VIC 3010, Australia;3. Harz University of Applied Sciences, Friedrichstraße 57-59, 38855 Wernigerode, Germany;1. Institute of Transport and Logistics Studies, The University of Sydney, Sydney, NSW 2006, Australia;2. Go-Mobility srl, 00161 Roma, Italy;1. Isenberg School of Management, University of Massachusetts-Amherst, United States;2. Sauder School of Business, University of British Columbia, Canada;3. Lancaster University Management School, United Kingdom |
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| Abstract: | This paper focuses on measuring and comparing productive efficiency and profitability among airports owned and operated by government departments, 100% government-owned corporations, independent airport authorities, mixed enterprises with government majority ownership and mixed enterprises with private majority ownership. The analysis is based on a cross-sectional, time-series dataset (2001–2003) for the major Asia-Pacific, European and North American airports. There is strong evidence that airports with government majority ownership and those owned by multi-level of government are significantly less efficient than airports with a private majority ownership; there is no statistically significant evidence to suggest that airports owned and operated by US government branches, independent airport authorities in North America, or airports elsewhere operated by 100% government corporations have lower operating efficiency than airports with a private majority ownership; airports with a private majority ownership achieve significantly higher operating profit margins than other airports; whereas airports with government majority ownership or multi-level government ownership have the lowest operating profit margin; and generally, airports with a private majority ownership derive a much higher proportion of their total revenue from non-aviation services than any other category of airports while offering significantly lower aeronautical charges than airports in other ownership categories excluding US airports. The results suggest that private–public–partnership with minority private sector participation and multi-level governments’ ownership should be avoided, supporting the majority private sector ownership and operation of airports. |
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