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Título
Explaining the performance of Spanish privatised firms: a panel data approach
Autor
Facultad/Centro
Área de conocimiento
Número de la revista
397
Es parte de
Documentos de Trabajo FUNCAS
Cita Bibliográfica
Cabeza-García, L., y Gómez Ansón, S. (2008). Explaining the performance of Spanish privatised firm: a panel data approach. Documentos de Trabajo FUNCAS, 397. https://www.funcas.es/documentos_trabajo/explaining-the-performance-of-spanish-privatised-firms-a-panel-data-approach-mayo-2008/
Editorial
FUNCAS
Fecha
2008
ISSN
1988-8767
Resumen
[EN] Using a panel data of 70 Spanish privatised firms, we study whether the shares held in the
divested firms’ capital by employees, managers and the State, the nationality of the buyer, the
economic environment, as well as the firms’ size, may explain the performance of privatised
firms. The results suggest that firms in which the State completely relinquishes control have
more probabilities of maximizing efficiency. Besides, the entrance of foreign investors in the
firms’ capital may provide firms with new know-how and access to new technologies and
markets that may also improve the success of privatisations processes. Moreover, the results
suggest that privatisations of SOEs per se may not be sufficient to improve their performance,
since privatisations that are accompanied by liberalisation programs and competition turn out
to be more successful. Finally, these results are in general terms the same both for firms
privatised through direct sale and public offering.
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