The Financial Performance of Privatised Firms: Evidence From Three Transition Economies

Ranko Jelic, R Briston, W Aussenegg

    Research output: Chapter in Book/Report/Conference proceedingConference contribution

    Abstract

    There is a gap between the theoretical literature which almost unanimously advocates privatisation of enterprises, as a part of the solution for the commitment problem in economies in transition, and empirical evidence on how best to design a privatisation programme in order to secure an efficient use of resources. This paper contributes to this debate by focusing on the determinants of financial performance of privatised firms in Poland, Hungary, and the Czech Republic. Our results suggest positive long-term returns for foreign investors in newly privatised companies. The returns are particularly high and statistically significant for investors in Polish companies. The long-term performance is influenced by firms' size, retained state ownership, and the choice of a privatisation method.
    Original languageEnglish
    Title of host publicationEFMA 2001 Lugano Meeting
    Number of pages36
    DOIs
    Publication statusPublished - 17 Jun 2001
    EventEuropean Financial Management Association 2001 Annual Meeting - Lugano
    Duration: 27 Jun 200130 Jun 2001

    Conference

    ConferenceEuropean Financial Management Association 2001 Annual Meeting
    Abbreviated titleEFMA
    CityLugano
    Period27/06/0130/06/01

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