Efficiency of French privatizations: a dynamic vision
Gérard, Charreaux; Alexandre, Hervé (2004), Efficiency of French privatizations: a dynamic vision, Journal of corporate finance, 10, 3, p. 467-494. http://dx.doi.org/10.1016/S0929-1199(02)00044-5
TypeArticle accepté pour publication ou publié
Journal nameJournal of corporate finance
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Abstract (EN)We interpret privatization in light of corporate governance theory. After replicating some traditional tests, we test our new model on a sample of privatized French firms. We cannot confirm for French privatizations the positive effect on overall static and dynamic efficiency of the firm traditionally attributed to privatizations. In addition, we find that whatever positive value accrues from privatization is affected by the contextual, organizational, governance, and strategic variables that influence the privatization process.
Subjects / KeywordsCorporate governance; Dynamic efficiency; Static efficiency; Privatization
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