Efficiency of French privatizations: a dynamic vision

Gérard, Charreaux; Alexandre, Hervé

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

Type

Article accepté pour publication ou publié

Date

2004-06

Nom de la revue

Journal of corporate finance

Volume

Numéro

Éditeur

Elsevier

Pages

467-494

Résumé (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.

Mots-clés

Corporate governance; Dynamic efficiency; Static efficiency; Privatization

JEL

L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
G30 - General