Impact of Macro and Firm-Specific Characteristics on Postprivatization Performance

doi:10.2753/CES1097-1475450503

CORC > 上海财经大学 > 上海财经大学

	Impact of Macro and Firm-Specific Characteristics on Postprivatization Performance
	Zhang, Xiangjian 1; Tang, Zongming 2; He, Jun 1
刊名	CHINESE ECONOMY
	2012
卷号	45 期号:5 页码:50-91
ISSN号	1097-1475
DOI	10.2753/CES1097-1475450503
英文摘要	This article investigates the performance of state-owned enterprises (SOEs) following share-issue privatization and examines how macro and firm-specific characteristics affect postprivatization performance. Our results show that the profitability of firms decreases after privatization but their output and operating efficiency increase. We found that postprivatization performance is affected by macro and micro factors. Specifically, economic growth, capital market development, institutional investors, centralized management, equity refinancing, and external audits are positively associated with postprivatization performance. However, market competition, control of large shareholders, central government control, ownership structure balance, and related-party transactions have a significantly negative impact on postprivatization performance. The findings of this article have political implications for the future direction of privatization of SOEs.
WOS研究方向	Business & Economics
语种	英语
出版者	ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
WOS记录号	WOS:000213241400003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/2187]
专题	上海财经大学
通讯作者	Zhang, Xiangjian
作者单位	1.Shanghai Univ Finance & Econ, Inst Finance & Econ, Shanghai, Peoples R China; 2.Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Zhang, Xiangjian,Tang, Zongming,He, Jun. Impact of Macro and Firm-Specific Characteristics on Postprivatization Performance[J]. CHINESE ECONOMY,2012,45(5):50-91.
APA	Zhang, Xiangjian,Tang, Zongming,&He, Jun.(2012).Impact of Macro and Firm-Specific Characteristics on Postprivatization Performance.CHINESE ECONOMY,45(5),50-91.
MLA	Zhang, Xiangjian,et al."Impact of Macro and Firm-Specific Characteristics on Postprivatization Performance".CHINESE ECONOMY 45.5(2012):50-91.