Impact of Macro and Firm-Specific Characteristics on Postprivatization Performance | |
Zhang, Xiangjian1; Tang, Zongming2; He, Jun1 | |
刊名 | CHINESE ECONOMY
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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. |
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