Financial Performance Of Privatized State Owned Enterprises PDF Download
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Author | : Cuong Duc Pham |
Publisher | : |
Total Pages | : 19 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Financial Performance of Privatized State Owned Enterprises Book in PDF, ePub and Kindle
This paper is concerned with examining the financial performance of privatized State Owned Enterprises (SOE) in Vietnam. The study is based on a sample of SOEs that had been privatized SOEs during the period from 2000 to 2012. This study investigates the changes by comparing the financial performance of firms one year before privatizing with the years after privatizing. Using a financially focused methodology and collecting data from audited financial statements, our analysis found that privatization did not guarantee improvement in financial performance in firms. Specifically, after privatizing firms exhibit universal increase in ROA and ROE caused by saving of selling and administrative expenses and an increase in net sales by lengthening credit terms. The analysis also indicated that former SOEs have lower debt and leverage, lower asset usage efficiency caused mainly by inefficient management of current assets. And another finding relates to the potential risk of paying short-term liabilities. Our lesson for the Vietnamese government and other governments is that privatization program should be continued. However, in addition to other changes, the government should focus on more sophisticated decision making and management skills of former SOE in privatization process.
Author | : Ravi Ramamurti |
Publisher | : World Bank Publications |
Total Pages | : 344 |
Release | : 1991-01-01 |
Genre | : Business & Economics |
ISBN | : 9780821318638 |
Download Privatization and Control of State-owned Enterprises Book in PDF, ePub and Kindle
Author | : Cuong Duc Pham |
Publisher | : |
Total Pages | : 46 |
Release | : 2008 |
Genre | : Corporations, Government |
ISBN | : |
Download Macquarie Graduate School of Management Working Papers in Management Book in PDF, ePub and Kindle
Author | : Ali Mansouri |
Publisher | : |
Total Pages | : 8 |
Release | : 2014 |
Genre | : |
ISBN | : |
Download Scrutinizing the Impact of Privatization of State-Owned Companies on Financial Performance Book in PDF, ePub and Kindle
This study directed to analyze financial performance of state-owned companies comparatively -- prior and after privatization -- to determine the effect of privatization to financial performance of these companies. For this purpose, the required annually financial statements information of 11 such companies considered in the period. Then the information was related to four major financial variables extracted. These are rate of return on equity (ROE), net sales growth (NSG) rate, net profit growth (NPG) rate and the ratio of sales to total assets which considered as dependent variable and privatization over the period was considered as independent variable. Time trend over the time (the years studied) also were considered as independent variable to explore the effect of privatization and time trend separately on dependent variables. In order to examine the effect of privatizing we take advantage of Paired T-Test and regression analysis with indicator variables. The results of the regression analysis with indicator variables revealed that ROE after privatization increased while the rate of NPG with the ratio of sales to total assets decreased and no significant differences observed in the rate of NSG after privatization.
Author | : Art Comstock |
Publisher | : |
Total Pages | : 406 |
Release | : 2000 |
Genre | : Business enterprises |
ISBN | : |
Download The Post-privatization Financial Performance of Former State-owned Enterprises Book in PDF, ePub and Kindle
The third characteristic investigated is the long-term performance of privatization offers. The evidence shows a significant abnormal return of -52.1% during the first year after the initial trading day. These offers continue to exhibit poor performance, finishing with a significant -38.6% cumulative abnormal return after five years. Additionally, possible determinants of this performance are analyzed, but only the size of the offer appears to have an impact. It is argued that the larger, more valuable firms are better prepared and have better long-term prospects than the smaller enterprises.
Author | : Michael I. Obadan |
Publisher | : African Books Collective |
Total Pages | : 90 |
Release | : 2008 |
Genre | : Africa |
ISBN | : 2869782284 |
Download Economic and Social Impact of Privatisation of State-owned Enterprises in Africa, The Book in PDF, ePub and Kindle
Provides a state-of-the art review of privatization issues and research questions as a prelude to an in-depth study of the economic and social impact of privatization.
Author | : Merih Celâsun |
Publisher | : Psychology Press |
Total Pages | : 344 |
Release | : 2001 |
Genre | : Government business enterprises |
ISBN | : 9780415236096 |
Download State-owned Enterprises in the Middle East and North Africa Book in PDF, ePub and Kindle
This volume examines the reasons for the noticeably slow rate of privatization in the Middle East and North Africa.
Author | : Edimon Ginting |
Publisher | : Asian Development Bank |
Total Pages | : 355 |
Release | : 2020-07-01 |
Genre | : Business & Economics |
ISBN | : 9292622838 |
Download Reforms, Opportunities, and Challenges for State-Owned Enterprises Book in PDF, ePub and Kindle
State-owned enterprises (SOEs) play significant roles in developing economies in Asia and SOE performance remains crucial for economy-wide productivity and growth. This book looks at SOEs in Azerbaijan, Indonesia, Kazakhstan, the People's Republic of China, and Viet Nam, which together present a panoramic view of SOEs in the region. It also presents insights from the Republic of Korea on the evolving role of the public sector in various stages of development. It explores corporate governance challenges and how governments could reform SOEs to make them efficient drivers of the long-term productivity-induced growth essential to Asia's transition to high-income status.
Author | : William L. Megginson |
Publisher | : |
Total Pages | : 153 |
Release | : 2017 |
Genre | : Electronic books |
ISBN | : 9781680833393 |
Download Privatization, State Capitalism, and State Ownership of Business in the 21st Century Book in PDF, ePub and Kindle
This study summarizes the economic and political developments relating to privatization, state capitalism, and state ownership of business since 2000 and then surveys the extensive recent research examining these issues empirically. Through the early 21st century, there was an unambiguous global trend towards reducing government ownership of business enterprise, but this trend has since at least been slowed, and perhaps even reversed. We discuss the factors that have promoted a global resurgence of state ownership, then define and analyze the new ideology labeled "state capitalism." Recent research examines whether privatization improves the operating and financial performance of divested companies, as well as when, where and how governments decide to privatize individual companies and how these sales are priced. All the performance studies surveyed document significant improvements after companies are divested. Recent academic and professional research categorizes and evaluates various types of state owners; examines determinants of the level of state ownership; studies how state ownership impacts the valuation of corporate assets and examines the relative efficiency of state versus private ownership; and assesses how state ownership impacts corporate financial policies, especially capital investment. This research highlights that different types of state owners have very different impacts on corporate value and performance, and that state ownership generally has a significant, and mostly pernicious, impact on corporate investment and financial policies. The separate effect of state ownership on corporate valuation is less clear-cut. This survey also summarizes recent empirical research examining the relationship between state ownership of business assets and financial markets and institutions, and also surveys the literature examining political connections between politicians and corporate managers. Sovereign wealth fund research yields essentially benign findings, but almost all studies examining state-owned banking show that state ownership reduces banks' efficiency. All the financial markets and institutions studies examined highlight the distortive effects and economic costs of bailouts and guarantees, and almost all the political connections studies find that these connections are privately beneficial but socially costly. Finally, the research surveyed here convinces the author that "state capitalism" is an essentially failed model.
Author | : |
Publisher | : World Bank Publications |
Total Pages | : 44 |
Release | : 1997 |
Genre | : Business enterprises |
ISBN | : |
Download Private Ownership and Corporate Performance Book in PDF, ePub and Kindle
The assumption behind privatisation in eastern Europe and elsewhere is that private ownership improves corporate performance. We focus on comparing the performance of state firms with either private or privatised firms operating under reasonably similar conditions in three countries of eastern Europe. We supplement this comparison by an examination of the relative performance of privatised and state firms in the period before the former were privatised. Our empirical results confirm the hypothesis that the effect of ownership change is particularly pronounced on the revenue side of corporate performance. In general, we find that firms with outsider owners significantly outperform the firms with insider owners on most performance measures, and that the employees are particularly ineffective owners (indeed less effective than the state). Subscribe to publications email alerts.