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| Author: | Hanousek, J. Kocenda, E. Svejnar, J. |
| Title: | Divestitures, privatization and corporate performance in emerging markets |
| Journal: | Economics of transition
2009 : VOL. 17:1, p. 43-73 |
| Index terms: | emerging markets privatization divestment endogenous variables |
| Language: | eng |
| Abstract: | This article examines the effects of firm divestitures and privatization on corporate performance in a rapidly emerging market economy. In this research, it is considered that divestitures and ownership are potentially endogenous variables. It is found that divestitures increase the firm's profitability but do not alter its scale of operations. The effect of privatization depends on the resulting ownership structure. Methodologically, this study provides evidence that it is important to control for changes in ownership when analyzing divestitures. It is also important to control for endogeneity, selection and data attrition when the effects of privatization and divestitures are analyzed. |
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