270
Views
2
CrossRef citations to date
0
Altmetric
Original Articles

Performance of Privatized Enterprises and Impact of Partial Privatization in a Developing Country: Case of Sri Lanka

, &
Pages 46-68 | Received 01 Jun 2009, Accepted 01 Aug 2009, Published online: 10 Mar 2010

REFERENCES

  • Adam , C. , Cavendish , W. , & Mistry , P. ( 1992 ). Adjusting Privatization: Case Studies from Developing Countries . London , James Currey .
  • Andrews , W. A. & Dowling , M. J. ( 1998 ). Explaining performance changes in newly privatized firms . Journal of Management Studies , 35 , 601 – 817 .
  • Barber , Brad M. & Lyon , John D. (1996). Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics , 41, 359–399.
  • Boubakri , N. & Cosset , J. C. ( 1998 ). The financial and operating performance of newly privatized firms: Evidence from developing countries . Journal of Finance , 53 ( 3 ), 1081 – 1110 .
  • Boubakri , N. & Cosset , J. C. ( 2002 ). Does privatization meet the expectations in developing countries? A survey and some evidence from Africa . Journal of African Economies , 11 , 111 – 140 .
  • Boyd , B. K. ( 1994 ). Board control and CEO compensation . Strategic Management Journal , 15 , 335 – 344 .
  • Colombo Stock Exchange ( 2006 ). Data Library.
  • Cowan , L. Gray ( 1990 ). Privatization in the Developing World . Westport , CT : Greenwood Press .
  • Cuervo , Alvaro & Villalonga , Belen ( 2000 ). Explaining the variance in the performance effects of privatization . Academy of Management Review , 25 ( 3 ), 581 – 590 .
  • D'Souza , J. & Megginson , W. ( 1999 ). The financial and operating performance of privatized firms during the 1990s . Journal of Finance , 54 , 1397 – 1438 .
  • D'Souza , J. , Megginson , W. L. , & Nash , R. C. ( 2001 ). Why do privatized firms improve performance? Evidence from developed countries. Unpublished working paper. University of Oklahoma.
  • Dewenter , Kathryn L. & Malatesta , Paul H. ( 2001 ). State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity . The American Economic Review , 91 ( 1 ), 320 – 334 .
  • Eckel , C. , Eckel , D. , & Singal , V. ( 1997 ). Privatization and efficiency: Industry effects of the sale of British Airways . Journal of Financial Economics , 43 ( 2 ), 275 – 298 .
  • Galal , Ahamed , Jones , Leroy , Tandon , Pankaj , & Vogelsang , Ingo ( 1994 ). Welfare Consequences of Selling Public Enterprises . Washington , DC : World Bank .
  • Guislain , Pierre ( 1997 ). The Privatization Challenge—A Strategic, Legal and Institutional Analysis of International Experience . Washington , DC : World Bank .
  • Gupta , Nandini ( 2005 ). Partial privatization and firm performance . Journal of Finance , LX ( 2 ), 987 – 1015 .
  • Jensen , M. ( 1987 ). The fresh cash flow theory of takeovers: A financial perspective . In Browne , L. & Rosengren , E. (Eds.), The Merger Boom (pp. 102 – 143 ). Boston : Federal Reserve Bank of Boston .
  • Kikeri , Sunita , Nellis , John & Shirley , Mary ( 1992 ). Privatization: The Lessons of Experience . Washington , DC : The World Bank .
  • Knight-John , M. & Athukorala , P. P. A. W. ( 2005 ). Assessing privatization in Sri Lanka: Distribution and governance . In John , Nellis & Nancy , Birdsall (Eds.), Reality Check: The Distributional Impact of Privatization in Developing Countries (pp. 389 – 426 ). Washington , DC : Center for Global Development .
  • La Porta , R. & Lopez-de-Silanes , F. ( 1999 ). Benefits of privatization—evidence from Mexico . Quarterly Journal of Economics , 114 , 1193 – 1242 .
  • Laurin , C. & Bozec , Y. ( 2001 ). Privatization and productivity improvement: The case of Canadian National . Transportation Research Part E: Logistics and Transportation Review , 37 ( 5 ), 355 – 374 .
  • Martin , S. & Parker , D. (1995). Privatization and economic performance throughout the UK business cycle. Managerial and Decision Economics , 16, 225–237.
  • McPherson , M. Peter ( 1987 ). The promise of privatization . In Hanke , Steve H. (Ed.), Privatization and Development, 18 . San Francisco : Institute for Contemporary Studies Press .
  • Megginson , W. L. , Nash , R. C. & van Randenborgh , M. ( 1994 ). The financial and operating performance of newly privatized firms: An international empirical analysis . Journal of Finance , 49 ( 2 ), 403 – 452 .
  • Miller , Alan N. ( 1997 ). Ideological motivations of privatization in Great Britain versus developing countries . Journal of International Affairs , 50 ( 2 ), 391 – 408 .
  • Omran , Mohammed ( 2004 ). The performance of state-owned enterprises and newly privatized firms: Does privatization really matter? World Development , 32 ( 6 ), 1019 – 1041 .
  • Peng , M. W. & Heath , P. ( 1996 ). The growth of the firm in planned economies in transition: Institutions, organizations, and strategic choice . Academy of Management Review , 21 ( 2 ), 492 – 528 .
  • Plantations Restructuring Unit ( 1992 ). Invitation to Tender for Management Contracts of Plantation Estates in Sri Lanka. Ministry of Finance.
  • Public Enterprises Reform Commission of Sri Lanka (PERC) ( 1996 ). Annual Report .
  • Public Enterprises Reform Commission of Sri Lanka ( 1999 ). Reform for a Stronger Economy .
  • Rediker , K. J. & Seth , A. ( 1995 ). Boards of directors and substitute effects of alternate governance mechanisms . Strategic Management Journal , 16 , 85 – 99 .
  • Salih , R. ( 2000 ). Privatization in Sri Lanka . In Joshi , G. (Ed.), Privatization in South Asia: Minimising Negative Social Effects Through Restructuring . ILO .
  • World Bank ( 1983 ). World Bank Development Report . Washington , DC .
  • Yarrow , George ( 1999 ). A theory of privatization, or why bureaucrats are still in business . World Development , 27 ( 1 ), 157 – 168 .
  • Yusuf , Shahid & Xiaofeng , Hua ( 1992 ). China's State Sector . Washington , DC : World Bank, East Asia and Pacific Country Department .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.