Post-privatisation ownership concentration: Determinants and influence on firm efficiency

摘要

With this study we aim to contribute to the empirical literature on privatisation processes by analysing the determinants of post-divestment private ownership concentration and its possible link to corporate efficiency. For Spanish firms, we find that the method of privatisation, the type of industry, the company's size and its level of risk may help explain differences in private ownership concentration. We also find, after controlling for endogeneity, that ownership concentrated in the hands of private investors has a positive and significant effect on post-privatisation efficiency. Journal of Comparative Economics 39 (3) (2011) 412-430. Department of Business Administration, University of Leon, Campus de Vegazana s, Leon 24071, Spain; Department of Business Administration, University of Oviedo, Avenida del Cristo s, Oviedo 33071, Spain.