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Governance and Performance of Spanish Privatised Firms

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  • Laura Cabeza García
  • Silvia Gómez Ansón

Abstract

This paper analyses the effect of the Spanish privatisation process on the performance and corporate governance of the firms that were privatised through public offerings over the 1985–2003 period. Using conventional pre‐ versus post‐privatisation comparisons, we do not find significant improvements in privatised firms' profitability and efficiency. However, our results do suggest a change in firms' ownership structure and in the characteristics of Boards of Directors after privatisation. Firms' ownership concentration decreases as a consequence of the relinquishment of control by the State and the Boards of Directors are restructured with the creation of new specialised committees and the incorporation of more executives.

Suggested Citation

  • Laura Cabeza García & Silvia Gómez Ansón, 2007. "Governance and Performance of Spanish Privatised Firms," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(4), pages 503-519, July.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:4:p:503-519
    DOI: 10.1111/j.1467-8683.2007.00584.x
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    Cited by:

    1. Ben-Hassoun, Amira & Aloui, Chaker & Ben-Nasr, Hamdi, 2018. "Demand for audit quality in newly privatized firms in MENA region: Role of internal corporate governance mechanisms audit," Research in International Business and Finance, Elsevier, vol. 45(C), pages 334-348.
    2. Arocena, Pablo & Oliveros, Diana, 2012. "The efficiency of state-owned and privatized firms: Does ownership make a difference?," International Journal of Production Economics, Elsevier, vol. 140(1), pages 457-465.

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