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Long-run performance of an industry after broader reforms including privatization

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  • Ghulam, Yaseen

Abstract

Research on the impacts of broader reforms, including privatization on firms’ long-run financial and operational performance, is extremely important but only occasionally performed. This study evaluates the long-run financial performance, total factor productivity, efficiency and technology of Pakistani cement manufacturing firms. We conclude that privatized firms have in fact achieved significant productivity growth in the long run due to technological progress compared to no growth in the pre-reform period. Interestingly, however, better productive performance has not contributed to long-run profitability and income efficiency gains, thereby casting serious doubt on the long-run financial benefits of reforms, including privatization.

Suggested Citation

  • Ghulam, Yaseen, 2017. "Long-run performance of an industry after broader reforms including privatization," Research in International Business and Finance, Elsevier, vol. 42(C), pages 745-768.
    • Handle: RePEc:eee:riibaf:v:42:y:2017:i:c:p:745-768
    DOI: 10.1016/j.ribaf.2017.07.014
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    More about this item

    Keywords

    Privatization; Reforms; Productivity; Technical change; Financial performance; Cement industry; Pakistan;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • D42 - Microeconomics - - Market Structure, Pricing, and Design - - - Monopoly
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics

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