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Privatizations and corporate governance in France

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  • A. GOLDSTEIN

    (Università Commerciale L. Bocconi)

Abstract

From the middle of 1993, the French government has followed an ambitious privatisation programme. Nine major state-owned enterprises have been at least partially sold; other companies some of which are amongst the largest in France, will be sold in the next few years. An analysis is undertaken of how the post-1993 privatisations have related to changes in both the mechanisms of corporate governance and the market for corporate control. Privatisation in France is found to be tactically motivated rather than being spurred by efficiency. Privatisation opened more political than economic opportunities, and corporate governance stayed in stable entities to protect managers from take-over threats. However, a move that will allow organisational competition between Anglo-Saxon and German-Japanese mechanisms may further improve governance of large French corporations.

Suggested Citation

  • A. Goldstein, 1996. "Privatizations and corporate governance in France," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 49(199), pages 455-488.
    • Handle: RePEc:psl:bnlqrr:1996:44
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10619/10503
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    References listed on IDEAS

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    1. Bertero, Elisabetta, 1994. "The Banking System, Financial Markets, and Capital Structure: Some New Evidence from France," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 10(4), pages 68-78, Winter.
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    3. Andrea Goldstein & Nicoletti Giuseppe, 1996. "Italian Privatizations in International Perspective," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(100), pages 425-451.
    4. John Vickers & George Yarrow, 1991. "Economic Perspectives on Privatization," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 111-132, Spring.
    5. Jenkinson, Tim & Mayer, Colin, 1988. "The privatisation process in France and the U.K," European Economic Review, Elsevier, vol. 32(2-3), pages 482-490, March.
    6. Bishop, Matthew & Kay, John & Mayer, Colin (ed.), 1994. "Privatization and Economic Performance," OUP Catalogue, Oxford University Press, number 9780198773443.
    7. Rajan, Raghuram G & Zingales, Luigi, 1995. "What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-1460, December.
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    Cited by:

    1. Hancké, Bob, 1999. "Revisiting the French model: coordination and restructuring in French industry in the 1980s," Discussion Papers, Research Unit: Economic Change and Employment FS I 99-301, WZB Berlin Social Science Center.
    2. Andrea Goldstein & Nicoletti Giuseppe, 1996. "Italian Privatizations in International Perspective," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(100), pages 425-451.
    3. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.

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    More about this item

    Keywords

    Management Theory & Techniques; France; Management; Privatisation;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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