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Financial performance of disinvested central public sector enterprises in India: An empirical study on select dimensions

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  • Gupta Seema
  • P.K. Jain
  • Surendra S. Yadav
  • V.K. Gupta

Abstract

The objective of this paper is assess the financial performance of disinvested central public sector enterprises (PSEs) in India on the basis of several dimensions on pre and post disinvestment bases over the life span of more than two decades (i.e. 1986-87 to 2009-10); financial performance has been measured on the basis of select profitability, efficiency, liquidity, leverage and productivity ratios. The findings suggest that partial or small amount of disinvestment has not yielded desired results in majority of dimensions; it may be virtually due to variety of problems faced by PSEs even after disinvestment, such as high cost and noncompetitive industrial structure, operational inefficiency due to high governmental interference, environment restrictions (delegation of operational and functional autonomy to the managers through performance contracts) and less proportion of disinvestment.

Suggested Citation

  • Gupta Seema & P.K. Jain & Surendra S. Yadav & V.K. Gupta, 2011. "Financial performance of disinvested central public sector enterprises in India: An empirical study on select dimensions," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 1(4), pages 1-3.
    • Handle: RePEc:spt:apfiba:v:1:y:2011:i:4:f:1_4_3
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    Cited by:

    1. Ajay Chhibber & Swati Gupta, 2017. "Public Sector Undertakings: Bharat’s other Ratnas," Working Papers 2017-6, The George Washington University, Institute for International Economic Policy.
    2. Chhibber, Ajay & Gupta, Swati, 2017. "Bolder Disinvestment or Better Performance Contracts? Which Way Forward for India's State-Owned Enterprises," Working Papers 17/205, National Institute of Public Finance and Policy.
    3. Priya Mandiratta & G.S. Bhalla, 2017. "Pre and Post Disinvestment Performance Evaluation of Indian CPSEs," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 42(2), pages 120-134, May.
    4. Ajay Chhibber & Swati Gupta, 2017. "Bolder Divestment Not Better Performance Contracts are the Solution for India's Public Sector," Working Papers 2017-19, The George Washington University, Institute for International Economic Policy.
    5. Chhibber, Ajay, 2021. "India's Interventionist State: Reduce Its Scope and Increase Its Capability," MPRA Paper 105711, University Library of Munich, Germany, revised 01 Feb 2021.
    6. Ajay Chhibber, 2021. "India's Interventionist State: Reduce Its Scope and Improve Its Capability," Working Papers 2021-02, The George Washington University, Institute for International Economic Policy.

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