Privatization in Sub-Saharan Africa: Progress and prospects during the 1990s

Bennell, Paul

doi:10.1016/s0305-750x(97)00068-5

Cited by 83 publications

(64 citation statements)

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“…A range of enterprises has been involved, from bulky industries down to small shops. The pattern has been fairly typical of privatisation in Africa (Bennell, 1997). For example, smaller enterprises such as retail outlets were sold first, with the larger and more strategic concerns (e.g.…”

Section: Introductionmentioning

confidence: 96%

Privatisation and Adjustment in Mozambique: A 'Hospital Pass'?

Cramer¹

2001

Journal of Southern African Studies

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Section: Introductionmentioning

confidence: 96%

Privatisation and Adjustment in Mozambique: A 'Hospital Pass'?

Cramer¹

2001

Journal of Southern African Studies

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“…Other discussions of the historical evolution of privatization include Jenkinson and Mayer (1988), van der Walle (1989), Shirley and Nellis (1991), World Bank (1995), Brada (1996), Bennell (1997), and Yergin and Stanislaw (1998.…”

Section: Introductionmentioning

confidence: 99%

“…Few governments have openly adopted an explicit SOE divestment strategy, but Bennell (1997) clearly shows that there has been substantially more privatization in the region than is commonly believed. The experience of the African National Congress after it came to power in South Africa is also instructive of the policy realities governments with interventionist instincts face in this new era.…”

Section: Introductionmentioning

confidence: 99%

“…In addition to these eight empirical studies, several other papers survey extant research for a region (Ramamurti (1996), McDonald (1993), Bennell (1997, Molz and Hafsi (1997)), country (Caves (1990)), industry (Wasserfallen and Müller (1998)), or for the entire developing world (Kikeri, Nellis, and Shirley (1992)). With the exception of the first two U.K. studies discussed above (Martin and Parker (1995) and Newberry and Pollitt (1997)) and the Caves overview piece, all of the country/industry-specific empirical studies and the survey articles strongly support the conclusion that privatization significantly improves the operating and financial performance of divested firms--and does so in a remarkably short time-frame after ownership is transferred from state to private hands.…”

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confidence: 99%

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From State to Market: A Survey of Empirical Studies on Privatization

2001

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. This paper was developed with financial support from the SBF Bourse de Paris and the New York Stock Exchange, and the assistance and comments of George Sofianos, Bill Tschirhart, Jean-Claude Cosset, Kathy Dewenter, Ranko Jelic, John Nellis, Rob Nash, Marc Lipson, Harold Mulherin, and Annette Poulsen is gratefully acknowledged. Earlier drafts of the authors' privatization works cited herein have benefited from comments received from participants at the 1993 National Bureau of Economic Research corporate finance conference, the 1994-1998 American Finance Association annual meetings, the 1994 American Economic Association meeting, the 1994 Political Economy Research Center Privatization Forum, the 1995-1998 Financial Management Association annual meetings, the 1995 European Finance Association meeting, the 1997 NYSE Cancun Conference on Global Equity Issuance, and seminars at the Copenhagen Business School, the Norwegian School of Management, the University of Chile, the Federal Reserve Bank of New York, Emory University, the University of Georgia, Florida State University, Virginia Tech, Indiana University, The University of Houston, and Tulane University. All remaining errors are the authors' alone. This study surveys the academic and professional literature examining the privatization of stateowned enterprises (SOEs), with a focus on empirical studies. The paper is written from the perspective of a policy-maker weighing the adoption of a national privatization program, who seeks answers to the following questions: (1) How large an impact have privatization programs actually had thus far on state involvement in different national economies?; (2) Has the decision to privatize been based on dissatisfaction with the economic performance of SOEs, and is there a viable policy alternative to divestment?; (3) Have privatization programs significantly improved the operating and financial performance of the companies divested?; (4) Terms of use: Documents in EconStor mayOnce the decision to privatize is made, how do governments select the appropriate method and sequencing of selling state-owned assets?; (5) How do governments price the SOEs they wish to sell and how do they decide which potential buyers to favor?; and (6) Have investors who purchase the shares of privatized firms experienced positive short and long-term returns?Privatization has been instrumental in reducing state ownership in many countries and had a transforming effect on global stock markets, al...

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“…There is considerable research and empirical evidence to suggest that African governments may sign documents initiating a privatisation programme without intending to ever execute it (Bennell 1997;Tangri 1999). For these government leaders, the need to continue financial assistance flows demands acquiescence to donor demands but the realities of the domestic political economy limit what is politically feasible.…”

Section: Governance and Privatisation In Cameroonmentioning

confidence: 99%

Good governance, privatisation and ethno-regional conflict in Cameroon

Konings¹

Good Governance in the Era of Global Neoliberalism

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Privatization in Sub-Saharan Africa: Progress and prospects during the 1990s

Cited by 83 publications

References 4 publications

Privatisation and Adjustment in Mozambique: A 'Hospital Pass'?

Privatisation and Adjustment in Mozambique: A 'Hospital Pass'?

From State to Market: A Survey of Empirical Studies on Privatization

Good governance, privatisation and ethno-regional conflict in Cameroon

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