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The impact of privatization on company performance, the case of Egypt

Al Hinai, Mansoor Talib (2016)
Other thesis, University of Birmingham.

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Abstract

Privatization is a debated topic for decades now. This study assesses the results of the Egyptian privatization programme. The study assess the impact of privatization on 61 IPO privatized companies for a period of 16 years. The objective of the study is to examine two key aspects; first, the impact of privatization by comparing pre to post privatization performance. Secondly, to relate the impact of privatization to the transaction itself, the performance of the privatized companies is compared to a fully private set of companies. The analytical framework used examined the profitability, operating efficiency, the sales, employment level and leverage.

By applying various statistical models, the results of the study indicated that the privatized companies post treatment examined a significant positive change in profitability, and operating efficiency and a negative impact on the leverage and employment level. Further, by comparing performance to that of private companies, it showed that privatization brought significant increase in EBIT and ROE with no significance for ROS, and ROA. There was insignificant change for Sales Efficiency and significant for the Income Efficiency; While the results of the leverage measures indicated that the privatization treatment Total Debt/Total Equity are not significant and on the contrary to the Total Debt/Total Equity. The Employment measures and Sales were significant. The comparison relative to the private showed that the DID coefficient was significant for the EBIT, ROE, the employment, sales, the leverage and the Income Efficiency; While the results was not significant for ROS, ROA, Sales Efficiency.

Type of Work:Doctor of Business Administration (D.B.A.) thesis.
Supervisor(s):Cressy, Robert
School/Faculty:Colleges (2008 onwards) > College of Social Sciences
Department:Birmingham Business School
Subjects:HC Economic History and Conditions
HD Industries. Land use. Labor
HG Finance
Institution:University of Birmingham
ID Code:6868
This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder.
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