Corporate Ownership and Performance. Going Public versus Going Private in Europe

Arbeitspapier

This paper conducts an in-depth analysis of the impact of acquisitions, initial public offerings and management buyouts on productivity and profitability of a large sample of Europe-based manufacturing companies covering the period from 1996 to 2005. At the center of our analysis is the perception that the performance evaluation of governance-related activities in the business sector such as ownership changes is similar in spirit to the assessment of treatment effects in the evaluation literature. We use propensity score matching techniques in order to resolve the missing data and the selection problem and find evidence corroborating the view that efficiency gains are strongest for those ownership changes that establish corporate governance structures with low principal-agent costs.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: WIFO Working Papers ; No. 358

Classification and Topics

• Classification: Wirtschaft
• Subject: sample selection ; matching techniques ; corporate governance ; growth ; Corporate Governance ; Eigentümerstruktur ; Börsengang ; Börsenrückzug ; Unternehmenserfolg ; Industrie ; Europa

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Hahn, Franz R. ; Egger, Peter
• Event: Veröffentlichung
• (who): Austrian Institute of Economic Research (WIFO)
• (where): Vienna
• (when): 2010

Further information

• Handle: http://hdl.handle.net/10419/128889
• Last update: 10.03.2025, 11:43 AM CET