Malaysia Privatization: A Comprehensive Study

Financial Management, Vol. 31, No. 4, Winter 2002

Posted: 14 Feb 2003

See all articles by Qian Sun

Qian Sun

Fudan University

Wilson H.S. Tong

Hong Kong Polytechnic University - School of Accounting and Finance; Hong Kong University of Science & Technology (HKUST) - Department of Finance

Abstract

As the first comprehensive study on privatization in Malaysia, this paper compares financial and operating performance of a sample of 24 firms before and after privatization. The 24 firms were privatized via public listing on the Malaysian exchange. Measures that improve following privatization include profitability, output level, and dividend payout; leverage declines. We also observe increased linkages between ownership and corporate governance with such performance changes. By and large, our results are similar to the results of the directly comparable multi-country studies of Megginson, Nash, and van Randenborgh (1994), Boubakri and Cosset (1998), and D'Souza and Megginson (1999).

Suggested Citation

Sun, Qian and Tong, Wilson H.S., Malaysia Privatization: A Comprehensive Study. Financial Management, Vol. 31, No. 4, Winter 2002, Available at SSRN: https://ssrn.com/abstract=359661

Qian Sun

Fudan University ( email )

No. 670, Guoshun Road
No.670 Guoshun Road
Shanghai, 200433
China
86 21 25011094 (Phone)

Wilson H.S. Tong (Contact Author)

Hong Kong Polytechnic University - School of Accounting and Finance ( email )

M715, Li Ka Shing Tower
Hung Hom, Kowloon, Kowloon
Hong Kong

Hong Kong University of Science & Technology (HKUST) - Department of Finance ( email )

Clear Water Bay, Kowloon
Hong Kong
852-2358-7679 (Phone)
852-2358-1749 (Fax)

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