Rui, Oliver M.; Firth, Michael; Chen, Gong-meng - 2003
as a spur to improve profitability, efficiency, investment, and growth. In contrast to the operating and financial …. Profitability and efficiency decline in the five years after privatization. Sales grow, capital investment improves, and debt levels … fall after privatization. We argue that the privatizations have been unsuccessful (in terms of profitability and efficiency …