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ABSTRACT

This article contributes to the literature by testing six research hypotheses regarding the impact of partial privatisation on firms' performance. We measure performance using Data Envelopment Analysis (DEA), the Malmquist Index and ratios related to labour productivity, profitability and capacity utilisation. We use the Wilcoxon Signed Rank test to compare the performance after privatisation with that before privatisation. The hypotheses are tested with data from a chain of Portuguese heritage hotels, partially privatised in 2003. We conclude that productivity growth after privatisation is superior to productivity growth before privatisation due to technological progress. However, due to a frontier regress observed in the privatisation year, total factor productivity and profitability deteriorated after privatisation. This suggests that both efficiency changes and frontier shifts should be taken into account in order to accurately assess the impact of privatisation.

7. Discussion and conclusions

Despite some notes of caution regarding the necessary conditions that need to be observed and regarding the potential social losses involved, the dominant theoretical arguments and a large number of empirical studies suggest that privatisation leads to improved performance. However, most of the previous empirical studies dedicated to this issue have focused on the impact of privatisation on production ef- ficiency, ignoring the potential effects that privatisation may have on the best practice frontier and on total factor productivity. In this study, we tested six hypotheses related with the impact of the partial privatisation of a chain of hotels. These hypotheses relate, on one side, with the impact of privatisation on total factor productivity, and, on the other side, with the impact of privatisation on labour productivity, profitability and occupancy rate.