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Determinants of Performance of Privatized Firms: The Case of Portugal

The aim of this work is to investigate the determinants and why and how the post-privatization firm’s performance improvements occur in an application to the Portuguese case. We test the effects of some causes that may have effects on that performance behavior, based on the agency, property rights and public choice theories. We conclude that the privatization itself, the simple act of privatizing a firm, leads to performance improvements, independently of the effect of other determinants. We observe the same effect when there are favourable economic conditions, when they are in a competitive market, when companies are listed in a stock exchange after privatization, when they are privatized by an initial public offering and when companies develop restructurings before privatization.