The Impact of Privatization in Economic Performance: A Study in Brazilian Companies Large

Vanessa Ingrid da Costa Cardoso, Anna Beatriz Grangeiro Ribeiro Maia, Sandra Maria dos Santos, Francisco de Assis Soares


Privatizations have an important role in the Brazilian media, representing opportunities and challenges on the financial market and the target of many investors and other stakeholders. This study includes the privatization’s concept from the neoclassical current, that the primary goals of companies is get and improve benefits and returns to their owners. Therefore, this study aims to analyze the behavior of the economic performance of Brazilian companies before and after the privatization. Then, was done a documentary and bibliographical research, beyondan exploratory and descriptive research, with quantitative analysis. The sample consisted of eight Brazilian companies privatized in the period from 1990 to 2005, outside the financial sector. Four performance indicators were analyzed two years before and two years after the privatization of companies: Economic Value Added (EVA), Market Value Added (MVA), Return On Assets (ROA) and Return On Equity (ROE). From the results it was found that the companies had higher economic performance after the privatization. This results corroborated with other studies.


Privatization; Economic Performance; Neoclassical Current.



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Iberoamerican Journal of Strategic Management (IJSM)
Revista Ibero-Americana de Estratégia (RIAE)
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