Abstract
This paper compares the pre- and post-privatization efficiency of a sample of state-owned enterprises privatized in Spain with the efficiency of their closest private competitors. We perform a two-stage double bootstrap data envelopment analysis model. In the first stage the efficiency is estimated through a bootstrapped data envelopment analysis, and then followed in the second stage by a bootstrapped truncated regression. Our results provide evidence that (i) there were no significant differences in efficiency between the state-owned enterprises and their private counterparts before privatization; and (ii) the efficiency of newly privatized firms significantly increased after their privatization, while private competitors showed no significant improvement during the same post-privatization period.
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