Title: From state to private ownership: performance of small listed Tunisian firms

Authors: Fatma Wyème Ben Mrad Douagi

Addresses: Faculté des Sciences Economiques et de Gestion de Tunis, University of Tunis-El Manar, Campus Universitaire, B.P. 248 El Manar II 2092, Tunisia

Abstract: In this work, we address the financial and operating performance of a sample of seven Tunisian firms which capital was open to the private sector. As many countries, developed or in development, Tunisia initiates privatisation programme from 1987 to 2009. The results indicate that profitability and capital investment spending ratios decline significantly, but efficiency ratios increase. Furthermore, theses enterprises knew an increase in their debt levels. For the dividend payout, the effect is not determiner.

Keywords: privatisation; state ownership; Tunisia; private ownership; listed companies; stock markets; small and medium-sized enterprises; SMEs; financial performance; operating performance; profitability; capital investment; spending ratios; efficiency ratios; debt levels; dividend payouts; Arab culture; management.

DOI: 10.1504/IJACMSD.2012.049135

International Journal of Arab Culture, Management and Sustainable Development, 2012 Vol.2 No.2/3, pp.213 - 225

Published online: 29 Jul 2014 *

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