Evolución de la Eficiencia Productiva de una empresa privatizada: El Caso del Grupo Telefónica de España

Massón-Guerra, José Luis (2005): Evolución de la Eficiencia Productiva de una empresa privatizada: El Caso del Grupo Telefónica de España.

Abstract

This work shows if the productive efficiency of the Group Telefónica S.A. of Spain it has improved after being privatized. This case has been used to be a representative company in the industry of the global telecommunications. The empiric evidence indicates that the companies of this sector and that they were public, they usually present higher indexes of productivity when they become private, in a competition context and liberalization. This investigation looks for to demonstrate if this statement is completed in this case. For this objective, an analysis is made that covers two decades, using the evaluation technique and comparison of previous and later periods to the privatization. The indicators of Global Productivity (IPG), Partial Labor Productivity and the Capital Productivity (IPAC) are used. The results suggest that the Group Telefónica, after their privatization, a similar pattern has continued that of their couples of other countries, when showing increases in their indexes of productivity and in some of the financial indexes. This document also describes, the theoretical and empiric main contributions of the productive efficiency of companies of telecommunications privatized in the entire world.

• Item Type: MPRA Paper
• English Title: Productive Efficiency in Telefonica
• Language: Spanish
• Keywords: Efficiency, Productivity, Telecommunications, Privatization
• Subjects: L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L96 - Telecommunications; L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance > L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence; P - Economic Systems > P4 - Other Economic Systems > P42 - Productive Enterprises ; Factor and Product Markets ; Prices ; Population; J - Labor and Demographic Economics > J2 - Demand and Supply of Labor > J24 - Human Capital ; Skills ; Occupational Choice ; Labor Productivity; P - Economic Systems > P2 - Socialist Systems and Transitional Economies > P23 - Factor and Product Markets ; Industry Studies ; Population

References

Ark, B. (2004), “The Measurment of Productivity”, Fostering Productivity, Patterns Determinants and Policy Implications, pp. Cap. 2, pp. 10-23.

Bel, G. y Trillas, F., (2005) “Privatization, Corporate Control and regulatory reform: the case of Telefonica”, Telecomunications Policy, 29, pp. 25-51.

Borcherding, T., Pommerehne, W. y Schneider, F. (1982), ‘Comparing the efficiency of private and pub-lic production: the evidence from five countries’, Zeitschrift fur Nationalokonomie Journal of Econom-ics Supplement , No. 2, pp. 127-56.

Buchanan, J. y Brennan, G. (1983), “Predictive Power and the Choice among Regimes”, Economic Journal, Royal Economic Society, V. 93 (369), pp. 89-105

Calabrese, A., Campisi, D. y Mancuso, P. (2002), “Pro-ductivity Change in the Telecommunications Indus-tries of 13 OECD Countries”, International Journal of Business and Economics, V. 1, No. 3, pp. 209-223.

Carey Jones N., Patankar, S, Boodhoo, M. (1974), “Poli-tics, Public Enterprise and the Industrial Develop-ments Agency, Croom Helm, London. Capítulo 8, pp. 1-248.

Cowing, G. y Stevenson, R. (1981), “Productivity Measurement and Regulated Industries”, Academic Press, pp. 3-14.

D’Souza, J. y Megginson, W. (1999), “The Financial and Operating Performance of Privatized Firms dur-ing the 1990’s”, The Journal of Finance, pp. 1397-1438.

D’Souza, J. y Megginson W., (2001), “Sources of Per-formance Improvement in Privatizad Firms: a Clinical Study of the Global Telecommunications Industry, Fundazaione Eni Enrico Mattei,Abril, pp. 1-49.

Daβler, T., Parker, D., y Saal D., (1998), “Economic Performance in European Telecommunications, 1978-1998: A Comparative Study”, Aston Business School Research Papers, Marzo del 2001, pp. 194-209.

Demsetz,. H. (1967), “Hacia una Teoría de los Derechos de Propiedad”, American Economic Review, Mayo, No. 57, 2. pp. 1-14

Denny, M., Fuss, J. y Waverman, L. (1981), “The Measurement and Interpretation of Total Factor Pro-ductivity in Regulated Industries, with an Applica-tions to Canadian Telecommunications”, Productivity Measurement in Regulated Industries, Academic Press, pp. 179-218.

Durán, H. (2004), “Las empresas multinacionales priva-tizadas”, Fundación SEPI: Teoría y Política de Priva-tizaciones, pp. 833-853.

Donselaar, P., Erken, H. y Raes, S. (2004), “An Interna-tional Comparison of Productivity Performance: The Case of the Netherlands”, Fostering Productivity, Pat-terns Determinants and Policy Implications, pp. Cap. 2, pp. 10-23.

Escribano, A. y Zaballos, A. (2002), “Evolución de la estructura de mercado de las telecomunicaciones en España”, Revista Economistas de España, Marzo, pp. 327-334.

Façanha, L. y Resende, M. (2004), “Price cap regulation, incentives and quality: The case of Brazilian tele-communications”, International Journal of Produc-tion Economics, V. 92, No. 2, pp. 133-144.

Galal, A., Jones, L., Tandon, P. y Vogesang, I. (1994), “Welfare Consequences of Selling Public Enterprises. An Empirical Analysis”, Published for the World Bank. Oxford University Press, Capítulos: 8, 9, 7. pp. 1-632.

Gil, O. (2002), “Telecomunicaciones y Política en Esta-dos Unidos y España (1875-2002) ¬- Construyendo Mercados”, Centro de Investigaciones Sociológicas, Siglo Veintiuno de España Editores, pp. 102-104.

Gómez, M. y García-Zaballos, A. (2004). “La privatiza-ción y el aumento de la competitividad de las empre-sas españolas”, Fundación SEPI: Teoría y Política de Privatizaciones, pp. 857-878.

Gual, J. (2001), “La Desregulación de las Telecomuni-caciones en España”, División de Investigación del IESE, Documento de Investigación No. 431, Enero., pp. 1-8

Jensen, M. y Meckling, W. (1976), “ Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Octubre, 1976, V. 3, No. 4, pp. 305-360.

Jordana, J. y Sancho D. (2005), “Policy networks and market opening: Telecommunications liberalization in Spain”, European Journal of Political Research, V. 44, No. 4, Junio, pp. 519-546.

Kendrik, J. (1986), “Improving Company Productivity”, The Johns Hopkins Univestity Press, pp. 41-141.

Kitchen, H. (1992), “Urban transit provision in Ontario: A public/private sector cost comparison”, Public Fi-nance Quaterly, V. 20, No. 1, pp. 114-128.

Hartley, K., Paker, D., y Martin S. (1991), “Organisa-tional Status, Ownership and Productivity”, Fiscal Studies, Vol 12, pp. 46-60.

Hernández de Cos, P. (2004), “Empresa Pública, Priva-tización y Eficiencia”, Banco de España, Estudios Económicos No. 75, pp. 1-106.

Lam, P-L. y Lam, T. (2005), “Total factor productivity measures for Hong Kong telephone”, Telecommunica-tions Policy, V. 29, No. 1, Febrero, pp. 53-68.

Li, W. y Colin Xu, L. (2002), “The Political Economy of Privatization and Competition: Cross-Country Evi-dence from the Telecommunications Sector”, Journal of Comparative Economics, V. 30, pp. 439-462.

Li, W. y Colin Xu, L. (2004), “The impact of privatiza-tion and Competition in the Telecomunications Sec-tor around the World”, The Journal of Law and Eco-nomics”, V. 47, No. 2, pp. 1-40.

Lien D., y Peng, Y. (2001), “Competition and produc-tion efficiency: Telecommunications in OECD coun-tries”, Information Economics and Policy, V. 13, No. 1, Marzo, pp. 51-76.

Madden, G., y Savage, S. (1999), “Telecommunications productivity, catch-up and innovation”, Telecommu-nications Policy, V. 23, No. 1, Febrero, pp. 65-81.

Madden G., Savage, S. Ng,. J. (2003), “Asia-Pacific Telecommunications Liberalisation and Productivity Performance”, Australian Economic Papers, V. 42, No. 1, Marzo, pp. 91-102.

Mariscal, J. y Rivera, E. (2005) “New trends in the Latin American telecommunications market: Telefónica & Telmex”, Telecommunications Policy, V. No. 9-10, Octubre-Noviembre, pp. 757-777.

Martin, S. y Parker, D. (1995), “The impact of UK pri-vatisation on labour and total factor productivity”, Scottish Journal of Political Economy, pp. 201-220.

Martin, S. y Parker, D. (1997), “Accounting ratios and performance measurement”, Routledge, Capítulo 6, 112-126.

Megginson, W. (2004), “La privatización en Perspectiva: los últimos veinte años”, Fundación SEPI: Teoría y Política de Privatizaciones, pp. 49-86.

Megginson, W. (2004), “Los Efectos Macroeconómicos de las Privatizaciones”, Fundación SEPI: Teoría y Política de Privatizaciones, pp. 414-416.

Megginson, W., Nash, R., y Randenborgh, M. (1994), “The Financial and Operating Performance of newly privatized firm: an international empirical analysis”, Journal of Finance, No. 49, 403-452.

Melle, M. (1999), “Algunos resultados efectivos de las privatizaciones en España: una primera aproximación, Revista Economía Industrial, No. 330, V-VI, pp. 141-158.

Méndez, F. y Risueño, M. (2004), “El Proceso Privati-zador en España”, Fundación SEPI: Teoría y Política de Privatizaciones, pp. 475.

Monsen, R. y Walters, K. (1983), “Nationalised Compa-nies: A Threat to American Business”, Why Europe Nationa-lizes, pp. 25-26.

Nadiri, M. y Schankerman, M. (1981) “The Structure of Production, Technological Change, and the Rate of Growth of Total Factor Productivity in the U.S. Bell System”, Productivity Measurement in Regulated In-dustries, Academic Press, pp. 179-218.

O'Mahony, M., Oulton, N. y Vass, J. (2000), “Interna-tional Comparisons of Labour Productivity in Trans-port and Communications: The US, the UK and Ger-many”, Journal of Productivity Analysis, V. 14, No. 1, Julio, pp. 7-30.

Parrish, H., Pestieau, P. y Saynor, P. (1987), “Origins and Growth”, Public Entreprise in Western Europe, pp. 14-21.

Picazo, A. y Quirós, C. (2002), “Eficiencia y Liberaliza-ción en las Telecomunicaciones”, Publicaciones de la Fundación Empresa Pública, Documento de Trabajo No. 202, pp. 1-5.

Prescott, E. (1998), “Needed: A Theory of Total Factor Productivity”, International Economic Review, No. 39, Agosto, pp. 525-51.

Prior, D. y Surroca, J. (2004), Análisis de la Relación entre la intensidad y el tipo de inversiones en la em-presa antes y después de la privatización, Fundación SEPI: Teoría y Política de Privatizaciones, pp. 671-691.

Pulido, A. (2004), “Innovación, Competitivad y Privati-zación”, Fundación SEPI: Teoría y Política de Priva-tizaciones, pp. 185-199.

Rodríguez, R. (2001), “El proceso liberalizador de las telecomunicaciones: Algunas reflexiones”, Revista Economía Industrial, No. 337., V-I, pp. 99-102.

Rondinelli, D. (2004), “Políticas e Instituciones para dirigir la Privatización”, Fundación SEPI: Teoría y Política de Privatizaciones, pp. 120-121.

Ros, A. (1999), “Does Ownership or Competition Mat-ter? The Effects of Telecommunications Reform on Network Expansion and Efficiency”, Journal of Regu-latory Economics, V. 15, No. 1, Enero, pp. 65-92.

Roycroft, T. (1999), “Alternative regulation and the efficiency of local exchange carriers: evidence from the Ameritech states”, Telecommunications Policy, V. 23, No. 6, Septiembre 1999, pp. 469-480.

Rushdi, A. (2000), “Total factor productivity measures for Telstra”, Telecommunications Policy, V. 24, No. 2, Marzo, pp. 143-154.

Solow, R. (1999), “Neoclassical growth theory”, Hand-book of Macroeconomics, V. 1, Parte 1, pp. 637-667.

Starkey, M. y Van Pelt, J. Jr. (1995), “Productivity measurement and price cap regulation: Issues for local exchange carriers in the USA”, Telecommunications Policy, V. 19, No. 2, Marzo, pp. 151-160.

Tölösi, P. y Lajtha, G. (2000), “Toward improved benchmarking indicators”, Telecommunications Pol-icy, V. 24, No. 4, Mayo 2000, pp. 347-357.

Uri, N. (2000), “Measuring productivity change in tele-communications”, Telecommunications Policy, V. 24, No. 5, Junio, pp. 439-452.

Vergés, J. (1999), “Balance de las políticas de privatiza-ción de empresas públicas en España (1985-1999), Revista Economía Industrial, No. 330, V-VI, pp. 129-139.

Vergés, J. (2000), “Economía Industrial y Pública”, Departamento de Economía de la Empresa, Documen-to de Trabajo UAB, pp. 35.

Vergés, J. (2003a), “La Privatización de Empresas Públicas”, Departamento de Economía de la Empresa, Documento de Trabajo UAB, pp. 1-20.

Vergés, J. (2003b), “La Teoría de los Derechos de Pro-piedad y las”, Departamento de Economía de la Em-presa, Documento de Trabajo, pp. 29-46.

Vergés, J. (2003c), “Evaluación de la eficiencia compa-rativa entre empresas, atendiendo tanto a los resulta-dos financieros como a los niveles de productividad: La empresa pública ‘Transmediterránea’ vs. La em-presa privada ‘Europa Ferrys”, Departamento de Eco-nomía de la Empresa, Documento de Trabajo, pp. 1-20.

Vergés, J. (2004), “La Eficiencia (productiva), y la comparación EP-Empresa Privada I”, Documento de Trabajo UAB, pp. 1-28.

Vergés, J. (2005), “La Eficiencia (productiva), y la comparación EP-Empresa Privada II”, Documento de Trabajo UAB, pp. 1-22.

Vining, A. y Boardman A. (1992), “Ownership versus competition: Efficiency in public enterprise”, Public Choice, Vol. 73, 205-239.

Wiel, H. y Leeuwen, G. (2004), “ICT and Productivity”, Fostering Productivity, Patterns Determinants and Policy Implications, Cap. 6, pp. 93-113.

Welfens, P. (1995), “Telecommunications and transition in Central and Eastern Europe”, Telecommunications Policy, V. 19, No. 7, Octubre 1995, pp. 561-577

Yoon, C. (1999), “Liberalisation policy, industry struc-ture and productivity changes in Korea’s telecommu-nications industry”, Telecommunications Policy, V. 23, No. 3-4, Abril, pp. 289-306.