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Based on the observables $\MW$, $\Gamma_l$, $\bar\sw^2(\MZ^2)$, we evaluatethe parameters $\Delta x, \Delta y$ and $\varepsilon$ at one-loop level withinan electroweak massive vector-boson theory, which does not employ the Higgsmechanism. The theoretical results are consistent with the experimental ones on$\Delta x$, $\Delta y$, $\varepsilon$. The theoretical prediction for $\Deltay$ coincides with the standard-model one (apart from numerically irrelevantterms which vanish for $\MH\to\infty$). Non-renormalizability only affects$\Delta x$ and $\varepsilon$, which differ from the standard-model results bythe replacement $\log\MH\to\log\Lambda$ for a heavy Higgs mass, $\MH$ (where$\Lambda$ denotes an effective UV cut-off).Comment: 10 pages latex, BI-TP 94/3

On the role of the higgs mechanism in present electroweak precision tests