Download or read book Ownership and Firm Performance After Large scale Privatization written by Evžen Kočenda and published by . This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ownership and Performance After Large Scale Privatization written by Evžen Kočenda and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effect of ownership on post-privatization performance in a virtually complete population od medium and large firms privatized in a model large-scale privatization economy (Czech Republic). We find that concentrated foreign ownership improves economic performance, but domestic private ownership does not, relative to state ownership. Foreign firms engage in strategic restructuring by increasing profit and sales, while domestic firms reduce sales and labor cost without increasing profit. Ownership concentration is associated with superior performance, thus providing support to the agency theory and evidence against theories stressing the positive effects of managerial autonomy and initiative. Our results are also consistent with the thesis that the presence of a large domestic stockholder may not result in a superior performance if this shareholder "loots" the firm. We find support for a version of the hypothesis that firms restructure by first lowering and later increasing employment. The state as a holder of the golden share stimulates profitable restructuring while pursuing an employment objective, which is understandable in period of rising unemployment. Our results hence portray the state as a more economically and socially beneficial agent than do some other recent studies.
Download or read book The Effects of Ownership Forms and Concentration on written by Evžen Kočenda and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Challenges of Privatization written by Bernardo Bortolotti and published by OUP Oxford. This book was released on 2004-03-11 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: From 1997 to 2001, more than 4,000 privatization operations have been carried out in more than 100 countries, bringing in government revenues of over 1,362 billion dollars. The phenomenon, which grew exponentially at the end of the 1990s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies. Yet there have been surprisingly few attempts to provide a systematic empirical account of the privatization process at the worldwide level. Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all? Is privatization a trend or a cycle? Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control? This book provides some answers to these important questions trying to test research hypotheses set forth by the recent economic theory of privatization. Comprehensive cross-country empirical analyses carried out over a period of more than twenty years are used in the book to show that privatization has taken place all over the world, sometimes spontaneously, more often under the pressure of economic and budgetary constraints. Several of the goals of the privatization have been met, but despite proclamations and programmes, only a small minority of countries has carried out a genuine privatization process, completely transferring ownership of state-owned enterprises to the private sector. A lack of political will is to some extent at the root of this reluctance. However this reluctance can be traced back partly to structural factors that would make an orderly privatization difficult, such as the absence of developed capital markets, appropriate regulation, and suitable institutions.
Download or read book Secondary Privatization in Transition Economies written by Iraj Hoshi and published by Springer. This book was released on 2003-09-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization was the fundamental pillar of transition from plan to market in former socialist countries. But little is known about the fate of companies that were privatized in large scale privatization schemes such as mass privatization or management-employee buyouts. This is the first original study aiming to fill this gap. It assesses wholesale privatization schemes in three leading transition countries - the Czech Republic, Poland and Slovenia - in terms of the evolving concentration of ownership and relations to firm performance.
Download or read book Private Ownership and Corporate Performance written by and published by World Bank Publications. This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The assumption behind privatisation in eastern Europe and elsewhere is that private ownership improves corporate performance. We focus on comparing the performance of state firms with either private or privatised firms operating under reasonably similar conditions in three countries of eastern Europe. We supplement this comparison by an examination of the relative performance of privatised and state firms in the period before the former were privatised. Our empirical results confirm the hypothesis that the effect of ownership change is particularly pronounced on the revenue side of corporate performance. In general, we find that firms with outsider owners significantly outperform the firms with insider owners on most performance measures, and that the employees are particularly ineffective owners (indeed less effective than the state). Subscribe to publications email alerts.
Download or read book Ownership and Firm Performance after Large Scale Privatization written by Evzen Kocenda and Jan Svejnar and published by . This book was released on 2003 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Privatization and Control of State owned Enterprises written by Ravi Ramamurti and published by World Bank Publications. This book was released on 1991-01-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ownership Control and Corporate Performance written by and published by . This book was released on 2004 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Our common wealth written by Thomas M. Hanna and published by Manchester University Press. This book was released on 2018-09-10 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public ownership is more widespread and popular in the United States than is commonly understood. This book is the most comprehensive and up-to-date analysis of the scope and scale of U.S. public ownership, debunking frequent misconceptions about the alleged inefficiency and underperformance of public ownership and arguing that it offers powerful, flexible solutions to current problems of inequality, instability, and unsustainability— explaining why after decades of privatization it is making a comeback, including in the agenda of Jeremy Corbyn’s Labour Party in Britain. Hanna offers a vision of deploying new forms of democratized public ownership broadly, across multiple sectors, as a key ingredient of any next system beyond corporate capitalism. This book is a valuable, extensively researched resource that sets out the past record and future possibilities of public ownership at a time when ever more people are searching for answers.
Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Download or read book The World Bank Research Observer written by and published by . This book was released on 2003 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Privatization written by John R. Nellis and published by World Bank Publications. This book was released on 1992-01-01 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance, as defined by the World Bank in its 1992 report, Governance and Development, is the manner in which power is exercised in the management of a country's economic and social resources for development. The report deemed it is within the Bank's mandate to focus on the following: -the process by which authority is exercised in the management of a country's economic and social resources -the capacity of governments to design, formulate, and implement policies and discharge functions. Also available: Governance: The World Bank's Experience (ISBN 0-8213-2804-2) Stock No. 12804.
Download or read book The Impact of Privatization written by Stephen Martin and published by Routledge. This book was released on 1997-02-13 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are resources allocated more efficiently through private ownership than through the public sector? The experiences of eleven newly privatised companies are examined to evaluate this hypothesis. With the Government's pro-privatization policies in place for over a decade, this is a prime time to evaluate theory versus reality.
Download or read book Privatization written by Graeme Hodge and published by Routledge. This book was released on 2018-03-09 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contracting out public sector services and divesting public enterprises are reforms that have enjoyed widespread global popularity in recent years. Better services, lower prices and greater accountability are the promises made by politicians, senior executives, and investment companies when functions are moved from the public sector to private enterprise. But in Privatization, Graeme A. Hodge challenges these assumptions. Through an examination of hundreds of international studies on the performance of privatization activities, Hodge demonstrates that privatizing public services is often not the guaranteed panacea portrayed by its political supporters. Importantly, privatization activities can lead to modest gains, but there are also winners and losers in this reform. It therefore deserves far more care and balanced debate than it usually attracts.
Download or read book Private Ownership Identities and Post Privatization Performance written by Ayele Mamo Tesfaye and published by LAP Lambert Academic Publishing. This book was released on 2012-07 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to the study privatization has significant negative impact on firms profitability but positive impact on firms' efficiency in terms of net income, sales and cost efficiency. Liquidity and capital spending are show an increase but not significantly. Total debts and employment show reduction after privatization. From post-privatization ownership identities, foreign ownership has large negative impact on firms' profitability but large positive impact on efficiency and liquidity than domestic ownership. And also foreign ownership largely increase capital spending and largely reduce financial leverage and employment than domestic ownership. Finally, the study suggested that the privatized enterprises further focus on employee training, cost control and employ relevant technology to improve their financial and operating performance and further reform measures should be initiated to import new machinery, equipments' and raw materials for companies their machines' and equipments obsolete and dysfunctional and import raw materials and also effort should be directed to establish and develop domestic financial market to attract foreign and domestic private investors.
Download or read book Privatization in Eastern Europe written by Roman Frydman and published by Central European University Press. This book was released on 1994-01-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.
