Download Full eBooks in PDF
Private Ownership And Corporate Performance Some Lessons From Transition Economies Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of Private Ownership And Corporate Performance Some Lessons From Transition Economies book. This book definitely worth reading, it is an incredibly well-written.
Author : Roman Frydman
Publisher : Unknown
Page : 56 pages
File Size : 51,5 Mb
Release : 2005
Category : Electronic
ISBN : OCLC:1291228924
Data on mid-sized firms i ...
Author : Anonim
Publisher : World Bank Publications
Page : 44 pages
File Size : 55,8 Mb
Release : 1997
Category : Business enterprises
ISBN : 8210379456XXX
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.
Author : W. Cheryl Gray
Publisher : Unknown
Page : 128 pages
File Size : 44,6 Mb
Release : 1999
Category : Electronic
ISBN : OCLC:913715826
September 1997 Data on mid-sized firms in three transition economies provide strong evidence that private ownership- for worker ownership- improves corporate performance. And the privatized firms' superior ability to generate revenues allows those firms to sustain or expand employment. Using a large sample of data on mid-sized firms in the Czech Republic, Hungary, and Poland, Frydman, Gray, Hessel, and Rapacynski compare the performance of privatized and state firms in the environment of the postcommunist transition. They find strong evidence that private ownership- for worker ownership- improves corporate performance. They find no evidence of the privatization shock that was supposed to afflict the behavior of firms undergoing rapid changes in ownership. Instead, they observe a severe shock from marketization, affecting both state and privatized firms- a shock for which private ownership provides a powerful antidote. Among their other findings: Private ownership is most effective in improving a firm's ability to generate revenues, an area in which entrepreneurship seems to be required. Ownership also affects a firm's ability to remove the rather obvious cost inefficiencies inherited from the past, but this effect is less pronounced, as both state and privatized firms engage in significant cost restructuring. Most important, privatized firms generate significantly more employment gains than state firms. It is their superior ability to generate revenues, rather than competence at cost-cutting, that allows them to sustain or expand employment. This is why privatization is the dominant strategy for expanding employment in transition. Outsider-owned firms perform better than insider-owned firms on most performance measures, but there is enough difference between employee- and manager-owned firms to suggest that putting all insiders under a common umbrella is unjustified. Although the effects of managerial ownership are ambiguous, putting employees in control appears to offer no advantages over state ownership on any measure and creates a distinct disadvantage in terms of employment performance. Among outsider owners, privatization funds seem to do as well at revitalizing the privatized companies as do other outsider owners; in particular, the authors find no evidence that funds are less effective than strategic investors. And foreign investors provide perhaps less of an edge than might have been expected; their impact appears no stronger than that of major domestic outsiders. This paper- product of the Development Research Group- part of a larger effort in the Bank to explore issues of corporate governance in transition economies. The study was funded by the Bank's Research Support Budget under research project Corporate Governance in Central Europe (RPO 678-42).
Author : John R. Nellis
Publisher : World Bank Publications
Page : 44 pages
File Size : 46,7 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 0821345036
IFC Discussion Paper No. 38.QUOTEIt is now universally acknowledged that ownership matters; that private ownership in and of itself is a major determinant of good performance in firms... Decent economic policy and well-functioning legal and administrative institutions... matter greatly as well.QUOTEThis paper looks at what happens when the shift to private ownership gets far out in front of the effort to build the institutional underpinnings of a capitalist economy. The emphasis is on what went wrong and why and what, if anything, can be done to be correct it. Proposals include renationalization and/or postponement of further privatization, both to be accompanied by measures to strengthen the managerial capacities of the state. Neither approach seems likely to produce short-term improvements. The regrettable fact is that governments that botch privatization are equally likely to botch the management of state-owned firms. In a number of Central European transition countries, privatization is living up to expectations; and there is no need for such measures. For institutionally-weak countries, the less dramatic but reasonable short-term course of action is to push ahead more slowly with case- by-case and tender privatization in cooperation with the international assistance community in hopes of producing some success stories that will lead by example.
Author : Mary M. Shirley,Patrick P. Walsh
Publisher : World Bank Publications
Page : 72 pages
File Size : 45,9 Mb
Release : 2000
Category : Competition
ISBN : 8210379456XXX
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance?
Author : David Parker
Publisher : Edward Elgar Publishing
Page : 0 pages
File Size : 54,7 Mb
Release : 2000
Category : Industrial productivity
ISBN : 1840644672
A collection of theoretical and empirical papers, most written during the 1980s-90s, reflecting the controversy surrounding the impact of privatization on corporate performance. Material is in sections on the theory of privatization, empirical studies of state and private ownership, empirical studies of privatization, and issues in privatization and corporate performance. Specific topics include privatization and incentives, ownership and performance in competitive environments, the financial and operating performance of newly privatized firms, privatization and employment in Bangladesh's jute industry, and privatization in transition economies. Parker teaches business economics and strategy at Aston University, UK. c. Book News Inc.
Author : Merritt B. Fox,Michael A. Heller
Publisher : Princeton University Press
Page : 434 pages
File Size : 46,5 Mb
Release : 2021-04-13
Category : Law
ISBN : 9780691229294
Corporate Governance Lessons from Transition Economy Reforms explores a timely topic at the intersection of economics, law, and policy reform. To date, most sophisticated theoretical work on corporate governance has focused on advanced market economies. In post-socialist countries, corporate finance and transition economics scholars have often done little more than convey the received theory to transition policymakers. This volume focuses, for the first time, on the reverse concern: what, if anything, do the reform experiences of transition countries teach about corporate governance theory more generally? To investigate this question, Merritt Fox and Michael Heller have assembled a stellar group of corporate governance theorists. The answers are startling. The principal essays approach the problem from three complementary perspectives that form the organizing themes of the book. The first part refines core corporate theory terms. The second presents important empirical work that explores the channels through which "good corporate governance" may link to the real economy. The final part links corporate governance theory to practical reforms. After fifteen years of experience, practice can now inform theory. Together, these essays present a comprehensive new view on a provocative theme. Written in an accessible style, they will be of interest to a broad range of scholars, commentators, and policymakers.
Author : Sunita Kikeri,John R. Nellis
Publisher : World Bank Publications
Page : 60 pages
File Size : 44,5 Mb
Release : 2002
Category : Privatizacion
ISBN : 8210379456XXX
Author : Giovanni Andrea Cornia,Vladimir Mikhaĭlovich Popov
Publisher : Unknown
Page : 296 pages
File Size : 41,5 Mb
Release : 2001
Category : Business & Economics
ISBN : 0199242186
This book is the first comprehensive assessment of the mortality crisis which has affected most economies in transition but which has remained so far largely unexplained. It reconciles long-term and short-term explanations of the crisis and makes use of special micro data-sets never used before. By providing a rigorous multidisciplinary analysis of this upsurge in mortality rates, the book hopes to contribute to the launch of vigorous policies to tackle this societal problem.
Author : Mr.Robert P. Flood
Publisher : International Monetary Fund
Page : 168 pages
File Size : 51,8 Mb
Release : 2003-04-17
Category : Business & Economics
ISBN : 1589061241
Forty years ago, Marcus Fleming and Robert Mundell developed independent models of macroeconomic policy in open economies. Why do we link the two, and why do we call the result the Mundell-Fleming, rather than Fieming-Mundell model?
Author : Ushakov, Denis
Publisher : IGI Global
Page : 363 pages
File Size : 52,5 Mb
Release : 2017-09-13
Category : Business & Economics
ISBN : 9781522538578
Reforms are a necessary part of social and economic regulation. Each year, political pressure for economic reform becomes more prevalent, especially from various international organizations and business associations. Economic Reforms for Global Competitiveness is an essential reference source for the latest scholarly research on important factors of modern countries’ social and economic dynamics. Featuring coverage on a broad range of topics such as human capital, project management, and fiscal reforms, this book is ideally designed for academicians, researchers, and students seeking the latest material on the role and impact of economic reforms.
Author : Ira W. Lieberman,Daniel J. Kopf
Publisher : Elsevier
Page : 383 pages
File Size : 47,6 Mb
Release : 2008
Category : Business & Economics
ISBN : 9780762314638
Annotation.
Author : Alex Bryson
Publisher : Emerald Group Publishing
Page : 381 pages
File Size : 50,6 Mb
Release : 2012-09-25
Category : Business & Economics
ISBN : 9781781902202
With the financial crisis and Great Recession, some economists have begun to question the orthodox approach to production and capital/labor relations over the years. This orthodoxy thrown into question due to concerns of poor corporate decision-making, corporate capture of regulators, perceived rewards for failure, and uneven productivity growth.
Author : Hua Wang,Yanhong Jin
Publisher : World Bank Publications
Page : 32 pages
File Size : 52,8 Mb
Release : 2002
Category : Contaminacion industrial - China
ISBN : 8210379456XXX
The authors explore the differences in pollution control performance of industries with different types of ownership in China-state-owned (SOE), collectively- or community-owned (COE), privately owned (POE), companies with foreign direct investment (FDI), and joint ventures. About 1,000 industrial firms in three provinces of China were surveyed, and detailed 1999 firm-level information was obtained. The authors analyzed the differences between firms in receiving and reacting to environmental regulatory enforcement, community pressure, environmental services, as well as in the firm's internal environmental management among the different types of ownership. The authors also conducted econometric analyses on the determinants of pollution discharge performance. The results show that foreign direct investment and collectively-owned enterprises have better environmental performances in terms of water pollution discharge intensity, while state-owned enterprises and privately owned enterprises in China are the worst performers. The results also suggest that collectively-owned enterprises in China do internalize environmental externalities.
Author : V. Franicevic,M. Uvalic
Publisher : Springer
Page : 209 pages
File Size : 43,6 Mb
Release : 2000-06-06
Category : Business & Economics
ISBN : 9780230523098
A collections of essays in honour of Branko Horvat, an economist and social thinker of great international reputation from former Yugoslavia and nowadays Croatia. The essays deal with themes related to Horvat's own work, namely equality, social justice, employee participation, labour management, systemic change, privatization, and growth.