, technology, and welfare. Integration is pri- vately costly but is effective at coordinating production decisions; non-integration … is less costly, but coordinates relatively poorly. Output price influences the choice of ownership structure: integration … increases with the price level. At the same time, own- ership affects output, since integration is more productive than non-integration …

We analyse the effect of ownership on post-privatization performance in a virtually complete population of medium and … ownership improves economic performance, but domestic private ownership does not, relative to state-owned firms. Foreign firms … increasing profit. Ownership concentration is associated with superior performance, thus providing support to the agency theory …