Chen, Yuyu; Igami, Mitsuru; Sawada, Masayuki; Xiao, Mo - 2021
We study how ownership affects productivity. Privatization of state-owned enterprises (SOEs) was a major economic … exploit a lag structure in the timing of ownership changes (i.e., privatization/liquidation takes time to implement). Results … suggest private firms are 53% more productive than SOEs on average, but the benefits of privatization take several years to …