The role of government shareholding in corporate performance is central to an understanding of China's newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

In this paper, we review the developments that took place in the 'Big Four' after their full privatization. We show that POSCO, KT, and KTamp;G, which were privatized to have dispersed share ownership, have relatively high corporate governance standards. We also show that the 'Big Four,' have...

The role of government shareholding in corporate performance is central to an understanding of China's newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

During the 1990s, ownership of China's listed firms remained stable: state entities remained in control of restructured state-owned enterprises since only a minority of shares were allowed to trade publicly and to be owned privately. However, since 1999 the ownership of China's listed firms has...

The importance of corporate governance (CG) in the transition economies hinges crucially on the neo-classical assumption about single-layer company operation. If this is the case, the interest of investors and managers need to be harmonized in a way, as it is described in the CG literature. This...

Privatization in India is mostly limited to the diffuse sale of minority stakes in firms. Since control rights have not been transferred to private owners it is widely contended that the process has had little impact on firm behavior. We find however that even the sale of minority stakes has a...

The most important development in international corporate governance in the past 20 years has been the privatization of state-owned enterprises. There is evidence that privatization has resulted in improved firm performance but the source of this improvement is difficult to isolate. We argue...

This study surveys the literature examining the privatization of state-owned enterprises(SOEs). We overview the history of privatization, the theoretical and empirical evidence on the relative performance of state owned and privately owned firms, the types of privatization, if and by how much...

This paper examines critical issues in the corporate governance of NGOs. A framework for analysis of governance of NGO poverty programs is developed. The emphasis is placed on the potential for divergence between de jure organizational structure and the de facto process of decision-making. Then,...

This study examines the emergence of the Bulgarian stock market and the role of controlling blockholders. A new approach using mass privatization auction data measures the premium for control and demonstrates that, in the absence of legal constraints, majority owners extract more than 85% of...