privatization process of developing countries, with a particular emphasis on the role of the institutional environment. First, we …

costs of state ownership and new insight into the corporate governance role of country-level institutions. Consistent with …. Moreover, we find that the strength of country-level institutions affects the relation between state ownership and the value of … with weaker institutions …

find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors …