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...

We construct and analyze a unique database with 1992-99 information on privatization transactions and labor productivity for the entire surviving population of initially state-owned industrial corporations in Romania. The data permit us to describe the post-privatization ownership structure and...

This paper estimates the relative multi-factor productivity (MFP) of privatized and state-owned enterprises using a long panel on all initially state-owned manufacturing firms in Ukraine. The large size and length of the time series in the data permit us to track the privatization process and to...

This study provides an overall evidence related to the Italian corporate system, ranging from consistency and dynamics of the different forms of legal entities managing business and economic activities since the introduction of the Vietti's Reform in 2004, to their corporate governance and...

The recent debate between Dabrowski, Gomulka and Rostowski, (2001) and Stiglitz and Ellerman (2001) as to key fators determining the success or failure of policies of liberalisation and privatization, illustrates the need for a concise theoretical foundation as to how, when and where policies...

Using the high-power setting of newly privatized firms from 64 countries, we examine the relationship between ownership type and firm-level capital allocations as captured by the sensitivity of investment expenditure to investment opportunities. Consistent with our predictions that government...

Purpose: The purpose of this study is to investigate how private and public firms vary with respect to unconditional conservatism levels in financial reporting. The study also examines whether adoption of international accounting standards affects the association between conservatism and...

We study the effect of board governance in state-owned and private banks by undertaking a study of commercial banks in India that has both bank groups. Covering a ten-year period from 2003 to 2012 that witnessed a large number of governance reforms in India, the results of our empirical analysis...

I investigate ultimate control and ownership patterns in Russian publicly traded companies. I show that these companies are controlled either by the state or by anonymous private owners. Federal and regional governments' control is exercised through extensive use of pyramids. Private owners...

This article brings into focus the impact of employee buyouts on corporate governance ten years after the large-scale privatization in Russia. The analysis shows that although employee buyouts have helped to reduce unemployment and prevent major social conflicts, it otherwise had a negative...