We analyze the long-term effects of divesture and ownership change on corporate performance. We employ a unique data set for a large number of Czech firms spanning the period 1996-2005. We employ a propensity score matching procedure to deal with endogeneity problems. Our results, which are...

The current paper analyzes the impacts of privatization of Sudan air carrier, Sudan Airways. The hypothetical framework in this study is that alternative policies other than privatization are feasible. Sudan airways represents the sovereignty of the country carrying its flag, its objectives is...

This study investigates the determinants of residual government ownership and the impact of such ownership on post-privatization performance in China. Using panel data on 514 firms for the period from 1999 to 2004, the similar sample period with previous studies, we find that government...

Previous studies have primarily focused on the relative success of collectively owned enterprises (COEs) in China during the early years of reform, but they have ignored the agency problems inherent in this type of organizational form that may be an obstacle to further improving performance in a...

We provide the first evidence on the performance of private operating firms as acquirers. Private bidders experience greater post-acquisition operating performance improvements compared to public bidders. This effect is not due to differences in target types, merger accounting, financing...

Previous theoretical and empirical studies suggest that CEOs' political connections are valuable to firms. We examine whether such connections become constraints if the expected political capital fails to materialize and the firm lacks other type of political power in place. Using a sample of...

We investigate empirically the relationship between ownership identity and the performance of firms in terms of profitability and solvency. Using cross-sectional data covering over 25,000 firms worldwide and by employing various empirical methods, we find robust support for the inferior...

Executive dismissal following low reporting quality events is well documented. However, prior research examines public signals of low reporting quality (e.g., restatements), which also have implications for the board’s own reputation due to the public nature of the signal. To investigate the...