We examine how government ownership affects the top management team's (TMT) pay dispersion and how such TMT pay dispersion affects subsequent firm performance. We test three competing views on the influences of government ownership, referred to as the agency view, the equity view, and the...

Based on a large data set containing over 300,000 Chinese firms and detailed micro-level information, this paper conducts an empirical analysis of firms in distress. We focus on economic distress rather than financial distress; we study unlisted firms in an emerging market rather than listed...

Does firm ownership change affect performance? On the basis of a mean-value analysis and a fixed effects panel analysis of over 1100 Chinese companies during the period of ownership reform (1997-2003), this paper examines the performance impact of firm ownership transformation in China. The data...

This paper examines the change in operating and financial performance of Swedish firms that were either partly or fully privatized during the period of 1989-2007. Two different methods are used to empirically investigate the performance of privatized firms. First, accounting data prior to and...

This paper presents an analysis of the roles and performances of the major public enterprises (MPEs) from the energy, transportation, communication and construction sectors in Turkey between 2005 and 2013. The recent governmental policy towards the PEs presents differences based on sectors. The...

This paper analyses the causes of managerial change and the impact of different reforms on firm performance, using survey data from 300 Ukrainian firms. The main findings are: 1) ownership and competition are linked to managerial change: de novo firms but also privatised firms experienced less...

We provide the first test of the Hoff and Stiglitz (2004) model predicting whether and under what conditions mass privatizations are accompanied by asset stripping. In addition to directly testing the theory, we also tackle an important policy-oriented issue of why a large number of efficient...

The paper focuses on the analysis of the privatization process conducted in the years 2008-2011 with an attempt to show a broad picture of privatization in Poland, indicate resources that still exist although hidden and show government practices in making privatization more effective or, on the...

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...