controlling for various forms of selection bias. It argues that privatization has different effects depending on the types of … owners to whom it gives control. In particular, privatization to outsider, but not insider, owners has significant … performance effects. Where privatization is effective, the effect on revenue performance is very pronounced, but there is no …

profitability in comparison to their counterparts. We would argue that an intensified agency problem and lack of entrepreneurial … spirit might be the root of the profitability problem. …