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...

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...

In this paper, we review the developments that took place in the 'Big Four' after their full privatization. We show that POSCO, KT, and KTamp;G, which were privatized to have dispersed share ownership, have relatively high corporate governance standards. We also show that the 'Big Four,' have...

Studies of public-private and foreign-domestic wage differentials face difficulties distinguishing ownership effects from correlated characteristics of workers and firms. This paper estimates these ownership differentials using linked employer-employee data (LEED) from Hungary containing 1.35mln...

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...

During the 1990s, ownership of China's listed firms remained stable: state entities remained in control of restructured state-owned enterprises since only a minority of shares were allowed to trade publicly and to be owned privately. However, since 1999 the ownership of China's listed firms has...

The importance of corporate governance (CG) in the transition economies hinges crucially on the neo-classical assumption about single-layer company operation. If this is the case, the interest of investors and managers need to be harmonized in a way, as it is described in the CG literature. This...

We examine the determinants of the decision to acquire a listed vs. an unlisted firm and extend the previous evidence of value creation after controlling for endogeneity due to self–selection bias. We also control for market valuation conditions, finding that results are conditional to them....

We investigate bidder's short- and long-term performance in periods of high and low valuation market in response to announcements of acquisitions carried out by Spanish listed firms over the period 1991–2016. We find that acquirers of unlisted targets fully react at the announcement date in...

We provide new estimates of the productivity impact of privatization in Ukraine using long panel data on all initially state-owned manufacturing firms. The large size and length of the data permit us to track the privatization process, to estimate impacts within industry-year cells and with...