Scholars have increasingly recognized the importance of institutional owners inthe life of the firm and have sought to explain how and when these owners influencefirm-level strategies. In spite of evidence that these owners can and do affect broadstrategies, there is little empirical support for...

Privatization is defined as the sale of state-owned assets by governmental agencies to private investors (e.g., Megginson, Nash, Netter, and Poulsen, 2004; Villalonga, 2000). Research on privatization has focused on privatization techniques (e.g., share issue privatization or voucher privatization),...