Enterprise Restructuring in Transition: A Quantitative Survey

Djankov, Simeon; Murrell, Peter

doi:10.1257/jel.40.3.739

Cited by 517 publications

(122 citation statements)

References 2 publications

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“…The usual disclaimers apply. 18 Two papers that synthesize our knowledge about the effects of privatization (Djankov and Murrell, 2002;Estrin et al, 2009) state that the effect of insider ownership on firm performance is mostly positive in Central and East European countries, but the effect is usually insignificantly different from zero. The only evidence for the effects MEBO privatization in Romania is in Earle and Telegdy (2002), who find that firms transferred to its employees increased labor productivity, but the effect is smaller than of outsider privatization.…”

Section: Discussionmentioning

confidence: 99%

“…THE EFFECTS of privatization on firm behavior have stimulated a large amount of research (Djankov and Murrell, 2002;Estrin et al, 2009;Megginson and Netter, 2001), but the selection of state-owned enterprises (SOEs) into privatization programs, which is the precondition of privatization, has received much less attention. Nevertheless, in the recent years there have been a small, but growing number of studies focusing on the motivations of politicians and bureaucrats materialized in decisions about allowing or banning firms to become private, or of sequencing of privatization.…”

Section: Introductionmentioning

confidence: 99%

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Political Selection of Firms Into Privatization Programs. Evidence From Romanian Comprehensive Data

Szentpéteri

Telegdy

2010

Economics & Politics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Political Selection of Firms Into Privatization Programs. Evidence From Romanian Comprehensive Data

Szentpéteri

Telegdy

2010

Economics & Politics

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“…Foreign investors may also have better monitoring capabilities, which can help firms to move away from an over-reliance on concentrated ownership (Khanna & Palepu 2000). Djankov and Murrell (2002) find in their extensive survey of the research on transition economies that when investment funds, foreigners, and other outsiders become influential owners, ten times as much restructuring takes place in former SOEs. Young et al (2008) suggest the important role of foreign ownership such as foreign institutional investors in institutional reform.…”

Section: Ownership Structurementioning

confidence: 99%

Managerial Ownership Influencing Tunnelling Behaviour

Juliarto¹,

Tower²,

Zahn³

et al. 2013

AABFJ

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This study investigates the extent and the determinants of tunnelling behaviour in five ASEAN countries (i.e. Indonesia, Malaysia, Philippines, Singapore, and Thailand). Related party transactions (RPTs) in the form of loans to related parties are used as the proxy for tunnelling. With 200 firm-year observations over the period [2006][2007][2008][2009], this study finds a positive association between managerial ownership and the extent of tunnelling.The other important findings are that business environment (BE), foreign ownership, and independent directors are ineffective governance mechanisms to rein in tunnelling behaviour. This suggests that regulators need to evolve more effective governance mechanisms. The other important findings are that business environment (BE), foreign ownership, and independent directors are ineffective governance mechanisms to rein in tunnelling behaviour. This suggests that regulators need to evolve more effective governance mechanisms.

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“…On the other hand there are evidences that indicate significant increases in the financial performance of companies that changed their type of ownership (Djankov & Murrell, 2002;Megginson & Netter, 2001;Wright, Buck, T. & Filatotchev, 2002 3). Collectively owned firms, state-owned but operate as private.…”

Section: Type Of Ownershipmentioning

confidence: 99%

Effect of the Type of Ownership in the Financial Performance: The Case of Firms in Latin America

López-Morales¹,

Vargas-Hernández²

2014

IBR

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The aim of this paper is test if the type of ownership (Foreign Private, Local Private and State) affects the financial performance of firms in Latin America in the period from 2005 to 2011. In order to reach this aim, a sample of 29 firms that operates in different countries from Latin America was selected (mainly from Brazil, Mexico, Chile, Argentina and Colombia). Likewise in order to measure the type of ownership, the firms of the sample were categorized in three kinds of ownership such as: foreign private, local private and state ownership. Likewise the Return on Equity (ROE) was used to measure the financial performance. Finally in order to reach the main aim of this paper, we test the hypothesis using a regression analysis with SPSS. The results shed that the type of ownership is not relevant to the financial performance in Latin American context.

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Enterprise Restructuring in Transition: A Quantitative Survey

Cited by 517 publications

References 2 publications

Political Selection of Firms Into Privatization Programs. Evidence From Romanian Comprehensive Data

Political Selection of Firms Into Privatization Programs. Evidence From Romanian Comprehensive Data

Managerial Ownership Influencing Tunnelling Behaviour

Effect of the Type of Ownership in the Financial Performance: The Case of Firms in Latin America

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