Firm performance and privatization in Ukraine

Abstract

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The impact of equity ownership groups on investment: Evidence from Ukraine

“…Even though there is ample evidence for the presence of soft budget constraints, the empirical link between companies' performance (Djankov and Murrell (2002), Rosevear (1999, 1999a), Grygorenko and Lutz (2007)) or investment (Lizal and Svejnar (2002), Perotti and Vesnaver (2004)) on one hand and state ownership on the other is weak.…”

Investment Behaviour, Corporate Control, and Private Benefits of Control: Evidence From a Survey of Ukrainian Firms

“…Other studies find that there is no significant impact of private ownership on investment Rosevear, 1999a, 1999b). However, Grygorenko and Lutz (2007) show that majority state owned firms in Ukraine have a worse enterprise performance, but also that a higher state ownership stake improves firms' performance. Brown et al (2006) and Brown and Earle (2007) provide strong evidence that the impact privatization on total factor productivity is substantial in Ukraine.…”

“…Other studies find that there is no significant impact of private ownership on investment (Estrin and Rosevear, , ). However, Grygorenko and Lutz () show that majority state owned firms in Ukraine have a worse enterprise performance, but also that a higher state ownership stake improves firms’ performance. Brown et al .…”

Analyzing the relationship between foreign direct investment and privatization in the European Union Founder Nations by using panel data approach

“…Researchers declared that most of these studies found that privatization yields improvements in operating and financial performance of firms. Galyna Grygorenko and Stefan Lutz (2007) found for the Ukrainian enterprises that privatization positively influences labor productivity, sales and profitability. Roberts, Thompson, and Mikolajczyk (2008), using data from the 500 largest Polish manufacturing companies in 1993-1998, found that privatization via the firms acquired by foreign investors resulted in significantly larger and more profitable firms than were those that remained state owned.…”