Privatization in Transition Countries

Havrylyshyn, Oleh; McGettigan, Donal

doi:10.1080/1060586x.2000.10641488

Cited by 64 publications

(20 citation statements)

References 26 publications

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“…For example, the study's findings are consistent with the mixed results that frequently appear in studies of the effects of insider privatization (Earle, 1998;Havrylyshyn and McGettigan, 1999;Nellis, 1999). Although there are other explanations why insider privatization may not succeed, the results of our empirical models suggests that perhaps if other studies grouped privatized firms that were sold to their managers on the basis of the size of the buyout price, they might have found that some privatized firms consistently outperformed those of others.…”

Section: Resultssupporting

confidence: 79%

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Insider Privatization with a Tail: The Buyout Price and Performance of Privatized Firms in Rural China

Rozelle

2003

SSRN Journal

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This paper studies insider privatization in transition economies. We show theoretically that the underperformance of insider-privatized firms could be due to the manager-cum-owner's lack of incentives after privatization. A screening theory predicts that a firm's postprivatization incentives increase with the firm's buyout price. The empirical results show that the buyout price decreases with the degree of information asymmetry and that a firm's postprivatization performance increases with the buyout price. We also find that the performance of premium-paying firms converges with that of private firms after privatization; in contrast, heavily discounted firms perform indistinguishably from government-owned firms.

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Section: Resultssupporting

confidence: 79%

“…Although we do control some of the manager's attributes, for example, education and managerial experience, other variables, such as the manager's entrepreneurship, are not observed. 19 If an unobservable, in particular the quality of the firm, is correlated with the buyout price, the coefficient estimated by OLS would be biased.…”

Section: Firm Fixed-effect Modelmentioning

confidence: 99%

Insider Privatization with a Tail: The Buyout Price and Performance of Privatized Firms in Rural China

Rozelle

2003

SSRN Journal

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“…But Poland experienced a sharp decline in output for several years like its European neighbors and unlike China, although it was the first to turn around and grow past its previous peak of 1989 (Lavigne, 1999). Furthermore, while Poland has eventually achieved widespread privatization, it did so very gradually, more like China and Hungary, in contrast to the sudden privatizations that occurred in Russia and the Czech Republic, which resulted in scandals (Goldman, 1999;Havrylyshyn and McGettigan, 2000). In the more specific transition discussion, things seem a bit more reasonable.…”

Section: Transitionmentioning

confidence: 92%

A critique of the new comparative economics

Rosser

2007

Rev Austrian Econ

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“…Bu yönde detaylı bir literatür özeti için Parker, Kirkpatrick (2005) çalışmasına bakılabilir. Özelleştirmenin olası etkinlik katkıları aynı zamanda makroiktisadi sonuçlar doğuracağından, bazı çalışmalar özelleştirmenin ekonomik büyüme üzerindeki etkilerini incelemektedir (Aziz, Wescott, 1997;Havrylyshyn, McGettigan, 1999;Filipovic, 2005). Literatürdeki bazı çalışmalar ise, özelleştirmenin makroiktisadi etkilerini, kamu mali pozisyonu üzerinde yaratacağı etkiler üzerinden irdelemektedir (teorik yaklaşımlar için bkz.…”

Section: Li̇teratürunclassified