Techniques of privatization of state-owned enterprises. Vol. I

Vuylsteke, Charles; Nankani, Helen; Candoy-Sekse, Rebecca; Palmer, Anne Ruiz

doi:10.1596/0-8213-1111-5

Cited by 47 publications

(26 citation statements)

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“…As Bishop and Kay (1989) argue "The political power of senior management arises from the observation that any privatization which does not enjoy their support will be at best a difficult and protracted process". Similarly, Vuylsteke (1988) states that "preparing large PEs for privatization can not be done without the full commitment of top management". Third, to attract buyers, an increasing number of governments around the globe have granted more protection for the privatization candidates.…”

Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

“…Third, to attract buyers, an increasing number of governments around the globe have granted more protection for the privatization candidates. In the UK, Vuylsteke (1988) stressed that "The long term success of the privatization program will stand or fall by the extent to which it maximizes competition. If competition cannot be achieved, an historic opportunity will have been lost".…”

Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

“…As a result, a regulatory system was suggested to protect consumers against monopoly pricing and poor quality services. As Vuylsteke (1988) claimed, "I firmly believe that where competition is impractical, privatization policies have now been developed to such an extent that regulated private ownership of natural monopolies is preferable to nationalization". However, there is no firm evidence to support the view that regulation is more efficient than public ownership.…”

Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

“…Moreover, regulation raises difficult questions regarding the capacity of DCs to design and operate a regulatory system. Vuylsteke (1988) asserts that "The introduction of an adequate regulatory framework is more effective control tool than ownership". This is debatable, not least because DCs lack the necessary conditions for the creation of an adequate regulatory framework.…”

Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

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Privatization and Financial Performance in Developing Countries: Reality and Myth

Ali¹

2014

IJBM

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During the 1980s, the pendulum swung back from the socialism doctrinaire that dominated the post war period, where public ownership of the productive and services sectors was emphasized. In the early 1980s, new values emerged questioning the role of the state in economic activities. As a result, the pressures mounted to shift to market economy and to rely on private initiatives to spearhead the development process.Accordingly, governments around the globe, including communist countries, announced their intentions to "rolling back the frontiers of the state". The unsatisfactory performance of public enterprises, it was argued, is a direct consequence of their ownership structure. Therefore, the only enduring remedy that emerged was to change ownership.In this paper we assess the efficiency arguments for and against privatization with emphasis on developing countries. It is here argued that the poor performance of public enterprises is due to market structure and lack of clear objectives rather than structure of ownership. Moreover, although there is evidence that privatized firms have improved, we assert that the claimed improvement is difficult to measure, due to the major restructuring that were carried out before privatization to prepare the candidates in order to ensure success of the policy and the change of environment within which they operate. These methodological problems make such comparison before and after at least a protracted and complicated business and the results highly debatable.

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Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

Section: Wwwccsenetorg/ijbmmentioning

confidence: 99%

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Privatization and Financial Performance in Developing Countries: Reality and Myth

Ali¹

2014

IJBM

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“…In such cases, the only likely alternatives arc liquidation, bankruptcy and massive restructuring, or a buyout by those with a stake in the company's survival, namely employces and management (Csepi, Bager and Lukacs, 1991). Governments in many Central and Eastcrn European countries are using some form of employee share ownership plan (ESOP) to privatize SOEs because they see ESOPs as a way of overcoming opposition to privatization and of giving employees a stake in the future of their companies (Vuylsteke, 1988). Through ESOPs they can quickly transfer ownership of SOEs on a massive scale and reduce some of the political backlash against unemployment among workers and managers in enterprises that would otherwise be liquidated (Tseo and Ramos, 1995).…”

Section: Esops As Instruments Of Privatizationmentioning

confidence: 99%

Privatization and Corporate Restructuring in Central Europe

Pringle

Rondinelli

1997

Journal of East-West Business

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Move to markets? An empirical analysis of privatization in developing countries

Banerjee

Munger

2004

J of Intl Development

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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. The opinions expressed in this paper do not necessarily reflect the position of Fondazione Eni Enrico Mattei Terms of use: Documents in Move to Markets? An Empirical Analysis of Privatization in Developing Countries SummaryWe analyze when, and to a lesser extent how, privatization occurred in a group of thirtyfive low or middle-income developing countries. The theoretical perspective turns on the concept of net political benefits, which in our model is the primary determinant of privatization policies. Privatization is a means to an end, of course, rather than an end in itself. But we proceed under the assumption that policymakers have decided, for whatever reason, that privatization is a desirable goal. The decision to privatize is captured here in three related, but distinct, dependent variables: (1) timing, (2) pace, and (3) intensity. Our notion of the independent variable, 'net political benefits,' is not measured directly, but is instead proxied by an array of macroeconomic, political, and institutional variables. Our key finding is that, though political benefits turn out to explain the timing, pace, and intensity of privatization, the effects are very different in each case.From the theoretical framework, we hypothesize that net political benefits positively affects the timing, pace, and intensity of privatization. The timing hypothesis is tested using a Cox proportional hazard model. The Pace hypothesis is tested using a random effects negative binomial model. The intensity hypothesis is tested using the random effects model. Analyzing the causal relationships in the three models provides a macro overview of the privatization process between 1982-99.The decision to begin to privatize (timing) is fundamentally different from the choice to implement select particular units to privatize (pace) and begin to sell off assets (intensity). In fact, we find that the factors that improve timing delay intensity: early adopters are later implementers. Furthermore, we find that a privatization policy is much more like to be a crisis-driven, last ditch effort to turn the economy around, rather than a carefully chosen policy with explicit, long-term goals. A related, and very important, finding in our analysis has to do with the "lock-in" of institutions. Large public sectors create significant pressures for privatization, in terms of timing, but large public sectors also endow important political actors with powerful resources for delaying, or blocking complet...

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Techniques of privatization of state-owned enterprises. Vol. I

Cited by 47 publications

References 0 publications

Privatization and Financial Performance in Developing Countries: Reality and Myth

Privatization and Financial Performance in Developing Countries: Reality and Myth

Privatization and Corporate Restructuring in Central Europe

Move to markets? An empirical analysis of privatization in developing countries

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