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Author: Mary M. Shirley
Publisher: World Bank Publications
ISBN:
Category : Competition
Languages : en
Pages : 72
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Book Description
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance?
Author: Mary M. Shirley
Publisher: World Bank Publications
ISBN:
Category : Competition
Languages : en
Pages : 72
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Book Description
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance?
Author: Irving William Wiswall
Publisher:
ISBN:
Category : Electric Utilities
Languages : en
Pages : 236
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Book Description
Author: Mary M. Shirley
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, Which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance? At the heart of the debate about public versus private ownership lie three questions: · Does competition matter more than ownership? · Are state enterprises more subject to welfare-reducing interventions by government than private firms are? · Do state enterprises suffer more from governance problems than private firms do? Even if the answers to these questions favor private ownership, the question must still be asked: Do distortions in the process of privatization mean that privatized firms perform worse than state enterprises? Shirley and Walsh's review found greater ambiguity about the merits of privatization and private ownership in the theoretical literature than in the empirical literature. In most cases, empirical research strongly favors private ownership in competitive markets over a state-owned counterfactual (although construction of the counterfactual is itself a problem). Theory's ambiguity about ownership in monopoly markets seems better justified. Since the choice confronting governments is between state ownership and privatization rather than between privatization and optimality, theory has left a gap that empirical work has tried to fill. Further research is needed. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to analyze the effects of privatization and the role of regulation and politics.
Author: Jacek Tittenbrun
Publisher:
ISBN: 9781857562040
Category : Business & Economics
Languages : en
Pages : 160
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Book Description
In this book, the author argues that private ownership is more efficient than public ownership. He presents three major theories that support private enterprise: the property rights theory, the public choice theory, and the Austrial school. Their advantages and drawbacks are examined in theoretical terms and are supported by the evidence of working examples. From this, conclusions are drawn about privatization and the validity of the considered theories.
Author: Andrei Shleifer
Publisher:
ISBN:
Category : Capitalism
Languages : en
Pages : 33
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Book Description
Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free enterprise. The great economists of the 1930s and 1940s failed to see the dangers of socialism in part because they focused on the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of capitalist incentives to innovate. Moreover, many of the concerns that private firms fail to address social goals' can be addressed through government contacting and regulation without resort to government ownership. The case for private provision only becomes stronger when competition between suppliers, reputational mechanisms, and the possibility of provision by private not-for-profit firms, as well as political patronage and corruption, are brought into play
Author: Thomas M. Hanna
Publisher: Manchester University Press
ISBN: 1526133806
Category : Political Science
Languages : en
Pages : 218
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Book Description
Public ownership is more widespread and popular in the United States than is commonly understood. This book is the most comprehensive and up-to-date analysis of the scope and scale of U.S. public ownership, debunking frequent misconceptions about the alleged inefficiency and underperformance of public ownership and arguing that it offers powerful, flexible solutions to current problems of inequality, instability, and unsustainability— explaining why after decades of privatization it is making a comeback, including in the agenda of Jeremy Corbyn’s Labour Party in Britain. Hanna offers a vision of deploying new forms of democratized public ownership broadly, across multiple sectors, as a key ingredient of any next system beyond corporate capitalism. This book is a valuable, extensively researched resource that sets out the past record and future possibilities of public ownership at a time when ever more people are searching for answers.
Author: Paul W. Macavoy
Publisher: Springer Science & Business Media
ISBN: 9401174296
Category : Business & Economics
Languages : en
Pages : 366
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Book Description
The book is divided into three major sections. The first presents a theoretical discussion that underlies the other essays. The second section deals with privatization issues from the perspective of the United States. The third describes research addressed to the U. K. and Canada. In the first chapter, Richard Zeckbauser and Murray Horn develop a wide-ranging theoretical framework for assessing the capabilities and role of state-owned enterprises; it provides a foundation for the analyses that follow. In The Control and Perfonnance o[ State-Owned Enterprises , they describe state-owned enterprises as an extreme case of the separation of ownership and control. The focus is on management --the incentives it faces and the conflicts to which it is subjected. The distinguishing characteristics of public enterprise, the authors suggest, give it a comparative advantage over both public bureaucracy and private enterprise in certain situations. They argue that legislators are more likely to prefer SOEs over private enterprise when the efficiency of private enterprise is undermined by regulation or the tbreat of opportunistic state action, when the informational demands of subsidizing private production to meet distributional objectives are high, when it is difficult to assign property rights, or when state ownership is ideologically appealing. These considerations suggest why SOEs are usually assigned special rights and responsibilities, and they help explain observed regularities in the distribution of SOEs across countries and sectors. Zeckhauser and Horn apply principal-agent theory to identify the key factors underlying the performance of state-owned enterprises.
Author: Peter S. Fisher
Publisher:
ISBN:
Category : Government business enterprises
Languages : en
Pages : 42
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Book Description
Author: Carl Dean Thompson
Publisher:
ISBN:
Category : Government ownership
Languages : en
Pages : 520
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Book Description
Author: Kristian D. Allee
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Book Description
We investigate the association between public versus private ownership and future long-term changes in profitability. Managers have long debated the implications of public and private corporate ownership; however, little empirical research has provided insight into the issue. We find robust evidence that public firms are associated with significantly lower future long-term changes in operating profitability compared to private firms matched on current profitability, size, growth and industry. We also find that the differential future long-term changes in profitability of public and private firms manifests in both future changes in profit margins and changes in asset turnovers. Additionally, we find evidence consistent with an association between short-termism, competition, and agency costs and the lower future long-term changes in profitability for public versus private firms. The results provide insight for managers and investors into the differential future changes in profitability of public versus private firms and into the factors that drive the differential profitability.
