Evaluating the performance of local SoEs as output‐maximizing entities: The case of Friuli Venezia Giulia

Abstract

Publicly owned private‐law organizations represent a sort of a hybrid between pure‐public and pure‐private management forms, and a rather successful one, at least if one considers the ongoing success that such organizations encounter in many European countries, especially at the local level. Economic theory has devoted scant attention to the reasons that may confer a competitive advantage to public enterprises, vis‐à‐vis both entirely privatized companies and traditional public bureaucracies. The paper develops a conceptual framework to systematically evaluate the performances of local SoEs in relation to their ability to achieve policy goals. By considering SoEs as output‐maximizing organizations rather than profit‐maximizing ones, the proposed approach entails an interactive dialogue between evaluators, policymakers and managers to deliver better evaluation outcomes. The methodology is applied to assess the performance of a sample of local SoEs owned by the Region Friuli Venezia Giulia in Italy in an effort to support policymakers in deciding whether to maintain its shareholding participations or divest them, that is, privatizing the public services involved.

The Influence of State-Owned on the Performance of Firms in the Brazilian Capital Market

“…Apesar da importância da empresa controlada parcial ou totalmente pelo Estado, entre a maioria dos pesquisadores e formuladores de políticas no mundo ocidental, tornou-se convenção o fato de que as empresas estatais são menos eficientes do que as empresas privadas (Lazzarini, 2015). Todavia, pesquisas anteriores que analisaram o desempenho das empresas estatais em relação as empresas privadas, se concentraram principalmente na análise do desempenho destas empresas, utilizando como métrica de avaliação indicadores financeiros e econômicos, que não são adequados para as entidades estatais, tendo em vista que não levam em consideração as características intrínsecas da propriedade estatal e seus e múltiplos objetivos (econômicos e sociais) (Peng et al, 2016;Jakob, 2017;Massarutto et al, 2020).…”