“…In particular, the potential efficiency gain from privatization has received considerable attention from economists (see for example, Dewenter and Malatesta 2001). There are now a growing number of empirical studies that explore the determinants of privatization across countries and across time (see Boix 1997;Brune and Garrett 2000;Biglaiser and Danis 2002;Bortolotti, Fantini and Siniscalco 2003;Brune, Garrett and Kogut 2004;Meseguer 2004;Henisz, Zellner and Guille´n 2005;Schneider, Fink and Tenbu¨cken 2005;Murillo and Martı´nez-Gallardo 2007;Zohlnho¨fer, Obinger and Wolf 2008;Doyle 2010;Bjørnskov and Potrafke 2011). The majority of these studies, however, focus exclusively on the advanced industrialized nations and many of them have been hampered by methodological limitations coupled with the lack of reliable, comparable and temporal data on privatization.…”