“…Not only have SOEs employed the large numbers of employees, but they have also operated in some of the most important industries such as electricity, cement, telecommunications, banks and insurance, finance, transport, agriculture, consultancy services, construction, energy, aircraft, ships and ports. SOEs provide essential raw materials and dominate capital-intensive sectors as power, steel, chemicals and machinery (Latifulhayat, 2008;Zhang et al, 2008). Thus, public enterprise reforms and privatization affect multiple stakeholders including public enterprise managers, employees, the government and society at large (Adams and Mengistu, 2008).…”