The political economy of residual state ownership in privatized firms: Evidence from emerging markets

Boubakri, Narjess; Cosset, Jean Claude; Guedhami, Omrane; Saffar, Walid

doi:10.1016/j.jcorpfin.2010.08.003

Cited by 79 publications

(35 citation statements)

References 65 publications

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“…Endogeneity is caused by unobserved heterogeneity, which could lead to misspecification of the models. In the privatization context, some variables that determine ownership concentration can also affect firm performance (Boubakri et al 2005b;Boubakri et al 2011;Grosfeld 2006aGrosfeld 2006bOmran 2009;Omran et al 2008). The result is a spurious relationship between ownership concentration and company performance.…”

Section: Study Background and Hypotheses Developmentmentioning

confidence: 99%

Corporate Governance Mechanisms, Privatization Method and the Performance of Privatized Companies in Jordan

Al-smadi¹,

Mohd-Salleh²,

Ibrahim³

2014

AJAG

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Section: Study Background and Hypotheses Developmentmentioning

confidence: 99%

Corporate Governance Mechanisms, Privatization Method and the Performance of Privatized Companies in Jordan

Al-smadi¹,

Mohd-Salleh²,

Ibrahim³

2014

AJAG

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“…Government not only provides regulation and guidance for M & A but also determines the decision of the enterprise M & A as the ultimate shareholder [25]. The government has a lot of social responsibilities and motives and abilities to impose its social goals on the enterprise naturally [26]. Many scholars have proved that the phenomenon of Ultimate Control of Government is remarkable in developed economies (such as Finland, Norway, France, Japan, Singapore and other countries), emerging economies (such as India, Malaysia, the Philippines and other countries) and transition economies (such as China, Hungary, Russia, Czech and Slovakia and other countries) [27].…”

Section: Researches On the Ownership Concentration Theorymentioning

confidence: 99%

Theoretical Research and Prospect of the Impact of Government Intervention on M a A

Gao¹

2017

Proceedings of the 2nd International Conference on Contemporary Education, Social Sciences and Humanities (ICCESSH 2017)

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Abstract-Through the study of relevant theories and literatures, this paper describes the impact of government intervention on the impact of mergers and acquisitions based on the government regulation theory, ownership concentration theory and the ultimate control theory. Related theories are relatively fragmented and lack of systematic. Through the comparison of USA and China, this paper makes some suggestions for the future research of emerging market government intervention policies and measures.

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“…While some proffer a discussion on the success of some SOEs in the GCC countries [8], others suggest that the relationship between SOE privatization and financial performance is unclear or claim that SOE privatization is ineffective [1], or at least abhorred [9]. However, many others tout a positive impact of privatizing SOEs [10][11][12][13][14].…”

Section: Soes Performancementioning

confidence: 99%

“…Using a database of 221 privatized firms operating in 27 emerging countries over the 1980-2001 period, Boubakri et al [10] concludes that privatization is politically shaped and constrained by a dynamic that will differ between countries.…”

Section: The Political Economy Of Soes Privatizationmentioning

confidence: 99%

The Political Economy of SOE Privatization and Governance Reform in the MENA Region

Akoum

2012

ISRN Economics

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The purpose of this paper is to shed light on the political economy aspects of state-owned-enterprises (SOEs) governance and privatization in the Middle East and North Africa (MENA) region. In particular, the paper presents an overview of privatization in the region and examines the extent to which SOEs operate at arm's length from the public sector and the motives for this behavior. Showing empirically the region's relative reticence on privatizing public assets, the paper highlights the political economy aspects contributing to this impasse, offers Lebanon as a case study, and suggests a policy framework for successful reform of SOEs. Highlighting the lack of sustainable drives for SOEs reform and privatization in the region and the need for better governance systems based on the rule of law, property rights protection, and combating corruption, the paper proposes policy options to deal with privatization and improve the governance of SOEs through advocating a state-owned enterprise governance framework. This framework suggests subjecting SOEs to regulation and supervision of more than one government entity as opposed to only one ministry of custody. This should help to ensure a level-playing field in the industry and reduce the pressure on SOEs to heed to political pressures.

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The political economy of residual state ownership in privatized firms: Evidence from emerging markets

Cited by 79 publications

References 65 publications

Corporate Governance Mechanisms, Privatization Method and the Performance of Privatized Companies in Jordan

Corporate Governance Mechanisms, Privatization Method and the Performance of Privatized Companies in Jordan

Theoretical Research and Prospect of the Impact of Government Intervention on M a A

The Political Economy of SOE Privatization and Governance Reform in the MENA Region

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