POST-PRIVATIZATION OWNERSHIP AND FIRM PERFORMANCE: A LARGE META-ANALYSIS OF THE TRANSITION LITERATURE

Ichiro Iwasaki and Satoshi Mizobata ()

Annals of Public and Cooperative Economics, 2018, vol. 89, issue 2, 263-322

Abstract: This paper aims to perform a large-scale meta-analysis of the relationship between post-privatization ownership and firm performance in Central and Eastern Europe and the former Soviet Union. Baseline estimation of a meta-regression model that employs a total of 2,894 estimates drawn from 121 previous studies indicated the superior impact of foreign ownership on firm performance in comparison with state and domestic private entities. Furthermore, the estimation of an extended meta-regression model that explicitly controls for the idiosyncrasies of transition economies and privatization policies strongly suggested that differences between countries in location, privatization method, and speed of policy implementation strongly influence the link between post†privatization ownership structure and firm performance. We also found that these factors not only cause a remarkable gap between countries in terms of ex post improvement in firm performance but also significantly affect the interrelationship between foreign investors, domestic outsider owners, and firm managers, and the relative superiority of various domestic outsiders. Conclusive evidence of the harm caused to ex post firm performance by voucher privatization is one of the most noteworthy empirical findings in this paper.

Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (22)

Downloads: (external link)
http://onlinelibrary.wiley.com/doi/10.1111/apce.2018.89.issue-2/issuetoc (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Post-Privatization Ownership and Firm Performance: A Large Meta-Analysis of the Transition Literature (2017)
Working Paper: Post-Privatization Ownership and Firm Performance: A Large Meta-Analysis of the Transition Literature (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:annpce:v:89:y:2018:i:2:p:263-322

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1370-4788

Access Statistics for this article

Annals of Public and Cooperative Economics is currently edited by Marco Marini

More articles in Annals of Public and Cooperative Economics from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().