Staged Privatization: Transforming State-Owned Enterprises into Market-Based Firms

Kun Jiang and Susheng Wang

Journal of Institutional and Theoretical Economics (JITE), 2016, vol. 172, issue 4, 694-726

Abstract: Most privatizations around the world, especially in developed economies, are staged processes involving multiple stages of share lockup and unlocking in the stock market. This paper proposes a theory on staged or step-by-step privatization. We show that such an approach is efficient, in the sense that it can successfully transform state-owned enterprises into efficient market-based firms. Our theory explains the popularity of staged privatizations around the world. We have also conducted empirical analysis, yielding supporting evidence for our theory.

JEL-codes: D23 D73 P31 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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DOI: 10.1628/093245616X14618208477844

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