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Does Privatization Improve Firm Performance?: A Systematic Review of the Transition Literature

Author

Listed:
  • Mizobata, Satoshi
  • Iwasaki, Ichiro
Abstract
At the core of studies on the post-communist transition economies is the privatization problem in Eastern Europe and the former Soviet Union. There is a large literature on the effects of post-privatization ownership on firm performance. Their empirical results, however, are far from clear and confused to some extent due to the significant differences in specificities of transition countries/regions, estimation period, and other research constraints. In this paper, the authors conduct a systematic review of the relevant literature to assess various kinds of conclusions regarding the relationship between ownership structure and performance in privatized enterprises as a whole. We found that the effect size and statistical significance of foreign ownership greatly exceed those of the state and domestic private owners. We also found that the privatization method has a considerable impact on the effort level of corporate owners.

Suggested Citation

  • Mizobata, Satoshi & Iwasaki, Ichiro, 2016. "Does Privatization Improve Firm Performance?: A Systematic Review of the Transition Literature," Economic Review, Hitotsubashi University, vol. 67(4), pages 354-380, October.
    • Handle: RePEc:hit:ecorev:v:67:y:2016:i:4:p:354-380
    DOI: 10.15057/28206
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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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