Management control and privatization in the United Kingdom

Article Abstract:

Privatized companies in the UK that have spent at least four years in the private sector, do not exhibit a substantial correlation between improved performance and probability of resignation, as shown by an analysis involving a sample of 112 state-owned, privatized and publicly traded companies. Simulation results also proved that a one-standard deviation decline in performance leads to a 90% probability of resignation among publicly traded firms and 180% probability resignation among established privatized firms. It was further shown that changes in the probability of resignation do not influence the financial performance of state-owned and privatized companies in their first four years of existence.

United Kingdom, Government ownership, Nationalization

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China's state enterprises: public goods, externalities, and Coase

Article Abstract:

An analysis of Coase, public good characteristics and externality effects on China's state-owned enterprises reveals that privatization and hardening of budget constraints may be used to remedy a public company's externality problem. The study shows that privatization is not a necessary nor a sufficient condition to remedying the externality problem but is, along with hard budget constraints, a part of the Coasian remedy.

Management, Government business enterprises, Public enterprises, Coase theorem

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Privatization in Eastern Germany: management selection and economic transition

Article Abstract:

An analysis of privatization activities in East German enterprises reveals that management replacement plays an important role in successful privatization. Moreover, the study reveals that privatization policies that discourage managerial changes or introduce owners without the ability to identify qualified managers result in opportunity losses and thus a relative failure of the privatization transition.

Economic policy, Corporate reorganizations, East Germany

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