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Ownership, exit and voice after mass privatization

Author

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  • James H. Anderson
  • Georges Korsun
  • Peter Murrell

Abstract

Exit (owners selling their shares) and voice (owners active in corporate activities) are important ingredients in the process by which mass privatization changes managerial behaviour in transition countries. We examine the structure of ownership and the extent of exit and voice in one such country, Mongolia. We document the size of ownership changes since privatization (through mergers, spin‐offs, and stock sales) and examine which owners are changing in importance. We scrutinize enterprise governance, examining patterns of violations of companylaw and deviations from reasonable criteria for effective governance. We show that ownership changes and the quality of governance are correlated. JEL classification: P11, P21, O53, H70, H20.

Suggested Citation

  • James H. Anderson & Georges Korsun & Peter Murrell, 1999. "Ownership, exit and voice after mass privatization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(1), pages 215-243, March.
    • Handle: RePEc:bla:etrans:v:7:y:1999:i:1:p:215-243
    DOI: 10.1111/1468-0351.00011
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    Citations

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    Cited by:

    1. Daniele Girardi & Roberto Veneziani & Susanne Wengle, 2023. "Great expectations: a tale of two transitions," Working Papers 968, Queen Mary University of London, School of Economics and Finance.
    2. Chingunjav Amarsanaa & Yoshinori Kurokawa, 2021. "The Extensive Margin of International Trade in a Transition Economy: The Case of Mongolia," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(4), pages 648-673, December.
    3. Linz, Susan J., 2004. "Motivating Russian workers: analysis of age and gender differences," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(3), pages 261-289, July.
    4. Megginson, William Leon, 2005. "The Financial Economics of Privatization," OUP Catalogue, Oxford University Press, number 9780195150629.
    5. Anderson, James H. & Korsun, Georges & Murrell, Peter, 2003. "Glamour and value in the land of Chingis Khan," Journal of Comparative Economics, Elsevier, vol. 31(1), pages 34-57, March.
    6. Szabó, Zsolt, 2012. "The Impact of Capital Market Players’ Exit, Voice and Loyalty on Economic Growth," Public Finance Quarterly, Corvinus University of Budapest, vol. 57(4), pages 474-489.
    7. Brian L. Connelly & Robert E. Hoskisson & Laszlo Tihanyi & S. Trevis Certo, 2010. "Ownership as a Form of Corporate Governance," Journal of Management Studies, Wiley Blackwell, vol. 47(s2), pages 1561-1589, December.

    More about this item

    JEL classification:

    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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