Ownership and Productive Efficiency: Evidence from Estonia
AbstractPrivatization in Estonia has produced varied ownership configurations. This enables hypotheses on the productivity effects of different ownership forms to be tested. Findings are based on fixed-effects production function models and are estimated using a large, random sample of firms. Depending on the particular specification (and relative to state ownership), (i) private ownership is 13-22% more efficient; and (ii) all types of private ownership are more productive, though managerial ownership has the biggest effects (21-32%) and ownership by domestic outsiders has the smallest impact (0-15%). The joint hypothesis that privatization coefficients are equal is rejected. Findings are robust with respect to choice of technology and the use of instrumental variable estimates. These results provide only partial support for the standard theory of privatization, but stronger support for theorists who argue that some forms of insider ownership may constitute preferable forms of corporate governance in some circumstances. Copyright 2002 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Development Economics.
Volume (Year): 6 (2002)
Issue (Month): 2 (June)
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Other versions of this item:
- Derek C. Jones & Niels Mygind, 2001. "Ownership and Productive Efficiency: Evidence from Estonia," William Davidson Institute Working Papers Series 385, William Davidson Institute at the University of Michigan.
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- P2 - Economic Systems - - Socialist Systems and Transition Economies
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- Derek C. Jones & Panu Kalmi & Niels Mygind, 2003.
"Choice of ownership structure and firm performance: Evidence from Estonia,"
- Derek Jones & Panu Kalmi & Niels Mygind, 2005. "Choice of Ownership Structure and Firm Performance: Evidence from Estonia," Post-Communist Economies, Taylor & Francis Journals, vol. 17(1), pages 83-107.
- Derek C. Jones & Panu Kalmi & Niels Mygind, 2003. "Choice of Ownership Structure and Firm Performance: Evidence from Estonia," William Davidson Institute Working Papers Series 2003-560, William Davidson Institute at the University of Michigan.
- Jones, Derek C. & Kalmi, Panu & Mygind, Niels, 2003. "Choice of ownership structure and firm performance: Evidence from Estonia," BOFIT Discussion Papers 7/2003, Bank of Finland, Institute for Economies in Transition.
- Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001.
"Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey,"
William Davidson Institute Working Papers Series
376, William Davidson Institute at the University of Michigan.
- Carlin, Wendy & Fries, Steven & Schaffer, Mark E & Seabright, Paul, 2001. "Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey," CEPR Discussion Papers 2840, C.E.P.R. Discussion Papers.
- Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001. "Competition and enterprise performance in transition economies: evidence from a cross-country survey," Working Papers 63, European Bank for Reconstruction and Development, Office of the Chief Economist.
- Bersant Hobdari & Aleksandra Gregoric & Evis Sinani, 2011. "The role of firm ownership on internationalization: evidence from two transition economies," Journal of Management and Governance, Springer, vol. 15(3), pages 393-413, August.
- Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001. "Competition and Enterprise Performance in Transition Economies from a Cross-Country Survey," CERT Discussion Papers 0101, Centre for Economic Reform and Transformation, Heriot Watt University.
- Amess, Kevin & Roberts, Barbara M., 2007. "The productivity effects of privatization: The case of Polish cooperatives," International Review of Financial Analysis, Elsevier, vol. 16(4), pages 354-366.
- Panagiotis Staikouras, 2004. "Structural Reform Policy: Privatisation and Beyondâ€”The Case of Greece," European Journal of Law and Economics, Springer, vol. 17(3), pages 373-398, May.
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