The authors focus on the effect of state versus private ownership on the rates of firm-specific productivity growth and cost decline by developing a model of endogenous, firm-specific productivity growth and testing its implications against panel data on twenty-three international airlines of varying levels of state ownership over the period 1973-83. Their model and empirical results show that state ownership can lower the long-run annual rate of productivity growth or cost decline but not necessarily their levels in the short run. The analysis offers new insights concerning the recent trend toward privatizing state-owned enterprises that has been observed in many countries. Copyright 1994 by University of Chicago Press.
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