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Ownership Structure in the Post-Privatized Brazilian Steel Industry: Complexity, Instability and the Lingering Role of the State

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Author Info
Amann, Edmund
Ferraz, Joao Carlos
Abstract

This article examines the impacts of privatization on patterns of ownership structure and the role of the State in the Brazilian steel industry. Following a review of the theoretical literature our empirical analysis suggests that the results of privatization on the sector have been considerably more complex and nuanced than might have been expected. In particular we find that privatization has been associated with increasing complexity and instability in patterns of corporate ownership. At the same time, the State, far from withdrawing to the regulatory sidelines, has continued to play an active role both as a lender and as an important indirect investor.

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Paper provided by University of Manchester, Institute for Development Policy and Management (IDPM) in its series Centre on Regulation and Competition (CRC) Working papers with number 30688.

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Date of creation: 2004
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Handle: RePEc:ags:idpmcr:30688

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Related research
Keywords: Brazil; Latin America; Privatization; Corporate Ownership; Role of the State; Industrial Organization;

References listed on IDEAS
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  1. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June. [Downloadable!] (restricted)
  3. Bienen, Henry & Waterbury, John, 1989. "The political economy of privatization in developing countries," World Development, Elsevier, vol. 17(5), pages 617-632, May. [Downloadable!] (restricted)
  4. Kay, J A & Thompson, D J, 1986. "Privatisation: A Policy in Search of a Rationale," Economic Journal, Royal Economic Society, vol. 96(381), pages 18-32, March. [Downloadable!] (restricted)
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