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The Impact of Privatisation on the Performance of Medium and Large Industrial Enterprises

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  • Dobrodey Vladimir
  • Gimadi Ilya

    ()

  • Perevalov Yuri

Abstract

The study, based on panel data from 198 industrial enterprises in the Sverdlovsk Oblast during 1992-1996, provides empirical evidence on the impact of privatisation upon the performance of medium, large and extra-large industrial enterprises. The study shows that privatisation "on average" produces performance improvements only in operating profit margin and, to some extent, in the productivity of labour. We revealed that methods (options) of privatisation had not only a positive but also a negative impact on the performance of enterprises. The state seems to be a passive shareholder. However, our results suggest that not only full privatisation but also majority state ownership is preferable to a state minority stakeholding, possibly because of the absence of a monitoring shareholder in the latter case with which to prevent managers achieving their own objectives at the expense of other shareholders. That is why the state should keep majority control over privatised enterprises or diminish its stake below 5% in order to avoid the negative drop in performance results caused by the absence of a monitoring shareholder.

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Bibliographic Info

Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 2k/01e.

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Length: 84 pages
Date of creation: 05 Apr 2001
Date of revision:
Handle: RePEc:eer:wpalle:2k/01e

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Cited by:
  1. Muravyev, Alexander, 2003. "Государственные Пакеты Акций В Российских Компаниях: Происхождение, Типы И Влияние На Результаты Деятельнос," MPRA Paper 27393, University Library of Munich, Germany.
  2. Blinova, Tatiana & Rusanovsky, Victor, 2002. "Economic policy and unemployment in Russia´s regions," ERSA conference papers ersa02p234, European Regional Science Association.
  3. Muravyev, Alexander, 2002. "Federal state shareholdings in Russian companies: Origin, forms and consequences for enterprise perfomance," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 12/2002, Bank of Finland, Institute for Economies in Transition.

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