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Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection

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Author Info
Narjess Boubakri (Hec Montreal, Montreal, Canada)
Jean-Claude Cosset (Université Laval, Quebec, Canada)
Omrane Guedhami (Université Laval, Quebec, Canada)
Abstract

We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to concentrate over time. In addition to firm-level variables, investor protection, political and social stability explain the cross-firm differences in ownership concentration. We find that the positive effect of ownership concentration on firm performance matters more in countries with weak investor protection and that private domestic ownership leads to higher performance.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2003.37.

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Date of creation: Apr 2003
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Handle: RePEc:fem:femwpa:2003.37

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Related research
Keywords: Corporate governance; privatization; performance;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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    Other versions:
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