Privatization and Productivity in Romanian Industry: Evidence from a Comprehensive Enterprise Panel
AbstractWe construct and analyze a unique database with 1992-99 information on privatization transactions and labor productivity for the entire surviving population of initially state-owned industrial corporations in Romania. The data permit us to describe the post-privatization ownership structure and to test the effect of alternative privatization policies on firm performance in a panel framework. The results of OLS, LAD, and fixed-effects estimations consistently show a positive, highly significant effect of private ownership share on the level and growth of labor productivity, the estimates ranging from 13 to 32 log points for the level, and 9 to 16 for productivity growth. The strongest estimated impacts arise from sales to foreign and domestic blockholders, but insider and mass privatization are also estimated to have positive, although smaller, impacts on firm performance.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 326.
Length: 40 pages
Date of creation: Jul 2001
Date of revision:
Publication status: published in: Journal of Comparative Economics, 2002, 30 (4), 657-682
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Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
- P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
- P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
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- Daniela Andrén & Peter Martinsson, 2006.
"What Contributes to Life Satisfaction in Transitional Romania?,"
Review of Development Economics,
Wiley Blackwell, vol. 10(1), pages 59-70, 02.
- Andrén, Daniela & Martinsson, Peter, 2003. "What contributes to life satisfaction in transitional Romania?," Working Papers in Economics 111, University of Gothenburg, Department of Economics.
- Earle, John S. & Telegdy, Almos, 2002.
"Privatization Methods and Productivity Effects in Romanian Industrial Enterprises,"
Journal of Comparative Economics,
Elsevier, vol. 30(4), pages 657-682, December.
- John S. Earle & Almos Telegdy, 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Upjohn Working Papers and Journal Articles 02-81, W.E. Upjohn Institute for Employment Research.
- John S. Earle & Almos Telegdy, . "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Upjohn Working Papers and Journal Articles jse20024, W.E. Upjohn Institute for Employment Research.
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