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Privatization Methods and Productivity Effects in Romanian Industrial Enterprises

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Author Info
John S. Earle () (W.E. Upjohn Institute for Employment Research and Central European University)
Almos Telegdy (Budapest University of Economic Sciences and Central European University)

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Abstract

Comprehensive panel data on privatization transactions and labor productivity in Romanian industrial corporations are used to describe the post-privatization ownership structure, and to estimate the effect of Romania's diverse privatization policies on firm performance. The econometric results show consistently positive, highly significant effects of private ownership on labor productivity growth, the point estimates implying an increased 1.0 to 1.7 percentage growth for a 10 percent rise in private shareholding. The strongest estimated impacts are associated with sales to outside blockholders; insider transfers and mass privatization are estimated to have significantly smaller-although still positive-effects on firm performance.

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Paper provided by W.E. Upjohn Institute for Employment Research in its series Staff Working Papers with number 02-81.

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Date of creation: Apr 2002
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Handle: RePEc:upj:weupjo:02-81

Note: A revised version of this paper appears in the Journal of Comparative Economics, Vol. 30, No. 4 (December 2002). See http://ideas.repec.org/a/eee/jcecon/v30y2002i4p657-682.html. Please cite this revised version.
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Related research
Keywords: Romania; privatization; Earle; Telegdy; Upjohn;

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises
L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Boundaries of Public and Private Enterprise; 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

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Konings, Jozef, 1997. "Competition and Firm Performance in Transition Economies: Evidence from Firm Level Surveys in Slovenia, Hungary and Romania," CEPR Discussion Papers 1770, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
    Other versions:
  3. Wendy Carlin & Saul Estrin & Mark Schaffer, 2000. "Measuring Progress in Transition and Towards EU Accession: A Comparison of Manufacturing Firms in Poland, Romania and Spain," Journal of Common Market Studies, Blackwell Publishing, vol. 38(5), pages 699-728, December. [Downloadable!] (restricted)
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  5. John S. Earle, . "Post-Privatisation Ownership Structure and Productivity in Russian Industrial Enterprises," Working Papers 1999.19, Fondazione Eni Enrico Mattei. [Downloadable!]
  6. Pohl, G. & Anderson, R.E. & Claessens, S. & Djankov, S., 1997. "Privatization and Restructuring in Central and Eastern Europe: Evidence and Policy Options," Papers 368, World Bank - Technical Papers.
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  8. Earle, John S. & Telegdy, Álmos, 2001. "Privatization and Productivity in Romanian Industry: Evidence from a Comprehensive Enterprise Panel," IZA Discussion Papers 326, Institute for the Study of Labor (IZA). [Downloadable!]
  9. Narjess Boubakri & Jean-Claude Cosset, 1998. "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries," Journal of Finance, American Finance Association, vol. 53(3), pages 1081-1110, 06. [Downloadable!] (restricted)
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  12. Smith, Stephen C. & Cin, Beom-Cheol & Vodopivec, Milan, 1997. "Privatization Incidence, Ownership Forms, and Firm Performance: Evidence from Slovenia," Journal of Comparative Economics, Elsevier, vol. 25(2), pages 158-179, October. [Downloadable!] (restricted)
  13. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1994. "Voucher privatization," Journal of Financial Economics, Elsevier, vol. 35(2), pages 249-266, April. [Downloadable!] (restricted)
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  14. Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001. "Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey," William Davidson Institute Working Papers Series 376, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  15. Konings, Jozef & Repkin, Alexander, 1998. "How Efficient are Firms in Transition Countries? Firm-Level Evidence from Bulgaria and Romania," CEPR Discussion Papers 1839, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  19. Bonin, John P & Jones, Derek C & Putterman, Louis, 1993. "Theoretical and Empirical Studies of Producer Cooperatives: Will Ever the Twain Meet?," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1290-320, September. [Downloadable!] (restricted)
  20. Piesse, Jenifer & Thirtle, Colin, 2000. "A Stochastic Frontier Approach to Firm Level Efficiency, Technological Change, and Productivity during the Early Transition in Hungary," Journal of Comparative Economics, Elsevier, vol. 28(3), pages 473-501, September. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. J. David Brown & John S. Earle & Almos Telegdy, 2005. "The Productivity Effects of Privatization: Longitudinal Estimates from Hungary, Romania, Russia, and Ukraine," Staff Working Papers 05-121, W.E. Upjohn Institute for Employment Research. [Downloadable!] (restricted)
    Other versions:
  2. Brown, J. David & Earle, John S. & Telegdy, Álmos, 2008. "Employment and Wage Effects of Privatization: Evidence from Hungary, Romania, Russia, and Ukraine," IZA Discussion Papers 3688, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  3. J. David Brown & John S. Earle & Almos Telegdy, 2004. "Does Privatization Raise Productivity? Evidence from Comprehensive Panel Data on Manufacturing Firms in Hungary, Romania, Russia, and Ukraine," Staff Working Papers 04-107, W.E. Upjohn Institute for Employment Research. [Downloadable!] (restricted)
    Other versions:
  4. Daniela Andren & John S. Earle & Dana Sapatoru, 2004. "The Wage Effects of Schooling under Socialism and in Transition: Evidence from Romania, 1950-2000," Staff Working Papers 04-108, W.E. Upjohn Institute for Employment Research. [Downloadable!] (restricted)
    Other versions:
  5. John S. Earle & Almos Telegdy, 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Staff Working Papers 02-81, W.E. Upjohn Institute for Employment Research. [Downloadable!] (restricted)
    Other versions:
  6. Ileana Tache & Dorin Lixandroiu, 2006. "Rent Seeking Behavior in Transition Countries: The Case of Romania," International Advances in Economic Research, Springer, vol. 12(3), pages 395-407, August. [Downloadable!] (restricted)
  7. J. David Brown & John Earle & Almos Telegdy, 2005. "Does Privatization Hurt Workers? Lessons from Comprehensive Manufacturing Firm Panel Data in Hungary, Romania, Russia, and Ukraine," CERT Discussion Papers 0509, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
    Other versions:
  8. Adam Szentpeteri & Almos Telegdy, 2008. "Political Selection of Firms into Privatization Programs - Evidence from Romanian Comprehensive Data," IEHAS Discussion Papers 0826, Institute of Economics, Hungarian Academy of Sciences. [Downloadable!]
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