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Management buy-outs from the public sector: ownership form and incentive issues

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Listed:
  • Steve Thompson
  • Mike Wright
  • Ken Robbie

Abstract

'Does ownership matter?', asks the title of a recent commentary on the privatisation debate (Yarrow, 1989). The author reviews the available evidence and concludes that it does only in so far as privately-owned firms outperform state enterprises under competitive market conditions.Remove the spur of product market rivalry and the welfare consequences of a shift to private ownership appear ambiguous: the greater profit orientation of such ownership may reduce allocative efficiency by more or less than it raises internal (i.e. operating) efficiency. Add in non-trivial disposal costs (see Bishop and Kay (1988)) and continuing concern over teh adequacy of market that the UK privatisation programme is proving controversial.

Suggested Citation

  • Steve Thompson & Mike Wright & Ken Robbie, 1990. "Management buy-outs from the public sector: ownership form and incentive issues," Fiscal Studies, Institute for Fiscal Studies, vol. 11(3), pages 71-88, August.
    • Handle: RePEc:ifs:fistud:v:11:y:1990:i:3:p:71-88
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