The Government as a Shareholder: A Case from the United States
The authors sample of U.S. corporations in which the federal government held 35-100 percent of the outstanding common stock for between 1 and 23 years during and following World War II. We find that although the firms experienced abnormally high turnover among corporate board members, the tenure of senior management was relatively stable. Moreover, the performance of the government-owned companies was not significantly different than that of private-sector firms in the same industry. Hence, the interim government custodianship of the firms in our case does not have the effects normally attributed to government ownership. Copyright 1997 by the University of Chicago.
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.:
- Eckel, Catherine C & Vermaelen, Theo, 1986. "Internal Regulation: The Effects of Government Ownership on the Value of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 29(2), pages 381-403, October.
- Jensen, Michael C & Meckling, William H, 1979. "Rights and Production Functions: An Application to Labor-managed Firms and Codetermination," The Journal of Business, University of Chicago Press, vol. 52(4), pages 469-506, October.
- Peltzman, Sam, 1971. "Pricing in Public and Private Enterprises: Electric Utilities in the United States," Journal of Law and Economics, University of Chicago Press, vol. 14(1), pages 109-147, April.
- Lindsay, Cotton M, 1976. "A Theory of Government Enterprise," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 1061-1077, October.
- Barclay, Michael J & Holderness, Clifford G, 1991. " Negotiated Block Trades and Corporate Control," Journal of Finance, American Finance Association, vol. 46(3), pages 861-878, July.
- Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-452, June.
- Eckel, Catherine C & Vining, Aidan R, 1985. "Elements of a Theory of Mixed Enterprise," Scottish Journal of Political Economy, Scottish Economic Society, vol. 32(1), pages 82-94, February.
- Holderness, Clifford G. & Sheehan, Dennis P., 1988. "The role of majority shareholders in publicly held corporations : An exploratory analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 317-346, January.
- Teeples, Ronald K & Glyer, David, 1987. "Cost of Water Delivery Systems: Specification and Ownership Effects," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 399-408, August.
- Atkinson, Scott E. & Halvorsen, Robert, 1986. "The relative efficiency of public and private firms in a regulated environment: The case of U.S. electric utilities," Journal of Public Economics, Elsevier, vol. 29(3), pages 281-294, April.
- Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
- Boardman, Anthony & Freedman, Ruth & Eckel, Catherine, 1986. "The price of government ownership : A study of the Domtar takeover," Journal of Public Economics, Elsevier, vol. 31(3), pages 269-285, December.
When requesting a correction, please mention this item's handle: RePEc:ucp:jlawec:v:40:y:1997:i:1:p:1-22. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division)
If references are entirely missing, you can add them using this form.