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Staged privatization: transforming state-owned enterprises into market-based firms

Jiang, Kun; Wang, Susheng

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Authors

Kun Jiang

Susheng Wang



Abstract

Most privatizations around the world, especially in developed economies, are staged processes involving multiple stages of share lockup and unlocking in the stock market. This paper proposes a theory on staged or step-by-step privatization. We show that such an approach is efficient, in the sense that it can successfully transform state-owned enterprises into efficient market-based firms. Our theory explains the popularity of staged privatizations around the world. We have also conducted empirical analysis, yielding supporting evidence for our theory.

Citation

Jiang, K., & Wang, S. (2016). Staged privatization: transforming state-owned enterprises into market-based firms. Journal of Institutional and Theoretical Economics, 172(4), 694-726. https://doi.org/10.1628/093245616X14618208477844

Journal Article Type Article
Acceptance Date Jan 16, 2016
Online Publication Date May 19, 2016
Publication Date Dec 1, 2016
Deposit Date Feb 27, 2018
Publicly Available Date Mar 29, 2024
Journal Journal of Institutional and Theoretical Economics JITE
Electronic ISSN 0932-4569
Publisher Mohr Siebeck
Peer Reviewed Peer Reviewed
Volume 172
Issue 4
Pages 694-726
DOI https://doi.org/10.1628/093245616X14618208477844
Keywords staged privatization, lockup policy, tradable shares, nontradable shares
Public URL https://nottingham-repository.worktribe.com/output/825538
Publisher URL http://www.ingentaconnect.com/content/mohr/jite/2016/00000172/00000004/art00006
Additional Information Jiang, Kun; Wang, Susheng: Staged privatization: transforming state-owned enterprises into market-based firms. Journal of Institutional and Theoretical Economics JITE, Volume 172, Number 4, December 2016, pp. 694-726.

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