Kun Jiang
Staged privatization: transforming state-owned enterprises into market-based firms
Jiang, Kun; Wang, Susheng
Authors
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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