Kun Jiang
A contractual analysis of state versus private ownership
Jiang, Kun; Wang, Susheng
Authors
Susheng Wang
Abstract
We uniquely analyze the advantages and disadvantages of private ownership versus state ownership under various circumstances by focusing on three aspects: external risk, internal governance, and relative importance of owners versus managers. Our theoretical analysis indicates that private ownership is better than state ownership if the business environment is risky, corruption is limited, or the manager plays a more important role than the owner. Our empirical analysis supports our theoretical findings and reveals that better internal governance, more external risk and greater importance of the manager will magnify the benefits of privatization.
Citation
Jiang, K., & Wang, S. (2017). A contractual analysis of state versus private ownership. China Economic Review, 43, https://doi.org/10.1016/j.chieco.2017.01.011
Journal Article Type | Article |
---|---|
Acceptance Date | Jan 21, 2017 |
Online Publication Date | Jan 25, 2017 |
Publication Date | Apr 30, 2017 |
Deposit Date | Feb 27, 2018 |
Publicly Available Date | Feb 27, 2018 |
Journal | China Economic Review |
Print ISSN | 1043-951X |
Electronic ISSN | 1043-951X |
Publisher | Elsevier |
Peer Reviewed | Peer Reviewed |
Volume | 43 |
DOI | https://doi.org/10.1016/j.chieco.2017.01.011 |
Keywords | Contractual analysis; State ownership; Private ownership; Incentives; External risks; Internal corruption |
Public URL | https://nottingham-repository.worktribe.com/output/858090 |
Publisher URL | https://doi.org/10.1016/j.chieco.2017.01.011 |
Contract Date | Feb 27, 2018 |
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Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by-nc-nd/4.0
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