Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection

Arbeitspapier

We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to concentrate over time. In addition to firm-level variables, investor protection, political and social stability explain the cross-firm differences in ownership concentration. We find that the positive effect of ownership concentration on firm performance matters more in countries with weak investor protection and that private domestic ownership leads to higher performance.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Nota di Lavoro ; No. 37.2003

Classification and Topics

• Classification: Wirtschaft ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Corporate Finance and Governance: Government Policy and Regulation
• Subject: Corporate governance ; privatization ; performance ; Corporate Governance ; Privatisierung ; Eigentümerstruktur ; Anlegerschutz ; Schwellenländer

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Boubakri, Narjess ; Cosset, Jean-Claude ; Guedhami, Omrane
• Event: Veröffentlichung
• (who): Fondazione Eni Enrico Mattei (FEEM)
• (where): Milano
• (when): 2003

Further information

• Handle: http://hdl.handle.net/10419/118054
• Last update: 10.03.2025, 11:45 AM CET