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Divestitures, privatization and corporate performance in emerging markets
dc.contributor.authorHanousek, Janen_US
dc.contributor.authorKočenda, Evženen_US
dc.contributor.authorSvejnar, Janen_US
dc.date.accessioned2010-06-01T22:09:35Z
dc.date.available2010-06-01T22:09:35Z
dc.date.issued2009-01en_US
dc.identifier.citationHanousek, Jan; Kočenda, Evžen; Svejnar, Jan (2009). "Divestitures, privatization and corporate performance in emerging markets." Economics of Transition 17(1): 43-73. <http://hdl.handle.net/2027.42/75180>en_US
dc.identifier.issn0967-0750en_US
dc.identifier.issn1468-0351en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/75180
dc.description.abstractWe use new firm-level data to examine the effects of firm divestitures and privatization on corporate performance in a rapidly emerging market economy. Unlike the existing literature, we control for accompanying ownership changes and the fact that divestitures and ownership are potentially endogenous variables. We find that divestitures increase the firm's profitability but do not alter its scale of operations, while the effect of privatization depends on the resulting ownership structure – sometimes improving performance and sometimes bringing about decline. The effects of privatization are thus more nuanced than suggested in earlier studies. Methodologically, our study provides evidence that it is important to control for changes in ownership when analyzing divestitures and to control for endogeneity, selection and data attrition when analyzing the effects of divestitures and privatization.en_US
dc.format.extent184422 bytes
dc.format.extent3109 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.publisherBlackwell Publishing Ltden_US
dc.rightsJournal compilation © 2009 The European Bank for Reconstruction and Developmenten_US
dc.subject.otherDivestitureen_US
dc.subject.otherBreakupsen_US
dc.subject.otherPrivatizationen_US
dc.subject.otherCorporate Performanceen_US
dc.subject.otherEmerging Marketsen_US
dc.subject.otherEndogeneityen_US
dc.subject.otherD23en_US
dc.subject.otherG32en_US
dc.subject.otherG34en_US
dc.subject.otherL20en_US
dc.subject.otherM21en_US
dc.subject.otherP47en_US
dc.titleDivestitures, privatization and corporate performance in emerging marketsen_US
dc.typeArticleen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationum* CERGE-EI, Charles University and the Academy of Sciences, Czech Republic; The William Davidson Institute, Michigan; CEPR, London. E-mail: jan.hanousek@cerge-ei.cz ; evzen.kocenda@cerge-ei.czen_US
dc.contributor.affiliationum** University of Michigan Ross School of Business, Ann Arbor, MI; CERGE-EI Prague, Czech Republic; CEPR, London; IPC, and IZA. E-mail: svejnar@umich.eduen_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/75180/1/j.1468-0351.2009.00334.x.pdf
dc.identifier.doi10.1111/j.1468-0351.2009.00334.xen_US
dc.identifier.sourceEconomics of Transitionen_US
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dc.owningcollnameInterdisciplinary and Peer-Reviewed


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