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Privatization and state ownership of natural advantage industries

Author

Listed:
  • Cosset, Jean-Claude
  • Durnev, Art
  • Oliveira dos Santos, Igor

Abstract

Using a hand-collected sample of state-owned enterprises and newly privatized firms around the globe, we investigate state ownership patterns in natural advantage (substantial oil reserves or mineral deposits) industries. We find that ultimate state ownership is higher when competition is lower and when economic activity is more geographically concentrated. We also observe that governments tend to privatize larger firms, confirming the selection bias concerns of earlier studies, but only where corruption is curbed. Finally, we confirm that ultimate state ownership results in a deterioration of firm performance and that share-issue privatizations improve firm performance more than asset sales.

Suggested Citation

  • Cosset, Jean-Claude & Durnev, Art & Oliveira dos Santos, Igor, 2020. "Privatization and state ownership of natural advantage industries," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 68-83.
    • Handle: RePEc:eee:quaeco:v:76:y:2020:i:c:p:68-83
    DOI: 10.1016/j.qref.2019.08.005
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    More about this item

    Keywords

    Privatization; Natural advantage; Rent-seeking; Agglomeration economies;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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