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Characteristics of Privatization: Evidence from Developed, Less-Developed and Former Communist Countries

Author

Listed:
  • Julio O de Castro

    (University of Colorado at Boulder)

  • Klaus Uhlenbruck

    (California State University San Marcos)

Abstract

A privatization wave has swept the world, starting in the U.K. in the early 1980s and then progressing to other developed and less-developed nations. This study examines how the country characteristics for the formerly state-owned enterprises relate to the nature of the privatization deal and the strategy of the acquiring firm. In particular, this paper examines how country characteristics affect government privatization policies and, in turn, firm strategy. Results indicate that there are differences with respect to the characteristics of privatization and government policies that translate into differences in firm strategy in former communist, less-developed and developed countries.© 1997 JIBS. Journal of International Business Studies (1997) 28, 123–143

Suggested Citation

  • Julio O de Castro & Klaus Uhlenbruck, 1997. "Characteristics of Privatization: Evidence from Developed, Less-Developed and Former Communist Countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 28(1), pages 123-143, March.
    • Handle: RePEc:pal:jintbs:v:28:y:1997:i:1:p:123-143
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    Cited by:

    1. Phi, Nguyet Thi Minh & Taghizadeh-Hesary, Farhad & Tu, Chuc Anh & Yoshino, Naoyuki & Kim, Chul Ju, 2019. "Performance Differential Between Private and State-Owned Enterprises: An Analysis of Profitability and Leverage," ADBI Working Papers 950, Asian Development Bank Institute.
    2. Oetzel, Jennifer M. & Banerjee, Sudeshna Ghosh, 2008. "A case of the tortoise versus the hare? Deregulation process, timing, and firm performance in emerging markets," International Business Review, Elsevier, vol. 17(1), pages 54-77, February.
    3. Mohammed Omran, 2008. "The Performance of State-Owned Enterprises and Newly Privatized Firms: Does Privatization Really Matter?," Chapters, in: José María Fanelli & Lyn Squire (ed.), Economic Reform in Developing Countries, chapter 10, Edward Elgar Publishing.
    4. Manrai, Lalita A. & Manrai, Ajay K., 2001. "Marketing opportunities and challenges in emerging markets in the new millennium: a conceptual framework and analysis," International Business Review, Elsevier, vol. 10(5), pages 493-504, October.
    5. Duysters, Geert & Saebi, Tina & Dong, Qinqin, 2007. "Strategic Partnering with Chinese Companies: Hidden Motives and Treasures," MERIT Working Papers 2007-034, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    6. Lance Eliot Brouthers & Edward O’Donnell & Dawn L. Keig, 2013. "Isomorphic Pressures, Peripheral Product Attributes and Emerging Market Firm Export Performance," Management International Review, Springer, vol. 53(5), pages 687-710, October.
    7. Meyer, Klaus E., 2002. "Management challenges in privatization acquisitions in transition economies," Journal of World Business, Elsevier, vol. 37(4), pages 266-276, January.
    8. Perez-Batres, Luis A. & Eden, Lorraine, 2008. "Is there a liability of localness? How emerging market firms respond to regulatory punctuations," Journal of International Management, Elsevier, vol. 14(3), pages 232-251, September.
    9. Moses Acquaah, 2005. "Enterprise Ownership, Market Competition and Manufacturing Priorities in a Sub-Saharan African Emerging Economy: Evidence from Ghana," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 9(3), pages 205-235, September.
    10. Yi Karnes, 2015. "Investing Under Institutional Uncertainty: The Choice And Consequence Of Governance Structures," Proceedings of International Academic Conferences 2804651, International Institute of Social and Economic Sciences.
    11. Li, Shaomin & Ouyang, Ming & Zhou, Dongsheng, 2005. "Modeling privatization as a firm strategy in transition economies," Journal of Business Research, Elsevier, vol. 58(1), pages 37-44, January.
    12. Fumitoshi Mizutani & Shuji Uranishi, 2010. "Determinants of privatization of public corporations: evidence from the Japanese experience," Empirical Economics, Springer, vol. 39(2), pages 515-535, October.
    13. Yakup Selvi & Fatih Yilmaz, 2010. "The Importance Of Financial Reporting During Privatization: Turkish Case," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(12), pages 1-20.
    14. Yi Jiang & Wei Shen, 2013. "Race for Foreign Direct Investment: Turkey vs. Poland," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 2, October.
    15. Milman, Claudio D. & D'Mello, James P. & Aybar, Bulent & Arbelaez, Harvey, 2001. "A note using mergers and acquisitions to gain competitive advantage in the United States in the case of Latin American MNCs," International Review of Financial Analysis, Elsevier, vol. 10(3), pages 323-332.
    16. Doh, Jonathan P. & Teegen, Hildy, 2002. "Nongovernmental organizations as institutional actors in international business: theory and implications," International Business Review, Elsevier, vol. 11(6), pages 665-684, December.
    17. Jiang, Yi & Peng, Mike W. & Yang, Xiaohua & Mutlu, Canan C., 2015. "Privatization, governance, and survival: MNE investments in private participation projects in emerging economies," Journal of World Business, Elsevier, vol. 50(2), pages 294-301.
    18. Liu Wang & William Judge, 2012. "Managerial ownership and the role of privatization in transition economies: The case of China," Asia Pacific Journal of Management, Springer, vol. 29(2), pages 479-498, June.
    19. Borisova, Ginka & Cowan, Arnold R., 2014. "Government asset sales, economic nationalism, and acquirer wealth effects," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 351-368.
    20. David Parker & Colin Kirkpatrick, 2005. "Privatisation in Developing Countries: A Review of the Evidence and the Policy Lessons," Journal of Development Studies, Taylor & Francis Journals, vol. 41(4), pages 513-541.

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