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A study of relative efficiency between privatised and publicly operated US ports

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  • Grace Wenyao Wang
  • Kris Joseph Knox
  • Paul Tae-Woo Lee

Abstract

This study identifies and compares the financial performance of privatised ports with non-privatised ports using the stochastic frontier profit function and panel data regression analysis. The goal of privatisation is to improve capital utilisation, sharpen managerial incentives and reduce bureaucratic waste. Given the arguments in favour of private ownership, the question is whether privatised ports satisfy the expectation of higher profitability. US ports are unique compared to foreign counterparts, with organisational forms ranging from purely public to landlord to private. To assess relative efficiency, we obtain data from the Public Ports Finance Survey for the period 1997 to 2006. Our findings support the argument that private sector involvement has a positive impact on port efficiency in terms of its financial performance. When price of output, capital intensity, cost of labour and size are controlled for, we see greater profit margins in landlord ports.

Suggested Citation

  • Grace Wenyao Wang & Kris Joseph Knox & Paul Tae-Woo Lee, 2013. "A study of relative efficiency between privatised and publicly operated US ports," Maritime Policy & Management, Taylor & Francis Journals, vol. 40(4), pages 351-366, July.
    • Handle: RePEc:taf:marpmg:v:40:y:2013:i:4:p:351-366
    DOI: 10.1080/03088839.2013.772669
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    Citations

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    Cited by:

    1. Min Wang & Huayu Li & Yung-ho Chiu & Kexin Deng & Menghua Deng, 2023. "Research on the Carbon Emission Reduction Potential of the Ports in the Yangtze River Delta of China," SAGE Open, , vol. 13(4), pages 21582440231, November.
    2. Wang, Mei-Ru & Li, Zhi-Chun & Fu, Xiaowen & Xiong, Yi, 2024. "Revenue-sharing in the alliance of inland river and sea carriers: Formulation and a case study," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 183(C).
    3. Zhang, Jihua, 2016. "Quasi-landlord port financing in China: Features, practice and a contract theory analysis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 89(C), pages 73-88.
    4. Grace W.Y. Wang & Su-Han Woo & Joan Mileski, 2014. "The relative efficiency and financial risk assessment of shipping companies," Maritime Policy & Management, Taylor & Francis Journals, vol. 41(7), pages 651-666, December.
    5. Gavilan, José M. & Ortega, Francisco J., 2020. "Productive efficiency analysis of quantitative economics journals through Stochastic Frontier Analysis using panel data || Análisis de eficiencia productiva de revistas de economía cuantitativa a trav," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 30(1), pages 297-311, December.
    6. Wang, Grace W.Y. & Pallis, Athanasios A., 2014. "Incentive approaches to overcome moral hazard in port concession agreements," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 67(C), pages 162-174.
    7. Nicole Adler & Georg Hirte & Shravana Kumar & Hans-Martin Niemeier, 2022. "The impact of specialization, ownership, competition and regulation on efficiency: a case study of Indian seaports," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 24(3), pages 507-536, September.

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