IDEAS home Printed from https://ideas.repec.org/a/tov/dsiess/v11y2010.html
   My bibliography  Save this article

The Privatization Process and Its Effects on the Italian Accountability System

Author

Listed:
  • Andrea Calabrò

    (Università degli Studi di Roma "Tor Vergata")

Abstract

The effects of the privatization process have been widely studied, but with controversial results. In many countries this process ended up with public ser-vice providers still owned by the state (partial privatizations). The paper dis-cusses how issues related to the privatization process (corruption, conflicts of interests and lack of accountability) may be discussed from different perspec-tives – New Public Management (NPM), New Public Service (NPS), and New Public Governance (NPG). While in the NPM the privatization process aims at improving efficiency in public service providers, it seems to create some ethical problems if analysed from the NPS. Moreover, NPG, as co-production, networks and cooperation, offers valid alternatives to the privatization process. Through a case study analysis on the public service providers owned by the MEF (Italian Ministry of Economics and Finance) the paper highlights the stop and go characteristic of the Italian privatization process. This situation leads to huge ethical issues. We show the main flaws in the ethical and accountability systems of these organizations suggesting possible solutions using a public governance approach.

Suggested Citation

  • Andrea Calabrò, 2010. "The Privatization Process and Its Effects on the Italian Accountability System," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 11.
    • Handle: RePEc:tov:dsiess:v:11:y:2010
    as

    Download full text from publisher

    File URL: http://www.economia.uniroma2.it/public/dsi/file/essays/DSI_Calabro.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer & Robert Vishny, 2002. "Investor Protection and Corporate Valuation," Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Enikolopov, Ruben & Petrova, Maria & Stepanov, Sergey, 2014. "Firm value in crisis: Effects of firm-level transparency and country-level institutions," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 72-84.
    2. Yin‐Hua Yeh & Pei‐Gi Shu & Re‐Jin Guo, 2008. "Ownership Structure and IPO Valuation—Evidence from Taiwan," Financial Management, Financial Management Association International, vol. 37(1), pages 141-161, March.
    3. Carlin, Paul S. & Kidd, Michael P. & Ulubaşoğlu, Mehmet A., 2013. "Does legal heritage affect obesity? The channel of motor vehicle dependence," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 621-633.
    4. Ferrell, Allen & Liang, Hao & Renneboog, Luc, 2016. "Socially responsible firms," Journal of Financial Economics, Elsevier, vol. 122(3), pages 585-606.
    5. Doidge, Craig & Andrew Karolyi, G. & Stulz, Rene M., 2007. "Why do countries matter so much for corporate governance?," Journal of Financial Economics, Elsevier, vol. 86(1), pages 1-39, October.
    6. Andrea Asoni, 2008. "Protection Of Property Rights And Growth As Political Equilibria," Journal of Economic Surveys, Wiley Blackwell, vol. 22(5), pages 953-987, December.
    7. Arturo Bris, 2005. "Do Insider Trading Laws Work?," European Financial Management, European Financial Management Association, vol. 11(3), pages 267-312, June.
    8. Nenova, Tatiana, 2003. "The value of corporate voting rights and control: A cross-country analysis," Journal of Financial Economics, Elsevier, vol. 68(3), pages 325-351, June.
    9. Bachiller, Patricia & Boubaker, Sabri & Mefteh-Wali, Salma, 2021. "Financial derivatives and firm value: What have we learned?," Finance Research Letters, Elsevier, vol. 39(C).
    10. Giannetti, Mariassunta & Simonov, Andrei, 2003. "Which Investors Fear Expropriation? Evidence from Investors' Stock Picking," CEPR Discussion Papers 3843, C.E.P.R. Discussion Papers.
    11. Desire Avom & Fabrizio Carmignani & Abdour Chowdhury, "undated". "Four Scenarios of Poverty Reduction and the Role of Economic Policy," MRG Discussion Paper Series 3109, School of Economics, University of Queensland, Australia.
    12. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
    13. Jannis Bischof & Ulf Brüggemann & Holger Daske, 2023. "Asset Reclassifications and Bank Recapitalization During the Financial Crisis," Management Science, INFORMS, vol. 69(1), pages 75-100, January.
    14. Cécile Carpentier & Douglas Cumming & Jean-Marc Suret, 2010. "The Valuation Effect of Listing Requirements: An Analysis of Venture Capital-Backed IPOs," CIRANO Working Papers 2010s-01, CIRANO.
    15. Gul, Ferdinand A. & Cheng, Louis T.W. & Leung, T.Y., 2011. "Perks and the informativeness of stock prices in the Chinese market," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1410-1429.
    16. Ansgar Belke & Rainer Fehn, "undated". "Institutions and Structural Unemployment: Do Capital-Market Imperfections Matter?," German Working Papers in Law and Economics 2001-default/2001/1-1008, Berkeley Electronic Press.
    17. Chen, Shenglan & Lin, Bingxuan & Lu, Rui & Ma, Hui, 2016. "Pay for accounting performance and R&D investment: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 142-153.
    18. Hall, Bronwyn H. & Oriani, Raffaele, 2006. "Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy," International Journal of Industrial Organization, Elsevier, vol. 24(5), pages 971-993, September.
    19. Nam, Hocheol & Uchida, Konari, 2019. "Accounts payable and firm value: International evidence," Journal of Banking & Finance, Elsevier, vol. 102(C), pages 116-137.
    20. Jani Saastamoinen & Hanna Savolainen, 2021. "Does a leopard change its spots? Auditors and lawyers as valuation experts for minority shareholders in the judicial appraisal of private firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(3-4), pages 613-636, March.

    More about this item

    Keywords

    Privatization; Accountability; Corruption; Conflicts of interest;
    All these keywords.

    JEL classification:

    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tov:dsiess:v:11:y:2010. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mario Risso (email available below). General contact details of provider: https://edirc.repec.org/data/dirotit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.