Exploring corporate entrepreneurship in privatized firms |
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| Authors: | Ana M Romero-Martínez Zulima Fernández-Rodríguez Elena Vázquez-Inchausti |
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| Institution: | 1. Autonomous University of Barcelona, Barcelona, Spain;2. Universitat Politécnica de València, Valencia, Spain;1. Erasmus University Rotterdam, The Netherlands;2. Erasmus University Rotterdam, The Netherlands;3. Erasmus University Rotterdam, The Netherlands;4. University of Johannesburg, South Africa;1. Department of Business Organization, University of Granada, Faculty of Economics and Business, Campus de Cartuja, s.n., Granada 18071, Spain;2. Department of Economy and Business Management, University of Leon, Faculty of Economics and Business, Campus de Vegazana, León 24071, Spain |
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| Abstract: | This paper reports an analysis of whether state-owned enterprises (SOEs) increase their levels of corporate entrepreneurship after privatization. The study uses agency theory to discuss why SOEs display little entrepreneurial behavior and how privatization may alter this situation by changing firms’ systems of controls and incentives. The study also uses a sample of Spanish firms for its empirical research. Data on these firms were available for three years before and after privatization. The findings show that corporate entrepreneurship increases after privatization when firms are in highly competitive industries, either because competition was greater after privatization or because the firm was already in a highly competitive industry. In summary, corporate entrepreneurship in privatized firms seems to be favored by two factors, a change of ownership and competition. |
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