Post-privatization speed of state ownership relinquishment: Determinants and influence on firm performance |
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| Institution: | 1. Institute of International Business, National Cheng Kung University, Tainan 701, Taiwan, ROC;2. Institute of International Management, National Cheng Kung University, Tainan 701, Taiwan, ROC;1. Universidad Pública de Navarra, Spain;2. Universidad CEU Cardenal Herrera, Spain;1. School of Economics, Central University of Finance and Economics, 39 South College Road, Beijing 100081, PR China;2. School of Economics, Renmin University of China, 59 Zhongguancun Street, Beijing 100872, PR China;1. Department of Finance, Business School, Université de Sherbrooke, 2500 Boul. De l’Université, Sherbrooke (QC) J1K 2R1, Canada;2. Department of Accounting, Business Faculty, Université de Moncton, 18 Antonine-Maillet Ave, Moncton (NB) E1A 3A9, Canada;1. Theoretical Division, Los Alamos National Laboratory, Los Alamos, NM 87544, United States;2. Lawrence Berkeley National Laboratory, Berkeley, CA 94720, United States;3. Department of Physics, Mimar Sinan Fine Arts University, Bomonti 34380, İstanbul, Turkey;4. Department of Physics, University of California, Berkeley, CA 94720, United States |
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| Abstract: | This study investigates the potential determinants of speed of state ownership relinquishment, measured by the annual decrease in the percentage of ownership by the government, as well as its impact on corporate performance. Several country- and firm-level determinants affecting the speed of the government ownership withdrawal are documented. Likewise, the initial positive relation between the speed of government ownership relinquishment and performance is reported. However, beyond a certain level, if the governments increase the annual percentage of ownership relinquishment, the performance could be inferior. In other words, a nonlinear relation with an inverted U-shape is detected. |
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| Keywords: | Privatization State ownership relinquishment Speed Performance Emerging Asian countries G32 G38 O29 |
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