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Privatization Pitfalls Update, 2008, Bureau Of Labor Education. University Of Maine Apr 2008

Privatization Pitfalls Update, 2008, Bureau Of Labor Education. University Of Maine

Bureau of Labor Education

Policymakers at the local, state, and federal government levels often struggle to balance the imperatives of providing necessary public services with the constraints of shrinking funds to pay for services such as transportation, prisons, and human services. Among the many possible solutions public entities may consider is the strategy of privatization, defined as “any process that is aimed at shifting functions and responsibilities, in whole or in part, from the government to the private sector through such activities as contracting out or asset sales.” This briefing paper is an update to an earlier publication by the Bureau of Labor Education …


Employee Ownership After Privatization: Governance Institutions And Firm Performance In Romania, John S. Earle, ÁLmos Telegdy Dec 2001

Employee Ownership After Privatization: Governance Institutions And Firm Performance In Romania, John S. Earle, ÁLmos Telegdy

Reports

This paper studies the governance institutions and performance consequences of privatization through management-employee buyout (MEBO) in Romania. Detailed firm-level survey data are used to analyze ownership rights practices concerning voting, dividend payment, and sales of shares, and to study the continued role of the state through restructuring restrictions in the privatization contracts, difficulties in installment payment, and possible renationalization of shares. Comprehensive privatization and registry data are used to estimate the productivity performance of industrial MEBOs, compared with mass transfers to dispersed individuals, sales to domestic and foreign blockholders, and continued ownership by the state. We find that the ownership …