A contractual analysis of state versus private ownership
We uniquely analyze the advantages and disadvantages of private ownership versus state ownership under various circumstances by focusing on three aspects: external risk, internal governance, and relative importance of owners versus managers. Our theoretical analysis indicates that private ownership...
| Main Authors: | , |
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| Format: | Article |
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Elsevier
2017
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| Online Access: | https://eprints.nottingham.ac.uk/50062/ |
| _version_ | 1848798143047532544 |
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| author | Jiang, Kun Wang, Susheng |
| author_facet | Jiang, Kun Wang, Susheng |
| author_sort | Jiang, Kun |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | We uniquely analyze the advantages and disadvantages of private ownership versus state ownership under various circumstances by focusing on three aspects: external risk, internal governance, and relative importance of owners versus managers. Our theoretical analysis indicates that private ownership is better than state ownership if the business environment is risky, corruption is limited, or the manager plays a more important role than the owner. Our empirical analysis supports our theoretical findings and reveals that better internal governance, more external risk and greater importance of the manager will magnify the benefits of privatization. |
| first_indexed | 2025-11-14T20:15:05Z |
| format | Article |
| id | nottingham-50062 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| last_indexed | 2025-11-14T20:15:05Z |
| publishDate | 2017 |
| publisher | Elsevier |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-500622020-05-04T18:43:34Z https://eprints.nottingham.ac.uk/50062/ A contractual analysis of state versus private ownership Jiang, Kun Wang, Susheng We uniquely analyze the advantages and disadvantages of private ownership versus state ownership under various circumstances by focusing on three aspects: external risk, internal governance, and relative importance of owners versus managers. Our theoretical analysis indicates that private ownership is better than state ownership if the business environment is risky, corruption is limited, or the manager plays a more important role than the owner. Our empirical analysis supports our theoretical findings and reveals that better internal governance, more external risk and greater importance of the manager will magnify the benefits of privatization. Elsevier 2017-04-30 Article PeerReviewed Jiang, Kun and Wang, Susheng (2017) A contractual analysis of state versus private ownership. China Economic Review, 43 . pp. 142-168. ISSN 1043-951X Contractual analysis; State ownership; Private ownership; Incentives; External risks; Internal corruption https://doi.org/10.1016/j.chieco.2017.01.011 doi:10.1016/j.chieco.2017.01.011 doi:10.1016/j.chieco.2017.01.011 |
| spellingShingle | Contractual analysis; State ownership; Private ownership; Incentives; External risks; Internal corruption Jiang, Kun Wang, Susheng A contractual analysis of state versus private ownership |
| title | A contractual analysis of state versus private ownership |
| title_full | A contractual analysis of state versus private ownership |
| title_fullStr | A contractual analysis of state versus private ownership |
| title_full_unstemmed | A contractual analysis of state versus private ownership |
| title_short | A contractual analysis of state versus private ownership |
| title_sort | contractual analysis of state versus private ownership |
| topic | Contractual analysis; State ownership; Private ownership; Incentives; External risks; Internal corruption |
| url | https://eprints.nottingham.ac.uk/50062/ https://eprints.nottingham.ac.uk/50062/ https://eprints.nottingham.ac.uk/50062/ |