BibTex RIS Kaynak Göster

Does the Nature of Ownership Matter? Lessons from Theory and Evidence

Yıl 2005, Sayı: 10, 1 - 20, 01.12.2005

Öz

The primary intention of this paper is to seek whether or not ownership matters. By reviewing the literature, I would like to answer such questions as, what drives differences between private and public firms? Do those differences imply advantages that should make citizens prefer one type of ownership to another? Does privatization provide significant productivity improvement? Both theoretical and empirical evidences confirm that the nature of ownership is important. Changes in managerial incentives and enterprise objectives are likely to affect the performance of enterprises, like macroeconomic conditions, and/or technological developments

Kaynakça

  • Alchian, Armen (1965). “Some Economics of Property Rights”, in Buchanan, James M., (edi- tor), Landmark papers in economics, politics and law (2001). Northampton, MA: Elgar
  • Alesina, A.; Danninger, S.; and Rostagno, M. (1999). “Redistribution Through Public Em- ployment: The Case of Italy”, NBER Working Paper #7387.
  • Boubakri, N. and Cosset, J. (1998). “The Financial and Operating Performance of Newly Pri- vatized Firms: Evidence from Developing Countries”, The Journal of Finance 53(3): 1081-1110.
  • Bos, Dieter (1991). Privatization: A Theoretical Treatment. Oxford: Clarendon Press.
  • Boycko, M.; Shleifer, A.; and Vishny, R. W. (1996). “A Theory of Privatization”, The Eco- nomic Journal 106 (435): 309-319.
  • Chamberlin, J. R. and Jackson, J. E. (1987). “Privatization as Institutional Choice”, Journal of Policy Analysis and Public Management 6(4):586-604.
  • Chang, H. and Singh, A. (1997). “Can Large Firms Be Run Efficiently Without Being Bureau- cratic?”, Journal of International Development 9(6):865-75.
  • Claessens, S. and Djankow, S. (2002). “Privatization Benefits in Eastern Europe”, Journal of Public Economics 83:307-324.
  • De Haan, J.; Sturm, J. (2000). “On the Relationship between Economic Freedom and Eco- nomic Growth”, European Journal of Political Economy 16(2): 215-41.
  • Dewenter, K. L. and Malatesta, P. H. (2000). “State Owned and Privately Owned Firms: an Empirical Analysis of Profitability, Leverage and Labor Intensity”, American Economic Review 91(1): 320-334.
  • Donahue, John D. (1989). The privatization decision: Public ends, private means. New York: Basic Books
  • D’Souza, J. and Megginson, W. L. (1999). “The Financial and Operating Performance of Pri- vatized Firms during the 1990s”, The Journal of Finance 54(4): 1397-1438.
  • Ehrlich, I.; Gallais-Hammonno, G.; Liu, Z.; and Lutter, R. (1994). “Productivity Growth and Firm Ownership: An Analytical and Empirical Investigation”, The Journal of Political Economy 102(5): 1006-1038.
  • Ertuna, Ozer (1998). “Constraints of Privatization”. Working Paper. Bogazici University.
  • Frydman, R.; Hessel, M. and Rapaczynski, A. (1998). “Why Ownership Matters?: Politiciza- tion and Entrepreneurship in the Restructuring of Enterprises in Central Europe”, Working Paper, C.V. Starr Center for Applied Economics, New York University.
  • Frydman, R.; Gray, C.; Hessel, M. and Rapaczynski, A. (1999). “When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies”, Quarterly Journal of Economics 114(4): 1153-91.
  • Galal, A.; Jones, L.; Tandon, P.; and Vogelsang, I. (1994). Welfare Consequences of Selling Public Enterprises: An Empirical Analysis. Washington, DC: The World Bank.
  • Harper, Joel. T. (2001). “Short-term Effects of Privatization on Operating Performance in the Czech Republic”, The Journal of Financial Research 16(1): 119-131.
  • Jones, Leroy P. (1985). “Public Enterprise For Whom? Perverse Distributional Conse- quences of Public Operational Decisions”, Economic Development and Cultural Change 33(2):333-47
  • La Porta, R. and Lopez-de-Silanes, F. (1999). “The benefits of Privatization: Evidence from Mexico”, Quarterly Journal of Economics 114(4):1193-1242.
  • Laffont, J. and Tirole, J. (1991). “Privatization Incentives”, The Journal of Law, Economics, and Organization 7(0): 84-105.
  • Megginson, W. L.; Nash, R. C.; and Randenborgh, M. V. (1994). “The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis”, Journal of Finance 49(2): 403-52.
  • North, Douglass C. (1992). “Privatization, Incentives, and Economic Performance”, in Siebert, H. (eds.), Privatization: Symposium in Honor of Herbert Giersch. Tubingen: Mohr (Siebeck).
  • Olson, Mancur (1965). The logic of collective action: public goods and the theory of groups. Cambridge, MA: Harvard University Press.
  • Perotti, Enrico C. (1995). “Credible Privatization”, American Economic Review 85(4): 847- 859.
  • Ramamurti, Ravi (1997). “Testing the Limits of Privatization: Argentine Railroads” World Development 25(12): 1973-93.
  • Sappington, D. E. M. and Stiglitz, J. E. (1987). “Privatization, Information and Incentives”, Journal of Policy Analysis and Management 6(4):567-582.
  • Schmidt, Klaus M. (1996). “The Cost and Benefits of Privatization: An Incomplete Con- tracts Approach”, Journal of la, Economics and Organization 12(1): 1-24.
  • Segal, Ilya R. (1998). “Monopoly and Soft Budget Constraint”, RAND Journal of Economics 29(3): 596-609.
  • Shafik, Nemat (1996). “Selling Privatization Politically”, Columbia Journal of World Busi- ness 31(4):20-29.
  • Shapiro, C. and Willing, R. D. (1990). “Economic Rationales for the Scope of Privatization”, in Suleiman, Ezra N. and Waterbury, John (1990), (editor), The Political Economy of Public Sector Reform and Privatization. Boulder/San Francisco/Oxford: Westview Press.
  • Shepsle, K. A. and Weingast, B. R. (1984). “Political Solutions to Market Problems”, The American Political Science Review 78(2):417-34.
  • Sheshinski, E. and Lopez-Calva, L. F. (1999). “Privatization and its Benefits: Theory and Evidence”. Development Discussion Paper No.698: Harvard Institute for International Development, Harvard University.
  • Shirley, M. M. and Walsh, P. (2000). “Public versus Private Ownership”, The World Bank Policy Research Working Paper, #2420.
  • Shleifer, Andrei (1998). “State versus Private Ownership”, Journal of Economic Perspec- tive 12(4): 133-150.
  • Shleifer, A. and Vishny, R. W. (1994). “Politicians and Firms”, The Quarterly Journal of Economics 109(4): 995-1025.
  • Smith, A. D. and Trebilcock, M. J. (2001). “State-Owned Enterprises in Less Developed Countries: Privatization and Alternative Reform Strategies”, European Journal of Law and Economics 12:217-252.
  • Spulber, Nicholas (1997). Redefining the State: Privatization and Welfare Reform in In- dustrial and Transitional Economies. Cambridge/New York/Melbourne: Cambridge Uni- versity Press.
  • Stiglitz, Joseph E. (1989). The Economic Role of the State. Baufort, NY: Basil Blackwell.
  • Tonielli, Pier A. (2000), (editor). The Rise and Fall of State Owned Enterprises in the Western World. Cambridge, UK/New York, US: Cambridge University Press.
  • Vernon-Wortzel, H. and Wortzel, L. (1989). “Privatization: Not the Only Answer”, World Development 17(5):633-41.
  • Vickers, J. and Yarrow, G. (1988). Privatization: An Economic Analysis. Cambridge, London: The MIT Press.
  • World Bank Policy Research Report (1995). Bureaucrats in Business: The Economics and Politics of Government Ownership. London: Oxford University Press.
Yıl 2005, Sayı: 10, 1 - 20, 01.12.2005

Öz

Bu çalışmanın amacı, mülkiyet farklılığının (kamu veya özel) ekonomik anlamda
önemli olup olmadığının araştırmaktır. Başka bir ifadeyle, teorik ve ampirik literatür
gözden geçirilerek ‘‘kamu ve özel firmalar arasında verimlilik açısından farklılığa sebebiyet
veren faktörler nelerdir? Bu farklılıklar, ülke vatandaşlarının mülkiyet türü
üzerinde özel bir tercihte bulunmalarını gerektirir mi? Özelleştirme firmaların verimliliğinde anlamlı bir artış yaratır mı?‘’ gibi sorulara cevap aranmaktadır. Teorik ve
ampirik literatür üzerinde yapılan analiz, mülkiyetin önemli bir unsur olduğu sonucunu
desteklemektedir. Özel mülkiyetle birlikte, gerek yöneticilerin motivasyonlarındaki
değişme gerekse mülkiyet sahiplerinin amaçlarındaki değişme bir teknolojik yenilik
gibi firmaların performansını etkileyebilmektedir.

Kaynakça

  • Alchian, Armen (1965). “Some Economics of Property Rights”, in Buchanan, James M., (edi- tor), Landmark papers in economics, politics and law (2001). Northampton, MA: Elgar
  • Alesina, A.; Danninger, S.; and Rostagno, M. (1999). “Redistribution Through Public Em- ployment: The Case of Italy”, NBER Working Paper #7387.
  • Boubakri, N. and Cosset, J. (1998). “The Financial and Operating Performance of Newly Pri- vatized Firms: Evidence from Developing Countries”, The Journal of Finance 53(3): 1081-1110.
  • Bos, Dieter (1991). Privatization: A Theoretical Treatment. Oxford: Clarendon Press.
  • Boycko, M.; Shleifer, A.; and Vishny, R. W. (1996). “A Theory of Privatization”, The Eco- nomic Journal 106 (435): 309-319.
  • Chamberlin, J. R. and Jackson, J. E. (1987). “Privatization as Institutional Choice”, Journal of Policy Analysis and Public Management 6(4):586-604.
  • Chang, H. and Singh, A. (1997). “Can Large Firms Be Run Efficiently Without Being Bureau- cratic?”, Journal of International Development 9(6):865-75.
  • Claessens, S. and Djankow, S. (2002). “Privatization Benefits in Eastern Europe”, Journal of Public Economics 83:307-324.
  • De Haan, J.; Sturm, J. (2000). “On the Relationship between Economic Freedom and Eco- nomic Growth”, European Journal of Political Economy 16(2): 215-41.
  • Dewenter, K. L. and Malatesta, P. H. (2000). “State Owned and Privately Owned Firms: an Empirical Analysis of Profitability, Leverage and Labor Intensity”, American Economic Review 91(1): 320-334.
  • Donahue, John D. (1989). The privatization decision: Public ends, private means. New York: Basic Books
  • D’Souza, J. and Megginson, W. L. (1999). “The Financial and Operating Performance of Pri- vatized Firms during the 1990s”, The Journal of Finance 54(4): 1397-1438.
  • Ehrlich, I.; Gallais-Hammonno, G.; Liu, Z.; and Lutter, R. (1994). “Productivity Growth and Firm Ownership: An Analytical and Empirical Investigation”, The Journal of Political Economy 102(5): 1006-1038.
  • Ertuna, Ozer (1998). “Constraints of Privatization”. Working Paper. Bogazici University.
  • Frydman, R.; Hessel, M. and Rapaczynski, A. (1998). “Why Ownership Matters?: Politiciza- tion and Entrepreneurship in the Restructuring of Enterprises in Central Europe”, Working Paper, C.V. Starr Center for Applied Economics, New York University.
  • Frydman, R.; Gray, C.; Hessel, M. and Rapaczynski, A. (1999). “When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies”, Quarterly Journal of Economics 114(4): 1153-91.
  • Galal, A.; Jones, L.; Tandon, P.; and Vogelsang, I. (1994). Welfare Consequences of Selling Public Enterprises: An Empirical Analysis. Washington, DC: The World Bank.
  • Harper, Joel. T. (2001). “Short-term Effects of Privatization on Operating Performance in the Czech Republic”, The Journal of Financial Research 16(1): 119-131.
  • Jones, Leroy P. (1985). “Public Enterprise For Whom? Perverse Distributional Conse- quences of Public Operational Decisions”, Economic Development and Cultural Change 33(2):333-47
  • La Porta, R. and Lopez-de-Silanes, F. (1999). “The benefits of Privatization: Evidence from Mexico”, Quarterly Journal of Economics 114(4):1193-1242.
  • Laffont, J. and Tirole, J. (1991). “Privatization Incentives”, The Journal of Law, Economics, and Organization 7(0): 84-105.
  • Megginson, W. L.; Nash, R. C.; and Randenborgh, M. V. (1994). “The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis”, Journal of Finance 49(2): 403-52.
  • North, Douglass C. (1992). “Privatization, Incentives, and Economic Performance”, in Siebert, H. (eds.), Privatization: Symposium in Honor of Herbert Giersch. Tubingen: Mohr (Siebeck).
  • Olson, Mancur (1965). The logic of collective action: public goods and the theory of groups. Cambridge, MA: Harvard University Press.
  • Perotti, Enrico C. (1995). “Credible Privatization”, American Economic Review 85(4): 847- 859.
  • Ramamurti, Ravi (1997). “Testing the Limits of Privatization: Argentine Railroads” World Development 25(12): 1973-93.
  • Sappington, D. E. M. and Stiglitz, J. E. (1987). “Privatization, Information and Incentives”, Journal of Policy Analysis and Management 6(4):567-582.
  • Schmidt, Klaus M. (1996). “The Cost and Benefits of Privatization: An Incomplete Con- tracts Approach”, Journal of la, Economics and Organization 12(1): 1-24.
  • Segal, Ilya R. (1998). “Monopoly and Soft Budget Constraint”, RAND Journal of Economics 29(3): 596-609.
  • Shafik, Nemat (1996). “Selling Privatization Politically”, Columbia Journal of World Busi- ness 31(4):20-29.
  • Shapiro, C. and Willing, R. D. (1990). “Economic Rationales for the Scope of Privatization”, in Suleiman, Ezra N. and Waterbury, John (1990), (editor), The Political Economy of Public Sector Reform and Privatization. Boulder/San Francisco/Oxford: Westview Press.
  • Shepsle, K. A. and Weingast, B. R. (1984). “Political Solutions to Market Problems”, The American Political Science Review 78(2):417-34.
  • Sheshinski, E. and Lopez-Calva, L. F. (1999). “Privatization and its Benefits: Theory and Evidence”. Development Discussion Paper No.698: Harvard Institute for International Development, Harvard University.
  • Shirley, M. M. and Walsh, P. (2000). “Public versus Private Ownership”, The World Bank Policy Research Working Paper, #2420.
  • Shleifer, Andrei (1998). “State versus Private Ownership”, Journal of Economic Perspec- tive 12(4): 133-150.
  • Shleifer, A. and Vishny, R. W. (1994). “Politicians and Firms”, The Quarterly Journal of Economics 109(4): 995-1025.
  • Smith, A. D. and Trebilcock, M. J. (2001). “State-Owned Enterprises in Less Developed Countries: Privatization and Alternative Reform Strategies”, European Journal of Law and Economics 12:217-252.
  • Spulber, Nicholas (1997). Redefining the State: Privatization and Welfare Reform in In- dustrial and Transitional Economies. Cambridge/New York/Melbourne: Cambridge Uni- versity Press.
  • Stiglitz, Joseph E. (1989). The Economic Role of the State. Baufort, NY: Basil Blackwell.
  • Tonielli, Pier A. (2000), (editor). The Rise and Fall of State Owned Enterprises in the Western World. Cambridge, UK/New York, US: Cambridge University Press.
  • Vernon-Wortzel, H. and Wortzel, L. (1989). “Privatization: Not the Only Answer”, World Development 17(5):633-41.
  • Vickers, J. and Yarrow, G. (1988). Privatization: An Economic Analysis. Cambridge, London: The MIT Press.
  • World Bank Policy Research Report (1995). Bureaucrats in Business: The Economics and Politics of Government Ownership. London: Oxford University Press.
Toplam 43 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA44EE83AP
Bölüm Makaleler
Yazarlar

Aziz Turhan Bu kişi benim

Yayımlanma Tarihi 1 Aralık 2005
Yayımlandığı Sayı Yıl 2005 Sayı: 10

Kaynak Göster

APA Turhan, A. (2005). Does the Nature of Ownership Matter? Lessons from Theory and Evidence. Kocaeli Üniversitesi Sosyal Bilimler Dergisi(10), 1-20.

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