The productivity effects of privatization: Longitudinal estimates from Hungary, Romania, Russia, and Ukraine

• 成果类型: Article
• 署名作者: Brown, JD; Earle, JS; Telegdy, A
• 署名单位: Heriot Watt University; Central European University; HUN-REN; HUN-REN Centre for Economic & Regional Studies; Institute of Economics - HAS; Hungarian Academy of Sciences
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/499547
• 发表日期: 2006
• 页码: 61-99
• 关键词: corporate performance; TRANSITION; OWNERSHIP; earnings; IMPACT; state

摘要

This paper estimates the effect of privatization on multifactor productivity using comprehensive panel data on initially state-owned manufacturing firms in four economies. We exploit the data's longitudinal dimension to control for preprivatization selection and estimate long-run impacts. The estimates are robust to functional form but sensitive to selection controls. Our preferred random growth estimates imply positive multifactor productivity effects of 15 percent in Romania, 8 percent in Hungary, and 2 percent in Ukraine, but a -3 percent effect in Russia. The foreign privatization effect is larger (18-35 percent) in all countries. Positive domestic effects appear immediately in Hungary, Romania, and Ukraine and continue growing thereafter, but emerge only five years after privatization in Russia.