Privatization and Corporate Governance : Principles, Evidence, and Future Challenges
Unless developing countries embrace a corporate governance perspective, privatization is unlikely to provide the benefits of improved performance with accountability. This article introduces the concept of governance chains that can constrain the g...
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| Format: | Journal Article |
| Language: | English en_US |
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Washington, DC: World Bank
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2001/03/17580028/privatization-corporate-governance-principles-evidence-future-challenges http://hdl.handle.net/10986/17129 |
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okr-10986-17129 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ACCESS TO INFORMATION ACCOUNTABILITY ACCOUNTABILITY MECHANISMS ACCOUNTING ACCOUNTING PRACTICES AGENCY PROBLEMS ASSET SALES AUCTIONS AUDITING AUTHORITY BANKING SYSTEMS BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKS BID BOARDS OF DIRECTORS BOND BROKERAGE BROKERAGE FIRMS BROKERAGE HOUSES BUSINESS ENVIRONMENT BUSINESS LICENSES CASH FLOW CIVIL LAW COMMON LAW CONFLICTS OF INTEREST CONTRACT ENFORCEMENT CONTRACT REPUDIATION CORPORATE GOVERNANCE CORPORATE LAWS CORPORATE PERFORMANCE CORRUPTION CREDIBILITY CREDIT-RATING AGENCIES CREDITORS CURRENCY CUSTOMER BASE DEBT DECISION MAKING DECISION-MAKING DECISION-MAKING POWER DEPOSITORY DEVELOPING COUNTRIES DEVELOPING ECONOMIES DISCLOSURE LAWS DIVIDEND DIVIDEND POLICIES DIVIDENDS DOMESTIC EXCHANGES DOMESTIC INVESTOR ECONOMIC POWER EFFECTIVE GOVERNANCE EMERGING MARKETS ENTREPRENEURSHIP EQUITY INVESTORS EQUITY MARKETS EQUITY RETURNS EXCHANGE COMMISSION EXTERNAL FINANCE FEDERAL GOVERNMENT FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL PERFORMANCE FINANCIAL RETURNS FINANCIAL SYSTEM FINANCIER FIRM ASSETS FLOW OF INFORMATION FOREIGN EXCHANGE FOREIGN EXCHANGES FOREIGN FIRMS FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN STOCK FORMAL ECONOMY FORMAL INSTITUTIONS FUND MANAGERS FUTURE GROWTH FUTURE PROSPECTS GOVERNANCE MEASURES GOVERNANCE MECHANISM GOVERNANCE MECHANISMS GOVERNMENT OFFICIALS GOVERNMENT REGULATIONS GOVERNMENT SERVICES GROSS DOMESTIC PRODUCT GROWTH RATES HEDGE FUNDS HOLDING HOME COUNTRIES HOME COUNTRY INCOME INCOMES INFORMATION DISCLOSURE INFORMATION FLOWS INSIDER TRADING INSTITUTIONAL DEVELOPMENT INSTITUTIONAL ENVIRONMENT INSTITUTIONAL INVESTORS INSTITUTIONAL STRUCTURE INSURANCE INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MARKETS INTERNATIONAL STANDARD INVESTING INVESTMENT OPPORTUNITIES INVESTMENT PRIVATIZATION INVESTMENT PROJECTS INVESTOR PROTECTION INVESTOR PROTECTIONS ISSUERS OF SECURITIES JUDICIAL SYSTEM JUDICIARY JURISDICTIONS LEGAL ENVIRONMENTS LEGAL FRAMEWORKS LEGAL INSTITUTIONS LEGAL MECHANISMS LEGAL PROTECTION LEGAL PROTECTIONS LEGAL TRADITION LEGISLATION LIQUIDITY LOAN LOAN CLASSIFICATION LONG-TERM FINANCE MAJORITY SHAREHOLDERS MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET PRICES MINORITY INVESTORS MINORITY SHAREHOLDERS MONETARY FUND MOTIVATIONS NATIONAL BANK OPPORTUNITY COST OUTSIDE INVESTORS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PENALTIES PENSION PENSION FUNDS POLITICAL ECONOMY PORTFOLIOS POTENTIAL INVESTMENT PREFERENTIAL ACCESS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE ENTITIES PRIVATE INVESTORS PRIVATE OWNERSHIP PRIVATE PARTIES PRIVATE PENSION PRIVATE SALES PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PRIVATIZATIONS PROPERTY RIGHTS PUBLIC INSTITUTIONS RATING AGENCIES REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY BODIES REGULATORY INTERVENTIONS REINVESTMENT REINVESTMENT RATES REPRESENTATIVES REPUBLICS REPUTATION REPUTATIONS RESOURCE ALLOCATION RISK OF CONTRACT REPUDIATION RISK OF EXPROPRIATION RULE OF LAW SECURITIES SECURITIES EXCHANGES SECURITIES MARKETS SECURITIES REGULATOR SELF-REGULATION SEPARATION OF POWERS SHARE PRICES SHAREHOLDER SHAREHOLDER RIGHTS SHORT-TERM CAPITAL SOCIAL WELFARE SOCIALISM STATE OWNERSHIP STATE PROPERTY STATE REVENUES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKETS STRATEGIC INVESTOR TAX TAX PAYMENTS TRADE CREDITS TRANSACTION TRANSACTION COSTS TRANSFER OF TITLE TRANSITION COUNTRIES TRANSITION ECONOMIES TRUSTEE VALUATION VENTURE CAPITALISTS VOTING VOUCHER PRIVATIZATION VOUCHER PRIVATIZATIONS WAGES |
| spellingShingle |
ACCESS TO INFORMATION ACCOUNTABILITY ACCOUNTABILITY MECHANISMS ACCOUNTING ACCOUNTING PRACTICES AGENCY PROBLEMS ASSET SALES AUCTIONS AUDITING AUTHORITY BANKING SYSTEMS BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKS BID BOARDS OF DIRECTORS BOND BROKERAGE BROKERAGE FIRMS BROKERAGE HOUSES BUSINESS ENVIRONMENT BUSINESS LICENSES CASH FLOW CIVIL LAW COMMON LAW CONFLICTS OF INTEREST CONTRACT ENFORCEMENT CONTRACT REPUDIATION CORPORATE GOVERNANCE CORPORATE LAWS CORPORATE PERFORMANCE CORRUPTION CREDIBILITY CREDIT-RATING AGENCIES CREDITORS CURRENCY CUSTOMER BASE DEBT DECISION MAKING DECISION-MAKING DECISION-MAKING POWER DEPOSITORY DEVELOPING COUNTRIES DEVELOPING ECONOMIES DISCLOSURE LAWS DIVIDEND DIVIDEND POLICIES DIVIDENDS DOMESTIC EXCHANGES DOMESTIC INVESTOR ECONOMIC POWER EFFECTIVE GOVERNANCE EMERGING MARKETS ENTREPRENEURSHIP EQUITY INVESTORS EQUITY MARKETS EQUITY RETURNS EXCHANGE COMMISSION EXTERNAL FINANCE FEDERAL GOVERNMENT FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL PERFORMANCE FINANCIAL RETURNS FINANCIAL SYSTEM FINANCIER FIRM ASSETS FLOW OF INFORMATION FOREIGN EXCHANGE FOREIGN EXCHANGES FOREIGN FIRMS FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN STOCK FORMAL ECONOMY FORMAL INSTITUTIONS FUND MANAGERS FUTURE GROWTH FUTURE PROSPECTS GOVERNANCE MEASURES GOVERNANCE MECHANISM GOVERNANCE MECHANISMS GOVERNMENT OFFICIALS GOVERNMENT REGULATIONS GOVERNMENT SERVICES GROSS DOMESTIC PRODUCT GROWTH RATES HEDGE FUNDS HOLDING HOME COUNTRIES HOME COUNTRY INCOME INCOMES INFORMATION DISCLOSURE INFORMATION FLOWS INSIDER TRADING INSTITUTIONAL DEVELOPMENT INSTITUTIONAL ENVIRONMENT INSTITUTIONAL INVESTORS INSTITUTIONAL STRUCTURE INSURANCE INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MARKETS INTERNATIONAL STANDARD INVESTING INVESTMENT OPPORTUNITIES INVESTMENT PRIVATIZATION INVESTMENT PROJECTS INVESTOR PROTECTION INVESTOR PROTECTIONS ISSUERS OF SECURITIES JUDICIAL SYSTEM JUDICIARY JURISDICTIONS LEGAL ENVIRONMENTS LEGAL FRAMEWORKS LEGAL INSTITUTIONS LEGAL MECHANISMS LEGAL PROTECTION LEGAL PROTECTIONS LEGAL TRADITION LEGISLATION LIQUIDITY LOAN LOAN CLASSIFICATION LONG-TERM FINANCE MAJORITY SHAREHOLDERS MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET PRICES MINORITY INVESTORS MINORITY SHAREHOLDERS MONETARY FUND MOTIVATIONS NATIONAL BANK OPPORTUNITY COST OUTSIDE INVESTORS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PENALTIES PENSION PENSION FUNDS POLITICAL ECONOMY PORTFOLIOS POTENTIAL INVESTMENT PREFERENTIAL ACCESS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE ENTITIES PRIVATE INVESTORS PRIVATE OWNERSHIP PRIVATE PARTIES PRIVATE PENSION PRIVATE SALES PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PRIVATIZATIONS PROPERTY RIGHTS PUBLIC INSTITUTIONS RATING AGENCIES REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY BODIES REGULATORY INTERVENTIONS REINVESTMENT REINVESTMENT RATES REPRESENTATIVES REPUBLICS REPUTATION REPUTATIONS RESOURCE ALLOCATION RISK OF CONTRACT REPUDIATION RISK OF EXPROPRIATION RULE OF LAW SECURITIES SECURITIES EXCHANGES SECURITIES MARKETS SECURITIES REGULATOR SELF-REGULATION SEPARATION OF POWERS SHARE PRICES SHAREHOLDER SHAREHOLDER RIGHTS SHORT-TERM CAPITAL SOCIAL WELFARE SOCIALISM STATE OWNERSHIP STATE PROPERTY STATE REVENUES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKETS STRATEGIC INVESTOR TAX TAX PAYMENTS TRADE CREDITS TRANSACTION TRANSACTION COSTS TRANSFER OF TITLE TRANSITION COUNTRIES TRANSITION ECONOMIES TRUSTEE VALUATION VENTURE CAPITALISTS VOTING VOUCHER PRIVATIZATION VOUCHER PRIVATIZATIONS WAGES Dyck, Alexander Privatization and Corporate Governance : Principles, Evidence, and Future Challenges |
| description |
Unless developing countries embrace a
corporate governance perspective, privatization is unlikely
to provide the benefits of improved performance with
accountability. This article introduces the concept of
governance chains that can constrain the grabbing hands of
public and private actors by providing information and
accountability mechanisms to help investors monitor
managers. Empirical data on established firms from 49
countries provide estimates of the relative importance and
strength of private and formal chains of governance. The
framework and empirical benchmarks help explain the outcomes
of past privatizations and suggest certain steps that
governments can pursue to be sure to get the most out of
future privatization activity. |
| format |
Journal Article |
| author |
Dyck, Alexander |
| author_facet |
Dyck, Alexander |
| author_sort |
Dyck, Alexander |
| title |
Privatization and Corporate Governance : Principles, Evidence, and Future Challenges |
| title_short |
Privatization and Corporate Governance : Principles, Evidence, and Future Challenges |
| title_full |
Privatization and Corporate Governance : Principles, Evidence, and Future Challenges |
| title_fullStr |
Privatization and Corporate Governance : Principles, Evidence, and Future Challenges |
| title_full_unstemmed |
Privatization and Corporate Governance : Principles, Evidence, and Future Challenges |
| title_sort |
privatization and corporate governance : principles, evidence, and future challenges |
| publisher |
Washington, DC: World Bank |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2001/03/17580028/privatization-corporate-governance-principles-evidence-future-challenges http://hdl.handle.net/10986/17129 |
| _version_ |
1764433465876414464 |
| spelling |
okr-10986-171292021-04-23T14:03:29Z Privatization and Corporate Governance : Principles, Evidence, and Future Challenges Dyck, Alexander ACCESS TO INFORMATION ACCOUNTABILITY ACCOUNTABILITY MECHANISMS ACCOUNTING ACCOUNTING PRACTICES AGENCY PROBLEMS ASSET SALES AUCTIONS AUDITING AUTHORITY BANKING SYSTEMS BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKS BID BOARDS OF DIRECTORS BOND BROKERAGE BROKERAGE FIRMS BROKERAGE HOUSES BUSINESS ENVIRONMENT BUSINESS LICENSES CASH FLOW CIVIL LAW COMMON LAW CONFLICTS OF INTEREST CONTRACT ENFORCEMENT CONTRACT REPUDIATION CORPORATE GOVERNANCE CORPORATE LAWS CORPORATE PERFORMANCE CORRUPTION CREDIBILITY CREDIT-RATING AGENCIES CREDITORS CURRENCY CUSTOMER BASE DEBT DECISION MAKING DECISION-MAKING DECISION-MAKING POWER DEPOSITORY DEVELOPING COUNTRIES DEVELOPING ECONOMIES DISCLOSURE LAWS DIVIDEND DIVIDEND POLICIES DIVIDENDS DOMESTIC EXCHANGES DOMESTIC INVESTOR ECONOMIC POWER EFFECTIVE GOVERNANCE EMERGING MARKETS ENTREPRENEURSHIP EQUITY INVESTORS EQUITY MARKETS EQUITY RETURNS EXCHANGE COMMISSION EXTERNAL FINANCE FEDERAL GOVERNMENT FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL PERFORMANCE FINANCIAL RETURNS FINANCIAL SYSTEM FINANCIER FIRM ASSETS FLOW OF INFORMATION FOREIGN EXCHANGE FOREIGN EXCHANGES FOREIGN FIRMS FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN STOCK FORMAL ECONOMY FORMAL INSTITUTIONS FUND MANAGERS FUTURE GROWTH FUTURE PROSPECTS GOVERNANCE MEASURES GOVERNANCE MECHANISM GOVERNANCE MECHANISMS GOVERNMENT OFFICIALS GOVERNMENT REGULATIONS GOVERNMENT SERVICES GROSS DOMESTIC PRODUCT GROWTH RATES HEDGE FUNDS HOLDING HOME COUNTRIES HOME COUNTRY INCOME INCOMES INFORMATION DISCLOSURE INFORMATION FLOWS INSIDER TRADING INSTITUTIONAL DEVELOPMENT INSTITUTIONAL ENVIRONMENT INSTITUTIONAL INVESTORS INSTITUTIONAL STRUCTURE INSURANCE INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MARKETS INTERNATIONAL STANDARD INVESTING INVESTMENT OPPORTUNITIES INVESTMENT PRIVATIZATION INVESTMENT PROJECTS INVESTOR PROTECTION INVESTOR PROTECTIONS ISSUERS OF SECURITIES JUDICIAL SYSTEM JUDICIARY JURISDICTIONS LEGAL ENVIRONMENTS LEGAL FRAMEWORKS LEGAL INSTITUTIONS LEGAL MECHANISMS LEGAL PROTECTION LEGAL PROTECTIONS LEGAL TRADITION LEGISLATION LIQUIDITY LOAN LOAN CLASSIFICATION LONG-TERM FINANCE MAJORITY SHAREHOLDERS MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET PRICES MINORITY INVESTORS MINORITY SHAREHOLDERS MONETARY FUND MOTIVATIONS NATIONAL BANK OPPORTUNITY COST OUTSIDE INVESTORS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PENALTIES PENSION PENSION FUNDS POLITICAL ECONOMY PORTFOLIOS POTENTIAL INVESTMENT PREFERENTIAL ACCESS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE ENTITIES PRIVATE INVESTORS PRIVATE OWNERSHIP PRIVATE PARTIES PRIVATE PENSION PRIVATE SALES PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PRIVATIZATIONS PROPERTY RIGHTS PUBLIC INSTITUTIONS RATING AGENCIES REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY BODIES REGULATORY INTERVENTIONS REINVESTMENT REINVESTMENT RATES REPRESENTATIVES REPUBLICS REPUTATION REPUTATIONS RESOURCE ALLOCATION RISK OF CONTRACT REPUDIATION RISK OF EXPROPRIATION RULE OF LAW SECURITIES SECURITIES EXCHANGES SECURITIES MARKETS SECURITIES REGULATOR SELF-REGULATION SEPARATION OF POWERS SHARE PRICES SHAREHOLDER SHAREHOLDER RIGHTS SHORT-TERM CAPITAL SOCIAL WELFARE SOCIALISM STATE OWNERSHIP STATE PROPERTY STATE REVENUES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKETS STRATEGIC INVESTOR TAX TAX PAYMENTS TRADE CREDITS TRANSACTION TRANSACTION COSTS TRANSFER OF TITLE TRANSITION COUNTRIES TRANSITION ECONOMIES TRUSTEE VALUATION VENTURE CAPITALISTS VOTING VOUCHER PRIVATIZATION VOUCHER PRIVATIZATIONS WAGES Unless developing countries embrace a corporate governance perspective, privatization is unlikely to provide the benefits of improved performance with accountability. This article introduces the concept of governance chains that can constrain the grabbing hands of public and private actors by providing information and accountability mechanisms to help investors monitor managers. Empirical data on established firms from 49 countries provide estimates of the relative importance and strength of private and formal chains of governance. The framework and empirical benchmarks help explain the outcomes of past privatizations and suggest certain steps that governments can pursue to be sure to get the most out of future privatization activity. 2014-02-20T22:54:41Z 2014-02-20T22:54:41Z 2001-04 Journal Article http://documents.worldbank.org/curated/en/2001/03/17580028/privatization-corporate-governance-principles-evidence-future-challenges World Bank Research Observer http://hdl.handle.net/10986/17129 English en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank Washington, DC: World Bank Publications & Research :: Journal Article Publications & Research |