Listing State-Owned Enterprises in Emerging and Developing Economies : Lessons Learned from 30 Years of Success and Failure
In this report, the authors investigate state-owned enterprise (SOE) listings as a solution to promote local capital markets development. Thus, SOE listings can offer governments an enormous opportunity to kick-start the development of their local...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/984431624443117178/Listing-State-Owned-Enterprises-in-Emerging-and-Developing-Economies-Lessons-Learned-from-30-Years-of-Success-and-Failure http://hdl.handle.net/10986/35919 |
| Summary: | In this report, the authors investigate
state-owned enterprise (SOE) listings as a solution to
promote local capital markets development. Thus, SOE
listings can offer governments an enormous opportunity to
kick-start the development of their local capital markets
while achieving other divestment objectives, such as
harnessing the SOE’s value and raising fiscal revenue. In
this report, the authors aim to shed light on this question
by investigating emerging and developing economies (EMDE’s)
experience with SOE listings over the past 30 years. The
authors combine a thorough literature review with a case
study analysis of 14 frontier and emerging markets,
including interviews with key stakeholders from the public
and private sector. In particular, the authors aim to answer
the following three questions: (1) what has been the impact
of SOE listings on local capital markets development in
EMDEs?; (2) what have been the pre-conditions to
successfully list a SOE?; and (3) once listed, what have
been the drivers for creating a positive impact on capital
markets development? Because listings have significant
effects on the broader economy and potentially harness the
value of SOEs in a different way, this report also attempts
to evaluate the impact of SOE listings on other key economic
variables - in particular firm performance, the quality of
public service delivery, employment, wealth distribution,
and fiscal revenue. The sole objective is to provide
policymakers with sufficient information to make an educated
decision on whether or not SOE listings are a suitable
solution for their respective country. |
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