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Journal of Economic Literature: Vol. 39 No. 2 (June 2001)

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From State to Market: A Survey of Empirical Studies on Privatization

Article Citation

Megginson, William L., and Jeffry M. Netter. 2001. "From State to Market: A Survey of Empirical Studies on Privatization." Journal of Economic Literature, 39(2): 321-389.

DOI: 10.1257/jel.39.2.321

Abstract

This study surveys the literature examining the privatization of state-owned enterprises (SOEs) We review the history of privatization, the theoretical and empirical evidence on the relative performance of state owned and privately owned firms, the types of privatization, if and by how much privatization has improved the performance of former SOEs in non-transition and transition countries, how investors in privatizations have fared, and the impact of privatization on the development of capital markets and corporate governance. In most settings privatization "works" in that the firms become more efficient, more profitable, and financially healthier, and reward investors.

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Authors

Megginson, William L. (U OK)
Netter, Jeffry M. (U GA)

JEL Classifications

L33: Comparison of Public and Private Enterprises; Privatization; Contracting Out
P31: Socialist Enterprises and Their Transitions
P16: Capitalist Systems: Political Economy
P26: Socialist Systems and Transitional Economies: Political Economy; Property Rights


Journal of Economic Literature



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