Privatization and Corporate Governance:
نویسندگان
چکیده
Privatizations in developing countries that don’t embrace a governance perspective will disappoint. This paper introduces the concept of ‘governance chains’ that can constrain the ‘grabbing hands’ of public and private actors by providing information and accountability mechanisms for investors. Recently available empirical data from established firms from 49 countries around the world provides estimates of the relative importance and strength of ‘private’ and ‘formal’ governance chains. The framework and empirical benchmarks help to explain past privatization outcomes and suggest steps to be taken to get the most out of future privatization activity. For helpful comments, I thank Harry Broadman, David Ellerman, Roumeen Islam, Carl Kester, Rafael LaPorta, Thomas McCraw, David Moss, John Nellis, Julio Rotemberg, Bruce Scott, Mary Shirley, Joseph Stiglitz, Philip Wellons and seminar participants at the Harvard Business School and the World Bank. Juan Carlos Ginarte provided research assistance. All errors that remain are my own. I am grateful to the World Bank and the Division of Research of Harvard Business School for their support.
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