How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine

April 1, 2001

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using data on 376 medium and large enterprises, it finds that ownership concentration is positively associated with enterprise performance in Ukraine. The paper also finds that concentration of ownership by foreign companies and banks is associated with better performance than ownership concentrated by the domestic owners. Ownership by Ukrainian investment funds and holding companies does not have a positive effect on performance. In contrast to predictions by many observers of early transition, privatization methods had a lasting effect on ownership structure in Ukraine.

Subject: Economic sectors, Financial institutions, Financial markets, Labor productivity, Privatization, Production, Stock markets, Stocks, Total factor productivity

Keywords: bank rank, Central and Eastern Europe, Corporate Governance, enterprise performance, Europe, Global, joint stock, Labor productivity, Ownership, ownership concentration, ownership structure, Privatization, privatization method, Stock markets, Stocks, Total factor productivity, Transition, WP

Pages:
44
Volume:
2001
DOI:
https://doi.org/10.5089/9781451846218.001
Issue:
042
Series:
Working Paper No. 2001/042
Stock No:
WPIEA0422001
ISBN:
9781451846218
ISSN:
1018-5941

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