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Business and Economics > Production and Operations Management

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out x
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Cover IMF Working Papers
Resource Misallocation Among Listed Firms in China: The Evolving Role of State-Owned Enterprises
Ms. Emilia M Jurzyk
We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.
Keywords:
State-Owned Enterprises; Misallocation; WP; private firm; firm distortion; productivity difference; representative firm; firm Fe; productivity gap; technical efficiency; Productivity; Capital productivity; Public enterprises; Total factor productivity; Labor productivity
Cover Departmental Papers
Reassessing the Role of State-Owned Enterprises in Central, Eastern and Southeastern Europe
Christine J. Richmond
,
Ms. Dora Benedek
,
Ezequiel Cabezon
,
Bobana Cegar
,
Mr. Peter Dohlman
,
Michelle Hassine
,
Beata Jajko
,
Piotr Kopyrski
,
Maksym Markevych
,
Mr. Jacques A Miniane
,
Mr. Francisco J Parodi
,
Gabor Pula
,
Mr. James Roaf
,
Min Kyu Song
,
Mariya Sviderskaya
,
Ms. Rima A Turk
, and
Mr. Sebastian Weber
The Central, Eastern, and South Eastern European (CESEE) region is ripe for a reassessment of the role of the state in economic activity. The rapid income convergence with Western Europe of the early 2000s was not always equally shared across society, and it has now slowed dramatically in many countries of the region.
Keywords:
DPPP; DP; private sector; CESEE country; country authorities; economic activity; return on assets; ownership policy; IMF staff calculation; return on equity; holding company; support SOEs; country authority datum; composite index; aluminum company Hydro Aluminum A.S.; company Hydro Aluminum A.S.; SOE performance; government interference; Public enterprises; Privatization; Corporate governance; Employment; Global; Eastern Europe; SOE governance; CESEE region SOB; SOE presence; governance index; Total factor productivity; Europe
Cover IMF Working Papers
State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly
Uwe Böwer
State-owned enterprises (SOEs) play an important role in Emerging Europe’s economies, notably in the energy and transport sectors. Based on a new firm-level dataset, this paper reviews the SOE landscape, assesses SOE performance across countries and vis-à-vis private firms, and evaluates recent SOE governance reform experience in 11 Emerging European countries, as well as Sweden as a benchmark. Profitability and efficiency of resource allocation of SOEs lag those of private firms in most sectors, with substantial cross-country variation. Poor SOE performance raises three main risks: large and risky contingent liabilities could stretch public finances; sizeable state ownership of banks coupled with poor governance could threaten financial stability; and negative productivity spillovers could affect the economy at large. SOE governance frameworks are partly weak and should be strengthened along three lines: fleshing out a consistent ownership policy; giving teeth to financial oversight; and making SOE boards more professional.
Keywords:
WP; SOE performance; output share; SOE governance challenge; governance reform; SOE profitability; State-Owned Enterprises; Emerging Europe Author’s; firm profitability; SOE landscape; oversight unit; ownership function; performance target; reform effort; professionalized SOE board; infrastructure sector; Public enterprises; Energy sector; Services sector; Contingent liabilities; Productivity; Europe
Cover IMF Working Papers
Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia
Mr. Juan Zalduendo
This paper reviews developments in corporate performance in the FYR Macedonia during the 1990s. The paper finds substantial differences in performance between surviving old firms and nimbler new ones. The paper reviews factors that facilitated restructuring among surviving firms, and concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance. The paper also shows that the predominance of insider privatization and the resulting low ownership concentration is one of the reasons for the poor performance of surviving firms.
Keywords:
WP; firm; label; enterprise restructuring; ownership structure; Type A firm; corporate performance; ownership concentration; transition economies; type B firm; sector development; utility company; enterprise sector; enterprise performance; privatized firm; firm size; Privatization; Arrears; Employment; Labor productivity; Competition
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix sheds light on the Former Yugoslav Republic (FYR) of Macedonia’s low growth and high unemployment during the 1990s by analyzing enterprise level data. The paper provides some background information on FYR Macedonia’s enterprise sector. It presents an assessment of enterprise sector developments during the 1990s, including the extent of firm entrance and exit. The paper also describes the results of an econometric study that examines the factors that have facilitated restructuring in surviving firms since FYR Macedonia’s independence in September 1991.
Keywords:
ISCR; CR; firm; label; loss-making firm; enterprise conglomerate; utility company; C. factors facilitating enterprise restructuring; privatized firm; firm size; FYR Macedonia; labor-skill firm; Arrears; Employment; Labor productivity; Privatization; Capital productivity
Cover IMF Staff Country Reports
Mongolia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes growth and recovery in Mongolia during transition. The paper describes the major sources of economic growth in Mongolia since the early 1980s in the context of a basic growth accounting framework. It discusses Mongolia’s post-transition growth performance relative to other transition countries. This paper also summarizes the main weaknesses of the existing national accounts statistics and reviews the recent developments and prospects for the main components of GDP.
Keywords:
ISCR; CR; authority; firm; Mongolia; tertiary sector; GDP deflator; gas distribution company; physical capital; enterprise performance; low income; animal loss; transition economy; output recovery; cashmere company; beverage company; market economy; Privatization; Energy sector; Agricultural sector; Total factor productivity; Central and Eastern Europe
Cover IMF Staff Country Reports
Bulgaria: Selected Issues and Statistical Appendix
International Monetary Fund
The extensive growth model introduced under central planning in the 1950s resulted in rapid industrialization and initially high growth. The efforts to bring the banking system on a sound footing following the 1996–97 crises have hardened budget constraints, but they have yet to result in a reorientation of banking sector activities toward private sector lending. The following statistical data are presented in detail: industrial sector, services by branches, income accounts, financial performance of state-owned enterprises, monetary survey, the exchange rates, and so on.
Keywords:
ISCR; CR; Bulgaria; enterprise; regime; trade; firm; enterprise reform; corporate governance; private sector; enterprise restructuring; enterprise privatization; enterprise access; trade reform; investment rate; Tariffs; Trade policy; Trade barriers; Trade liberalization; Privatization; Europe
Cover IMF Working Papers
How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine
Mr. Alexander Pivovarsky
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.
Keywords:
WP; ownership concentration; enterprise performance; ownership structure; joint stock; Corporate Governance; Ownership; Privatization; Transition; privatization method; bank rank; Stocks; Total factor productivity; Labor productivity; Stock markets; Central and Eastern Europe; Europe; Global
Cover Growth Experience in Transition Countries, 90-98
Growth Experience in Transition Countries, 90-98
International Monetary Fund

Abstract

This study, another in the series focusing on special issues in transition, reviews the experience of output decline and recovery in the 25 countries of eastern and central Europe and the Baltics, Russia, and other countries of the former Soviet Union. Although these countries began the process of economic transformation with similar circumstances of output decline, the extent of decline, its duration, and the sustainability of recovery in growth varied considerably. The authors explore the factors behind this variation and find that the most important policies promoting early and sustained recovery were ones that supported financial stabilization and structural reforms in key areas such as private sector development, the tax system, economic liberalization, and secure property rights.

Keywords:
OP; transition country; country; economy; transition economy; rating agency; market signal; productivity calculation; Structural reforms; Privatization; Foreign direct investment; Productivity; Europe; Baltics; Central and Eastern Europe; Asia and Pacific