Essays on Firm Ownership, Performance and Value.
This dissertation studies the relationship between firm ownership and firm performanceas measured by firm productivity and profitability. Given the vast dispersion in owner andfirm characteristics, changes in ownership have the potential to translate into differences infirm performance. Chapter 2 focuses on differences in performance between foreign-ownedand domestic-owned enterprises. It uses firm-level micro data from India to study thedirect impact of foreign ownership on firm productivity. There appears to be no significantdifference in the performance of foreign-acquired versus non-acquired firms over the shortrun, but there is evidence of a productivity improvement for foreign-acquired firms overa longer time horizon. Conversely, foreign divestitures do not lead to significant differencesin performance between foreign-divested firms and firms that remain foreign-owned.Exploiting a unique longitudinal dataset of Chinese enterprises, Chapter 3 studies theimportance of degrees of foreign ownership by examining the implications of full versuspartial foreign ownership. Using a difference-in-differences matching estimator and threealternative measures of profitability, firm performance is found to neither improve nordeteriorate after foreign buyouts. Chapter 4 presents a model explaining how governmentsdecide the order in which to privatize state owned enterprises. The model gives the cleartestable prediction that firms which would experience the greatest improvement in profitlevels after privatization should be privatized first. The validity of the theoretical resultis tested on a firm level panel data set constructed from Bulgarian Privatization Agencydocuments. The empirical estimation confirms that firms with larger gaps between their average after privatization profits and before privatization profits are privatized sooner.
Year of publication: |
2009-05-15
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Authors: | Petkova, Neviana I. |
Subject: | Multinational Enterprises | Foreign Direct Investment | Joint Ventures | Privatization | Difference-in-Differences | Matching Estimator | Business and Economics |
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