From welfare to wealth creation A review of the literature on privatization of state-owned enterprises

摘要

Purpose - The purpose of this paper is to review several influential empirical studies that examine the performance of state-owned enterprises (SOEs). The paper undertakes a citation analysis of journals, authors and titles in the area of privatization and firm performance in general, and assesses the impact of privatization on the performance of SOEs in particular. Design/methodology/approach - The methodology is based on a systematic and structured review of over 100 papers published in economics, public management, business strategy and related social sciences. The systematic review is based on citation analysis of journals, authors and titles. The journal and author citation counts were tabulated by leveraging the databases of SCImago Journal Rankings and Google Scholar and filtered it to find out the most highly cited journals and authors. The structured review is based on the framing opinion with respect to major findings, variables selected, measurement techniques and statistical tools applied by different researchers. The impact is measured through coding a value "P" in case of positive effects, "N" in case of negative effects and "NT" in case the study found both positive and negative effects. Findings - The citation analysis reveals that American Economic Review,Journal of Financial Economics, Review of Financial Studies and Journal of Finance as the top-cited journals, and Megginson and Netter (3,468), Megginson et at (1,737), Djankov and Murrell (1,356), Boardman and Vining (1,320), Balsam et al. (1,094) and DeWenter and Malatesta (1,018) as the top-cited authors in this particular research field. While majority research studies have revealed a significant improvement in the performance of SOEs in the post-privatization period, few studies have reserved their impact as neutral or even negative in some respects. Originality/value - Given that economic transitions, corporate governance, and performance of SOEs have attracted a great attention from public management and business strategy scholars in recent years, this paper aims to summarize a large number of empirical studies that examine the performance of SOEs. The paper would be useful to future researchers especially the beginners and early career researchers in terms of its current trends, selection of variables, measurement techniques and statistical tools applied.