Political Selection of Firms into Privatization Programs. Evidence from Romanian Comprehensive Data
Political Selection of Firms into Privatization Programs. Evidence from Romanian Comprehensive Data
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对企业进行政治选择参与私有化计划。
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发表时间：
2010
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通讯作者：
Álmos Telegdy
中科院分区：
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作者：
Ádám Szentpéteri;Álmos Telegdy
利用早期罗马尼亚私有化的一个独特的制度特征，当一组公司被明确禁止私有化，另一个是部分私有化的管理层-员工收购，我们测试如何政治家选择公司进入私有化计划。使用全面的企业数据，我们估计私有化前的企业特征之间的关系-政治家在决策时所知道的信息-和私有化对就业，效率和工资的影响。我们估计的系数，模拟非私有化和私有化企业的私有化的效果。我们发现，政治家预计私有化将增加7%-10%的就业在私有化组，而减少它在非私有化组的10%-30%，这取决于第一阶段的估计方法，普通最小二乘匹配或不匹配。我们没有发现这样的差异，在企业效率的预期变化，私有化的模拟效率的影响是大的和积极的两组企业，它是52%-65%的非私有化和41%-43%的私有化企业。分析不支持工资在私有化决策中发挥重要作用的假设。我们的研究表明，就业问题发挥了关键作用，在选择公司的私有化，即使效率收益不得不牺牲。
Exploiting a unique institutional feature of early Romanian privatization, when a group of firms was explicitly barred from privatization and another was partially privatized by management–employee buyouts, we test how politicians select firms into privatization programs. Using comprehensive firm data, we estimate the relation between preprivatization firm characteristics – the information known to politicians at the time of decision-making – and the effect of privatization on employment, efficiency, and wages. With the estimated coefficients we simulate the effect of privatization on non-privatizable and privatizable firms. We find that politicians expected privatization to increase employment in the privatizable group by 7%–10%, while to decrease it in the non-privatizable group by 10%–30%, depending on the first-stage estimation method, ordinary least squares with or without matching. We do not find such discrepancies in the expected change in firm efficiency; the simulated efficiency effect of privatization is large and positive for both groups of firms, and it is 52%–65% for non-privatizable and 41%–43% for privatizable firms. The analysis does not support the hypothesis that wages played an important role in privatization decisions. Our study suggests that employment concerns played the key role in selecting firms for privatization, even if efficiency gains had to be sacrificed.