The Economics of Privatization: Evidence from the Baltics and St. Petersburg

SBR-9511465 Derek C.琼斯，汉密尔顿学院 该项目将收集俄罗斯彼得堡100家新私有化公司的数据。 这些新的且可能非常有用的数据将与之前收集的拉脱维亚、立陶宛和爱沙尼亚公司的数据相结合，以研究所有权形式（特别是员工所有权）对公司业绩的影响。 例如，员工持股比例高的企业与没有员工持股比例的企业相比，劳动生产率水平是否有显著差异？ 员工持股水平是否会影响企业对需求冲击和价格变化的调整方式？ 这些国家的经济从指令型经济迅速转变为市场型经济，创造了一个重要的“自然实验”，以检验雇员拥有和控制公司的激励效应理论。 使这一“试验”更加丰富的是，尽管波罗的海各共和国和俄罗斯都是在类似的经济环境中开始的，但自独立以来，它们在私有化方面走的道路却大相径庭。 实证工作将包括使用标准生产函数框架估计所有权变量的生产率效应，以及估计为企业选择的所有权和控制权的离散选择模型。

SBR-9511465 Derek C. Jones, Hamilton College This project will collect data on 100 newly privatized firms in St. Petersburg, Russia. This new, and potentially very useful, data will be combined with previously collected on firms in Latvia, Lithuania, and Estonia to study the effect of ownership forms, particularly employee ownership, on firm performance. As an example, do firms with high levels of employee ownership have substantially different levels of labor productivity than do firms in which there is no employee ownership? Does the level of employee ownership affect the way the firm adjusts to demand shocks and price changes? The swift transformation of the economies of these countries from command to market-based has created an important "natural experiment" with to test theories about the incentive effects of ownership and control of the firm by its employees. This "experiment" is made richer by the fact that, although they all began with similar economic environments, since independence the Baltic Republics and Russia have followed very different paths concerning privatization. The empirical work will consist of the estimation of the productivity effect of ownership variables using a standard production function framework and the estimation of discrete choice models of the ownership and control chosen for the firm.