Halkos, George (2002): State owned enterprises, privatization and the public interest: evidence of S.O.E. performance in the Greek manufacturing. Published in: Archieves of Economic History , Vol. XV, No. 1 (March 2003): pp. 97-110.
Download (182Kb) | Preview
In this study a brief description of the policy options for the control of public enterprise under different market structures is presented. A critical examination of the drawbacks of some similar studies in the international literature is also endeavored. Moreover, using a number of suggested financial efficiency ratios a measurement of the efficiency of the state controlled enterprises for the time period 1978-1991 is attempted. The main conclusions drawn from this study are, that public owned enterprises exhibit continuously lower efficiency on average compared to the average efficiency of the industry sectors in which they belong for all the period of the study, competition contributes positively in increasing efficiency, but it is rather considered as a necessary condition than a sufficient condition for the attainment of the overall economic efficiency. Conversely, the ownership form appears to be of critical importance.
|Item Type:||MPRA Paper|
|Original Title:||State owned enterprises, privatization and the public interest: evidence of S.O.E. performance in the Greek manufacturing|
|Keywords:||Privatization; State owned enterprises; Greek manufacturing|
|Subjects:||D - Microeconomics > D2 - Production and Organizations > D20 - General
A - General Economics and Teaching > A1 - General Economics > A10 - General
|Depositing User:||G.E. Halkos|
|Date Deposited:||22. Jun 2012 13:30|
|Last Modified:||15. Feb 2013 21:00|
Atkinson E. & Halvorsen R., (1986), “The Relative Efficiency of Public and Private Firms in a Regulated Environment: The Case of U.S. Electric Utilities”, Journal of Public Economics, Vol. 29, pp. 281-294.
Bitros G. & Salamouris D., (1993), “An Inquiry into the Impediments to Economic Growth from the Financial Sector in Greece”, Centre of Economic Research, Athens University of Economics and Business.
Borcherding, T. E., Pommerehne, W. W. and Schneider, F., (1982), “Comparing the Efficiency of Private and Public Production: The Evidence from Five Countries”, Zeitschrift Fur Nationalokonomie, Supplement 2, pp.127 - 156.
Bortoloti B., Fantini M., Siniscalco D., Vitalini S., (1998), “Privatization Processes in a Cross – Section of Countries: An Empirical Analysis”, Working Paper Universita de Torino, Italy.
Caves R., (1990), “Lessons from Privatization in Britain: State Enterprise Behavior, Public Choice and Corporate Governance”, Journal of Economic Behavior and Organization, 13, pp. 145 - 169.
Caves, W. R & Christensen, L. R., (1980), “The Relative Efficiency of Public and Private Firms in a Competitive Environment: The Case of Canadian Railroads”, Journal of Political Economy, 88, pp. 958 - 976.
Caves, W., Christensen, R., Diewert E., (1982), “Multilateral Comparisons of Output, Input and Productivity Using Superlative Index Numbers”, Economic Journal, 92, pp. 73 - 86.
Cragg M. & Dyck A., (1999), “Management Control and Privatization in the UK”, Rand Journal of Economics, forthcoming.
Davies, D. G., (1971), “The Efficiency of Public Versus Private Firms: The Case of Australia’s Two Airlines”, Journal of Law and Economics, 14, pp. 149 - 165.
Davies, D. G., (1977), “Property Rights and Economic Efficiency - The Australian Airlines Revisited”, Journal of Law and Economics, 20, pp.223 - 226.
De Alesi L., (1974),“Managerial Tenure under Private and Government Ownership in the Electric Power Industry”, Journal of Political Economy, vol. 82, pp. 645 – 653.
De Alesi L., (1977),“Ownership and Peak Load Pricing in the Electric Power Industry”, Quarterly Review of Economics and Business, vol. 17, pp.60 - 70.
Domberger, S. & Piggott, J., (1986), “Privatization Policies and Public Enterprise: A survey”, The Economic Record, 62, pp.145 - 162.
Dunsire A., Hartley K, and Parker D., (1991), “Organizational Status and Performance: Summary of the Findings”, Public Administration, 69, pp. 21 - 40.
Dyck A., (1977), “Privatization in Eastern Germany: Management Selection and Economic Transition”, American Economic Review, 87, pp. 565 – 597.
Edwards R. & Stevens J., (1978), “The Provision of Municipal Sanitation Services by Private Firms: An Empirical Analysis of the Efficiency of Alternative market Structures and Institutional Arrangements”, Journal of Industrial Economics, 27, pp. 133 –147.
Forsyth J. & Hocking D., (1980), “Property Rights and Efficiency in a Regulated Environment: The Case of Australian Airlines”, Economic Record, Vol. 56, pp.182 –185.
Hartley K., Parker D., and Martin S., (1991),“Organizational Status, Ownership and Productivity”, Fiscal Studies, 12(2), pp.46 - 60.
Jordan A., (1981), “Performance in North American and Australian Airlines:Regulation and Public Enterprise”, Paper presented at the conference on managing public enterprises: Purposes and performance, Vancouver, BC, 14.
Kay, J. A. & Thompson, D. J., (1986), “Privatization: A Policy in Search of Rationale”, The Economic Journal, 96, pp.18 - 32.
Kikeri S. & Nellis J., (2002), “Privatization in Competitive Sectors: The Record Today”, World Bank Policy Research Working Paper 2860.
Kirby G., (1979), “An Economic Assestment of Australia’s two Airline Policy”, Australian Journal of Management, (4), pp. 105 – 118.
Kotsogiannis C. & Makris M., (2002), “On Production Efficiency in Federal Systems”, Economics Letters, 76, pp. 281-287. Lindsay M., (1975), Veterans Administration Hospitals: An Economic Analysis of Government Enterprise, Washington DC. Marsh, D. (1991) “Privatization under Mrs. Thatcher: A Review of the Literature”, Public Administration, 69, pp.459 - 480.
Martin S. & Parker D., (1995), “Privatization and Economic Performance throughout the UK Business Cycle”, Managerial & Decision Economics, 16, pp. 225 – 237.
Megginson W., Nash R., Randenborgh M., (1986), “The Privatization Dividend: A Worldwide Analysis of the Financial and Operating Performance of Newly Privatized Firms”, The World Bank, Private Sector Development Department, Note No 68.
Meyer A., (1975), “Publicly Owned Versus Privately Owned Utilities: A Policy Choice”, Review of Economics and Statistics, 57, pp.391 –399.
Neuberg G., (1977), “Two Issues in the Municipal Ownership of Electric Power Distribution Systems”, Bell Journal of Economics, 8, pp.303 – 323.
Newbery D. & Pollitt M. (1997), “The Restructuring and Privatization of Britain’s GEGB – Was it Worth it?”, Journal of Industrial Economics, 45, pp. 269 – 303.
Omran M., (2001), “Detecting the Performance Consequences of Privatizing Egyptian State – Owned Enterprises: Does Ownership Structure Really Matter”, Mimeo.
Pescatrice, D. R. & Trapani, M. J., (1980), “The Performance and Objectives of Public and Private Utilities Operating in the U.S”, Journal of Public Economics, vol.13, pp.259 - 275.
Pier J., Vernon B., Wicks H., (1974), “An Empirical Comparison of Government and Private Production Efficiency”, National Tax Journal, 27, pp. 653 – 656.
Primeaux J., (1977), “An Assessment of X-Efficiency Gained through Competition”, Review of Economics and Statistics, 59, pp. 105 – 113.
Provopoulos, G. A, (1985), The Public Sector in the Greek Economy, Current Tendencies and Economic Consequences, Institute of Economic and Industrial Research, Athens.
Pryke, R., (1981), The Nationalized Industries, Policies and Performance since 1968, Oxford, Martin Robertson.
Pryke, R., (1982),“The Comparative Performance of Public and Private Enterprise”, Fiscal Studies, 3, pp. 68 - 81.
Savas, S., (1977),“An Empirical Study of Competition in Municipal Service Delivery”, Public Administration Review, vol. 37, pp. 717 - 724.
Vickers, J. & Yarrow, G., (1988), Privatization: An Economic Analysis, (Cambridge, Massachusetts: MIT press).
Vining, R. A. & Boardman, E. A., (1992), “Ownership Versus Competition: Efficiency in Public Enterprise”, Public Choice, 73, pp. 205 - 239.
Spann M., (1977), “Public Versus Private Provision of Government Services” in T. E. Borchering (ed), Budgets and Bureaucrats: The Sources of Government Growth, Chapell Hill, NC: Duke University Press.
Tzouanaki K., Chilas J., Thanos G. (2002), “A Critical Approach to the Development Dimension of Legal Entities’ Income Tax Through two Important Laws of the Greek Investment Incentives Policy, (Laws 1262/1982, 192/1990)”, Archives of Economic History, Vol. XIV, No (1), pp. 277 – 306.
Wasserfallen W. & Muller S., (1998), “Deregulation and Privatization: Evidence from the Telecommunications Industry in Europe and Implications for Switzerland, Working Paper (Studienzentrum Gerzensee, Switzerland).
Yanker A., (1975), “The Economic Performance of Public and Private Enterprise: The Case of U.S Electric Utilities”, Journal of Economics and Business, 28, pp.60 – 67.