scholarly journals Insider Privatization with a Tail: The Buyout Price and Performance of Privatized Firms in Rural China

2003 ◽  
Author(s):  
Hongbin Li ◽  
Scott Rozelle
Keyword(s):  
Rural China ◽  
Privatized Firms ◽  
And Performance ◽  
Insider Privatization

Privatizing Rural China: Insider Privatization, Innovative Contracts and the Performance of Township Enterprises

2003 ◽  
Vol 176 ◽  
pp. 981-1005 ◽  
Author(s):  
Hongbin Li ◽  
Scott Rozelle
Keyword(s):  
Local Government ◽  
Local Governments ◽  
Rural China ◽  
Firm Level ◽  
Policy Makers ◽  
Book Value ◽  
The World ◽  
Privatized Firms ◽  
Privatization Process ◽  
Insider Privatization

This article examines the privatization of China's township enterprises. According to our survey of 670 firms in 15 randomly selected counties in Jiangsu and Zhejiang provinces, more than half of the firms owned by local government were completely privatized by 1999. The privatization process is striking for two reasons. First, local governments almost always sold firms to insiders, while in the rest of the world privatization largely involves outsiders. Secondly, unlike the predictions of some academics and policy makers, many privatized firms have experienced an increase in performance. Drawing on firm-level survey data and extensive interviews with government leaders and managers, we found that leaders devised a way to elicit information from the buyer at the time of the sale about the firm's future profitability that enabled them to execute privatization successfully. Our analysis shows that the performance of firms with new owners that paid a price for the firm that exceeded the book value of its assets is on par with the performance of private firms after privatization since they also received strong incentives.

scholarly journals Endogena korupcija kao ravnoteza sekvencijalne igre

2003 ◽  
Vol 44 (156) ◽  
pp. 21-43
Author(s):  
Milic Milovanovic
Keyword(s):  
Working Conditions ◽  
Perfect Information ◽  
Equilibrium Strategy ◽  
Backward Induction ◽  
Power Struggle ◽  
Extensive Form ◽  
Sequential Game ◽  
Privatized Firms ◽  
Motivational Structure ◽  
Insider Privatization

In this paper power struggle over the control of an insider privatized firm is modeled as a sequential game with perfect information. The endogenous corruption is a consequence of an insider privatization plan, where employees obtain majority of shares. In the post privatization game three players are dominant: managers, employees, and outside owners. Managers are by far the strongest player, with their key position in privatized firms despite their minority ownership stake. Since managers control working conditions of employees-cum-owners, they exercise an unparalleled power. Motivational structure is given for each player. Their ranked lists of goals and fears are necessary in order to specify parameters for the model. The game is modeled in an extensive form, and backward induction suggests a coalition of insiders (managers and employees) against the interests of outsiders. Under stated conditions, the equilibrium strategy results in an endogenous corruption.

The effects of ownership concentration on investment and performance in privatized firms in Russia

2001 ◽  
Vol 22 (6) ◽  
pp. 299-313 ◽  
Author(s):  
Igor Filatotchev ◽  
Rostislav Kapelyushnikov ◽  
Natalya Dyomina ◽  
Sergey Aukutsionek
Keyword(s):  
Ownership Concentration ◽  
Privatized Firms ◽  
And Performance

Application and performance of eco-bag revetment for water purification in lake environments: a case study from rural China

2019 ◽  
Vol 68 (2) ◽  
pp. 149-156 ◽  
Author(s):  
Van Tai Tang ◽  
Eldon R. Rene ◽  
Qiuhong Li
Keyword(s):  
Water Purification ◽  
Rural China ◽  
And Performance

The evolutionary and ecological perspectives on organizational form, strategy and performance: evidence from privatized firms in China

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Xu Han
Keyword(s):  
Evolutionary Economics ◽  
Organizational Form ◽  
Evolution Process ◽  
Exogenous Shock ◽  
Market Strategy ◽  
Content Type ◽  
New Organizational Forms ◽  
Privatized Firms ◽  
Organization Ecology ◽  
And Performance

Purpose This study aims to examine how evolutionary and ecological forces shape the market strategy and performance of firms after their organizational form was changed by exogenous shock. Design/methodology/approach Hypotheses are developed based on both evolutionary and ecological perspectives and tested using fixed effect logistics models and a sample of 3,110 firms that were privatized during 1998–2007. Findings I find that once the organizational form of firms is changed, the market strategy of organizations is shaped by the population density of their old and new organizational forms in their existing market. Moreover, such a market strategy enhances the survival chance of firms. Originality/value This study contributes to organizational evolution literature by unpacking the evolution process when exogeneous shock to organizational form takes place. It advances both evolutionary economics and organization ecology theory through integrating them to understand the evolution process of organizations. This study also contributes to the privatization literature through examining the ecological forces that shape the restructuring strategy of firms after privatization and the performance implications of such restructuring.

scholarly journals Diagnostic Yield and Performance of a Large Population-Based Cervical Cancer Screening Program in High-Risk Rural China

2020 ◽  
Vol 11 (13) ◽  
pp. 4000-4006
Author(s):  
Zhilian Wang ◽  
Tiannan Wang ◽  
Jing Yang ◽  
Wei Wang ◽  
Lili Zhang ◽  
...  
Keyword(s):  
Cervical Cancer ◽  
High Risk ◽  
Screening Program ◽  
Diagnostic Yield ◽  
Rural China ◽  
Large Population ◽  
Population Based ◽  
Cancer Screening Program ◽  
Cervical Cancer Screening Program ◽  
And Performance

scholarly journals Effectiveness of a primary care-based integrated mobile health intervention for stroke management in rural China (SINEMA): A cluster-randomized controlled trial

PLoS Medicine ◽  
2021 ◽  
Vol 18 (4) ◽  
pp. e1003582
Author(s):  
Lijing L. Yan ◽  
Enying Gong ◽  
Wanbing Gu ◽  
Elizabeth L. Turner ◽  
John A. Gallis ◽  
...  
Keyword(s):  
Primary Care ◽  
Mobile Health ◽  
Rural China ◽  
Controlled Trial ◽  
Health Intervention ◽  
Activity Level ◽  
Timed Up And Go ◽  
And Performance ◽  
Cluster Randomized

Background Managing noncommunicable diseases through primary healthcare has been identified as the key strategy to achieve universal health coverage but is challenging in most low- and middle-income countries. Stroke is the leading cause of death and disability in rural China. This study aims to determine whether a primary care-based integrated mobile health intervention (SINEMA intervention) could improve stroke management in rural China. Methods and findings Based on extensive barrier analyses, contextual research, and feasibility studies, we conducted a community-based, two-arm cluster-randomized controlled trial with blinded outcome assessment in Hebei Province, rural Northern China including 1,299 stroke patients (mean age: 65.7 [SD:8.2], 42.6% females, 71.2% received education below primary school) recruited from 50 villages between June 23 and July 21, 2017. Villages were randomly assigned (1:1) to either the intervention or control arm (usual care). In the intervention arm, village doctors who were government-sponsored primary healthcare providers received training, conducted monthly follow-up visits supported by an Android-based mobile application, and received performance-based payments. Participants received monthly doctor visits and automatically dispatched daily voice messages. The primary outcome was the 12-month change in systolic blood pressure (BP). Secondary outcomes were predefined, including diastolic BP, health-related quality of life, physical activity level, self-reported medication adherence (antiplatelet, statin, and antihypertensive), and performance in “timed up and go” test. Analyses were conducted in the intention-to-treat framework at the individual level with clusters and stratified design accounted for by following the prepublished statistical analysis plan. All villages completed the 12-month follow-up, and 611 (intervention) and 615 (control) patients were successfully followed (3.4% lost to follow-up among survivors). The program was implemented with high fidelity, and the annual program delivery cost per capita was US$24.3. There was a significant reduction in systolic BP in the intervention as compared with the control group with an adjusted mean difference: −2.8 mm Hg (95% CI −4.8, −0.9; p = 0.005). The intervention was significantly associated with improvements in 6 out of 7 secondary outcomes in diastolic BP reduction (p < 0.001), health-related quality of life (p = 0.008), physical activity level (p < 0.001), adherence in statin (p = 0.003) and antihypertensive medicines (p = 0.039), and performance in “timed up and go” test (p = 0.022). We observed reductions in all exploratory outcomes, including stroke recurrence (4.4% versus 9.3%; risk ratio [RR] = 0.46, 95% CI 0.32, 0.66; risk difference [RD] = 4.9 percentage points [pp]), hospitalization (4.4% versus 9.3%; RR = 0.45, 95% CI 0.32, 0.62; RD = 4.9 pp), disability (20.9% versus 30.2%; RR = 0.65, 95% CI 0.53, 0.79; RD = 9.3 pp), and death (1.8% versus 3.1%; RR = 0.52, 95% CI 0.28, 0.96; RD = 1.3 pp). Limitations include the relatively short study duration of only 1 year and the generalizability of our findings beyond the study setting. Conclusions In this study, a primary care-based mobile health intervention integrating provider-centered and patient-facing technology was effective in reducing BP and improving stroke secondary prevention in a resource-limited rural setting in China. Trial registration The SINEMA trial is registered at ClinicalTrials.gov NCT03185858.

scholarly journals New evidence on the performance of Italian privatized firms: Should the experiment be repeated in the aftermath of the recent financial crisis?

2015 ◽  
Vol 12 (3) ◽  
pp. 94-113
Author(s):  
Ottorino Morresi ◽  
Andrea Oro Nobili
Keyword(s):  
International Studies ◽  
Efficiency Gains ◽  
Leverage Ratio ◽  
Performance Improvements ◽  
Financial Firms ◽  
Privatized Firms ◽  
Recent Financial Crisis ◽  
And Performance ◽  
Private Investors ◽  
New Evidence

We provide new evidence on the performance of privatized firms in Italy. On a large sample of 53 non-financial firms privatized from 1992 to 2005, our study shows that privatizations improve efficiency and profitability ratios, sales, and dividend payout. The most important determinant of performance and efficiency gains is the full transfer of control to private investors. Unlike the prevalent international evidence, we find that privatizations result in an increase of leverage ratio and do not affect the number of employees. Moreover, in contrast to international studies, we also find that efficiency and performance improvements are larger in firms operating in protected sectors, and that state-owned firms acquired by foreign investors do not appear to fare better after their privatization. Finally, we find that performance and efficiency gains already occur some years before the date of privatization

An Empirical Analysis on IPO Underpricing and Performance of Newly Privatized Firms in China

1998 ◽  
Vol 01 (04) ◽  
pp. 461-479 ◽  
Author(s):  
Sangphill Kim ◽  
Meng Rui ◽  
Peter Xu
Keyword(s):  
Initial Public Offerings ◽  
Stock Exchange ◽  
Initial Period ◽  
The Political ◽  
Ipo Underpricing ◽  
Public Offerings ◽  
Privatized Firms ◽  
The Government ◽  
And Performance ◽  
Period Return

Using 45 Initial Public Offerings (IPOs) on the Shanghai Stock Exchange in 1993, we find that the average initial period return is 594 percent or 2.44 percent per day between the offer date and the listing date. Our results support the political persuasion hypothesis that has been postulated in previous studies on IPOs in other emerging markets. An IPO in China is also a newly privatized firm. Based on a subset of the IPO sample, we find significant increases in profitability and productivity after privatization. But the improvement in performance is not strongly related to the percentage of total shares retained or controlled by the government.

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