Selling the family silver to pay the grocers bill? The case of privatization in India
نویسنده
چکیده
Using data on Indian government-owned rms, we investigate the e¤ect of privatization on the performance of these rms. Our results suggest that privatization is positively associated with the pro tability and e¢ ciency of of government-owned rms. Despite the small number of transactions, selling majority equity stakes to private owners has an economically signi cant impact on rm performance. Moreover, privatization is not associated with layo¤s or a decline in employee compensation. These results are robust to controlling for the observable and unobservable characteristics of rms selected for privatization, and industry and country level reforms. Kelley School of Business, Indiana University, [email protected]. This paper has bene ted from the comments of Jagdish Bhagwati, Arvind Panagariya, T.N. Srinivasan, Jan Svejnar, Ashutosh Varshney, and the participants at the Workshop on the Indian Economy, August 2010 and the Conference on Indian Economic Reforms, November 2010, Columbia University. All remaining errors are my own. Work on this paper has been supported by Columbia Universitys Program on Indian Economic Policies, funded by a generous grant from the John Templeton Foundation. The opinions expressed in the paper are those of the author and do not necessarily reect the views of the John Templeton Foundation.
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