Fixing State Owned Enterprises
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Fixing State Owned Enterprises
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Author : Aldo Musacchio
language : en
Publisher: Inter-American Development Bank
Release Date : 2019-11-20
Fixing State Owned Enterprises written by Aldo Musacchio and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-20 with Business & Economics categories.
The situation of state-owned enterprises (SOEs) in Latin America and the Caribbean continues to be dire. This book uses an original database of SOE performance that shows that every year about one-third of such enterprises in the region report losses (up to 70 percent in some countries) and that they require between 0.3 and one percentage point of GDP in fiscal transfers to cover such losses. Countries in the region have adopted centralized agency monitoring of their SOEs, managed to reduce the fiscal burden of SOEs, shown better financial returns, and accumulated less liabilities to GDP, thus generating less fiscal risk for the government overall. Each of the chapters provides a practical way to solve either asymmetry of information problems in the monitoring of SOEs or solutions to reduce the discretionary nature of the fiscal governance of SOEs. Chapter 2 details the kinds of fiscal risks and contingent liabilities that SOEs create for governments and provides a set of controls to limit those risks. Chapter 3 shows that allowing SOEs to issue bonds has been an ineffective way of hardening their budget constraint, given that investors price those bonds at a discount. Chapter 4 presents a state-contingent financial instrument that allows investors to value an SOE. Chapter 5 provides empirical evidence on the advantages of SOE centralized monitoring agencies in Latin America and the Caribbean, highlighting Chile, Peru, and Paraguay. Chapter 6 examines the experience of East Asian countries with holding companies and discusses when holding companies are a better vehicle to control SOEs. Chapter 7 suggests ways to align the incentives of politicians and SOE managers to provide better goods and services. Finally, Chapter 8 provides a practical guide to improve the monitoring of SOEs and to design a centralized monitoring agency.
Fixing State Owned Enterprises
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Author : Aldo Musacchio
language : en
Publisher:
Release Date : 2020-11-20
Fixing State Owned Enterprises written by Aldo Musacchio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-20 with categories.
The Evolution And Management Of State Owned Enterprises
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Author : Yair Aharoni
language : en
Publisher: Cambridge, Mass. : Ballinger Pub.
Release Date : 1986
The Evolution And Management Of State Owned Enterprises written by Yair Aharoni and has been published by Cambridge, Mass. : Ballinger Pub. this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Business & Economics categories.
Corporate Governance Of State Owned Enterprises A Survey Of Oecd Countries
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2005-12-16
Corporate Governance Of State Owned Enterprises A Survey Of Oecd Countries written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-16 with categories.
Presents the OECD Guidelines on Corporate Governance of State-Owned Enterprises as well as a comparative overview of main practices and issues related to corporate governance of state-owned enterprises in the OECD area.
Resource Misallocation Among Listed Firms In China The Evolving Role Of State Owned Enterprises
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Author : Ms. Emilia M Jurzyk
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-12
Resource Misallocation Among Listed Firms In China The Evolving Role Of State Owned Enterprises written by Ms. Emilia M Jurzyk and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-12 with Business & Economics categories.
We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.
Governance And State Owned Enterprises How Costly Is Corruption
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Author : Ms.Anja Baum
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-22
Governance And State Owned Enterprises How Costly Is Corruption written by Ms.Anja Baum and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-22 with Social Science categories.
State-owned enterprises (SOEs) are present in key sectors of the economies around the world. While they can provide an important public service, there is widespread concern that their activities are negatively affected by corruption. However, there is limited cross-country analysis on the costs of corruption for SOEs. We present new evidence on how corruption affects the performance of SOEs using firm level data across a large number of countries. One striking result is that SOEs perform as well as private firms in core sectors when corruption is low. Taking advantage of a novel database reforms, we also show that SOE governance reforms can generate significant performance gains.
The State Owned Enterprise As A Vehicle For Stability
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Author : Neil Efird
language : en
Publisher:
Release Date : 2010-04-30
The State Owned Enterprise As A Vehicle For Stability written by Neil Efird and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-30 with categories.
As providers of essential public or commercial services, state-owned enterprises (SOEs) are important in modern economies. Since SOEs are ubiquitous in the global economy, they are likely to be present in conflict-prone societies. In such environments, the defining political and economic systems within which the SOEs exist are likely to embody the interests both of participants in the conflict and of those hoping for an end to the conflict. In stability operations, the imperative for SOEs is to become productive in a way that helps create stability. Achieving this result is apt to be difficult. SOEs are often tainted with the very elements that created the original conflict. They can be microcosms of the societal and economic problems that led to conflict, and the struggle for control over them among actual or former combatants can serve to sustain the original conflict. To avoid that outcome, campaign and development plans must address SOE issues decisively, comprehensively, and pragmatically. Although revitalizing SOEs can be complex and ambiguous, the task can be a useful, intermediate objective on the road to the end state of a sustainable economy. One multinational force commander with experience in Kosovo and Afghanistan described those particular conflict environments as "mosaic wars" offering many perspectives, which therefore made them difficult to visualize. In similar contexts, SOEs offer focal points for visualizing the intended end state of the operational environment, precisely because they often are a microcosm of a country's pre conflict power structure. Consequently, if handled correctly, SOEs can be stepping stones toward stability. Recent experience in stability operations demonstrates the value of gaining early control of and effectively restructuring SOEs. In one Liberian example, United Nations (UN) security forces took steps to enable the state-owned electric power company and state-managed rubber plantations to serve as the basis for political stability. This action yielded three immediate benefits that enhanced stabilization: (1) economic production, (2) employment, and (3) symbolization of governmental control. In contrast, the hands-off approach of the occupying UN authority in Kosovo allowed ex combatants to assume control of the all-important electric power company, which resulted in a politicized workforce and continued instability. In Iraq, Coalition forces lost opportunities for stabilization when they initially failed to reactivate potentially viable state enterprises, which might have absorbed into the legitimate workforce the potential recruits for the insurgency. In Mozambique, UN authorities failed to integrate the SOEs in a comprehensive short- and long-term development plan, owing to the UN agencies' own competing visions. The experience of countries at peace confirms the potential for SOEs to contribute to mid- and long-term economic development even in conflictprone environments. In former centrally-managed economies, as well as in free market, efforts to make SOEs more productive have centered on privatization, the process of transferring ownership to private interests. Generally, post-conflict privatization is the end state of a lengthy process, the preliminary phase of which involves repair and refurbishing of plant and equipment, restructuring of management, and revision of policies and procedures, all of which aim to make SOEs competitive in the market-place.
Corporate Governance Of State Owned Enterprises
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Author : World Bank Publications
language : en
Publisher: World Bank Publications
Release Date : 2014-10-02
Corporate Governance Of State Owned Enterprises written by World Bank Publications and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-02 with Business & Economics categories.
This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.
State Owned Enterprises In Emerging Europe The Good The Bad And The Ugly
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Author : Uwe Böwer
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-30
State Owned Enterprises In Emerging Europe The Good The Bad And The Ugly written by Uwe Böwer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-30 with Business & Economics categories.
State-owned enterprises (SOEs) play an important role in Emerging Europe’s economies, notably in the energy and transport sectors. Based on a new firm-level dataset, this paper reviews the SOE landscape, assesses SOE performance across countries and vis-à-vis private firms, and evaluates recent SOE governance reform experience in 11 Emerging European countries, as well as Sweden as a benchmark. Profitability and efficiency of resource allocation of SOEs lag those of private firms in most sectors, with substantial cross-country variation. Poor SOE performance raises three main risks: large and risky contingent liabilities could stretch public finances; sizeable state ownership of banks coupled with poor governance could threaten financial stability; and negative productivity spillovers could affect the economy at large. SOE governance frameworks are partly weak and should be strengthened along three lines: fleshing out a consistent ownership policy; giving teeth to financial oversight; and making SOE boards more professional.
Making It Big
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Author : Andrea Ciani
language : en
Publisher: World Bank Publications
Release Date : 2020-10-08
Making It Big written by Andrea Ciani and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-08 with Business & Economics categories.
Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.