Modes and survival of private participation projects in 94 emerging economies
Jiang, Yi, Peng, Mike, & Yang, Xiaohua (2008) Modes and survival of private participation projects in 94 emerging economies. In Solomon, George (Ed.) Academy of Management 2008 Annual Meeting Proceedings – The Questions We Ask, 8 – 13 August, Anaheim, California, United States.
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Many emerging economies recently have launched ambitious efforts to privatize state-owned enterprises (SOEs). However, not all privatization entails complete ownership transfer from public to private hands. In many industries, especially in infrastructure industries, privatization has often been technically labeled “private participation.” In this article, we recognize different governance modes in private participation projects (namely, internal, hybrid, and market governance). We draw on transaction cost economics to conceptualize these modes as different transactions between the state and the private entity. Using data on 2,550 private participation projects in infrastructure in 94 emerging economies, we show that firms self-select private participation modes based on institutional uncertainty and asset specificity. We also find that survival differences across modes of private participation arise as a function of countries’ institutional uncertainty and private entities’ asset specificity.
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|Item Type:||Conference Paper|
|Additional Information:||Self-archiving of the author-version is not yet supported by this publisher.
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|Keywords:||Transaction Cost Economics, Privatization, Institutional Environment|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > International Business (150308)|
|Divisions:||Current > Research Centres > Australian Centre for Business Research
Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Management
|Copyright Owner:||Copyright 2008 Academy of Management|
|Deposited On:||02 Feb 2009 00:03|
|Last Modified:||10 Aug 2011 16:48|
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