Does ownership always matter? Evidence from the Indian banking industry

Existing empirical evidence on the ownership-performance issue is weighted towards the property rights hypothesis that private enterprises are superior to public enterprises. However, very few studies examine a developing country in which the strong link between the market for corporate control and the efficiency of private enterprises assumed by the property rights hypothesis may not be satisfied. Our study of the Indian banking industry confirms our expectation that, in the absence of well-functioning capital markets, there may not be significant differences in the performance of private and public enterprises. Our analysis highlights the importance of creating appropriate institutions prior to pursuing privatization in developing countries.

Public policy and foreign-based enterprises in Britain prior to the Second World War

This article examines the early evolution of British policy, prior to the Second World War. The British government adopted an ‘open’ policy towards foreign direct investment (FDI), despite periodic fears that some foreign acquisitions of UK firms in key sectors might be detrimental to the national interest, and a few ad hoc attempts to deal with particular instances of this kind. During the 1930s, when the inflow of foreign firms accelerated following Britain's adoption of general tariff protection, the government developed a sophisticated admissions policy, based on an assessment of the likely net benefit of each applicant to the British economy. Its limited regulatory powers were used to maximize the potential of immigrant firms for technology transfer, enhanced competition, industrial diversification, and employment creation (particularly in the depressed regions), while protecting British industries suffering from excess capacity.

La reestructuración de empresas públicas: el caso de los puertos de América Latina y el Caribe = The restructuring of public-sector enterprises: the case of Latin American and Caribbean ports

Incluye Bibliografía

The restructuring of public-sector enterprises: the case of Latin American and Caribbean ports

Includes bibliography

Mixed Public-Private Enterprises in Europe: Economic Theory and an Empirical Analysis of Italian Water Utilities. Bruges European Economic Research (BEER) Papers 4/July 2006

Mixed enterprises, which are entities jointly owned by the public and private sector, are spreading all over Europe in local utilities. Well aware that in the vast majority of cases the preference of local authorities towards such governance structure is determined by practical reasons rather than by the ambition to implement new regulatory designs (an alternative to the typical “external” regulation), our purpose is to confer some scientific value to this phenomenon which has not been sufficiently investigated in the economic literature. This paper aims at proposing an economic analysis of mixed enterprises, especially of the specific configuration in which the public partner acts as controller and the private one (or “industrial” partner) as service provider. We suggest that the public service concession to mixed enterprises could embody, under certain conditions, a noteworthy substitute to the traditional public provision and the concession to totally private enterprises, as it can push regulated operators to outperform and limit the risk of private opportunism. The starting point of the entire analysis is that ownership allows the (public) owner to gather more information about the actual management of the firm, according to property rights theory. Following this stream of research, we conclude that under certain conditions mixed enterprises could significantly reduce asymmetric information between regulators and regulated firms by implementing a sort of “internal” regulation. With more information, in effect, the public authority (as owner/controller of the regulated firm, but also as member of the regulatory agency) can stimulate the private operator to be more efficient and can monitor it more effectively with respect to the fulfilment of contractual obligations (i.e., public service obligations, quality standards, etc.). Moreover, concerning the latter function, the board of directors of the mixed enterprise can be the suitable place where public and private representatives (respectively, welfare and profit maximisers) can meet to solve all disputes arising from incomplete contracts, without recourse to third parties. Finally, taking into account that a disproportionate public intervention in the “private” administration (or an ineffective protection of the general interest) would imply too many drawbacks, we draw some policy implications that make an equitable debate on the board of the firm feasible. Some empirical evidence is taken from the Italian water sector.

Survey of enterprises in the liberal, labor and radical movements in the United States, prepared for the American Fund for Public Service, Inc.,

Mode of access: Internet.

Public policies and work integration social enterprises: the challenges of institutionalism in a neoliberal era.

One particular field of Social Enterprise – WISEs or Work Integration Social Enterprises – has become increasingly recognised as being emblematic of the dynamics of social enterprises and now constitutes a major sphere of their activity globally. From their early roots, focusing on providing productive activity for the blind and those with other physical and/or intellectual disabilities, WISEs are pioneers in promoting the integration of excluded persons through a productive activity. In recent decades, WISEs have incrementally evolved as a tool for implementing national and regional labour market policies. The papers in this special edition explore how populations of WISEs in different country contexts have emerged, and in some instances, shifted in their identities over time in relation to changing national or regional public policies. This special issue is part of the ICSEM project, a worldwide research project aiming to identify, analyze and compare social enterprise models across countries, regions and fields. The special issue features five country specific analyses from the first stage of the ICSEM project where researchers focusing on WISEs examined the policy environment surrounding WISEs and the heterogeneity of the organizational WISE models that have emerged in different contexts: Ireland, the United States, Japan, Austria and Switzerland.

Public internet access revisited

In recent years the Australian government has dedicated considerable project funds to establish public Internet access points in rural and regional communities. Drawing on data from a major Australian study of the social and economic impact of new technologies on rural areas, this paper explores some of the difficulties rural communities have faced in setting up public access points and sustaining them beyond their project funding. Of particular concern is the way that economic sustainability has been positioned as a measure of the success of such ventures. Government funding has been allocated on the basis of these rural public access points becoming economically self-sustaining. This is problematic on a number of counts. It is therefore argued that these public access points should be reconceptualised as essential community infrastructure like schools and libraries, rather than potential economic enterprises. Author Keywords: Author Keywords: Internet; Public access; Sustainability; Digital divide; Rural Australia

Examining accountability dimensions in state-owned enterprises

This paper examines accountability in the context of New Zealand's state-owned enterprises (SOEs), and considers an accountability framework which extends beyond traditional (upward and outward) dimensions. While traditional accountability dimensions are clearly detailed in the legislation, less clear are the dilemmas and contradictions faced by SOEs, balancing multiple interests, and at times, conflicting objectives. These issues are explored through interviews conducted in two phases over a two year period with senior executives from 12 of the then 17 SOEs operating in New Zealand. Findings reveal a number of dimensions of accountability that extend beyond current conceptualisations of accountability in the public sector, often including multiple directions of accountability. Implications suggest the need for a more explicit framework of accountability relevant to the SOE context, which may serve useful in identifying potential pathways to conflict mitigation.

Innovative and entrepreneurial activity in the public sector : the changing face of public sector institutions

This paper investigates the elements which support innovative and entrepreneurial activity in New Zealand’s state owned enterprises (SOEs). An inductive case study design, involving interview data, textual analysis, and observation, was applied to three SOEs. Findings reveal that those aspects typically associated with entrepreneurship, such as innovation, risk acceptance, pro-activeness and growth, are often supported by a number of unexpected elements within the public sector. These elements include culture, branding, operational excellence, cost efficiency, and knowledge transfer. The implications are twofold. First, that innovative and entrepreneurial activity in the public sector can go beyond policy-making, with SOEs representing an important policy decision and sector of the New Zealand Government. And second, that the impact of several SOEs on international markets suggests competition on the global stage will increasingly come from both public and private sector organizations.