Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2023 | 15 | nr 1 | 65--89
Tytuł artykułu

State-Owned Enterprises and Endogenous Growth

Treść / Zawartość
Warianty tytułu
Języki publikacji
This article analyzes the growth impact of state ownership in enterprises by introducing state-owned enterprises (SOEs) into the endogenous, Romer-type economic growth model. We build on the empirical firm-level analysis showing that SOEs underperform their privately owned counterparts and consider SOEs' inefficiency and related subsidization in the growth model. Our model predicts that the growth rate is decreasing in the SOE inefficiency and SOE shares in final goods production and R&D sectors. The model helps to shed light on the mechanisms behind empirical facts observed in European economies in the 21st century - lower growth and innovation rates in countries with larger SOE shares. (original abstract)
Opis fizyczny
  • The Polish Academy of Science
  • [1] Antonelli C., Amidei F. B., Fassio C., (2014), The mechanisms of knowledge governance: State owned enterprises and Italian economic growth, 1950-1994, Structural Change and Economic Dynamics 31, 43-63.
  • [2] Bai C.-E., Li D. D., Tao Z., Wang Y., (2000), A multitask theory of state enterprise reform, Journal of Comparative Economics 28(4), 716-738.
  • [3] Borghi E., Del Bo C., Florio M., (2016), Institutions and firms' productivity: Evidence from electricity distribution in the EU, Oxford Bulletin of Economics and Statistics 78(2), 170-196.
  • [4] Castelnovo P., Del Bo C. F., Florio M., (2019), Quality of institutions and productivity of State-Invested Enterprises: International evidence from major telecom companies, European Journal of Political Economy 58, 102-117.
  • [5] Christiansen H., (2013), Balancing commercial and non-commercial priorities of state-owned enterprises. OECD Corporate Governance Working Papers No. 6. Paris: OECD Publishing.
  • [6] Clô S., Florio M., Rentocchini F., (2020), Firm ownership, quality of government and innovation: Evidence from patenting in the telecommunication industry, Research Policy 49(5), 103960.
  • [7] Conley T. G., (1999), GMM estimation with cross sectional dependence, Journal of Econometrics 92(1), 1-45.
  • [8] Estrin S., Meyer K. E., Nielsen B. B., Nielsen S., (2016), Home country institutions and the internationalization of state owned enterprises: A crosscountry analysis, Journal of World Business 51(2), 294-307.
  • [9] Gylfason T., Herbertsson T. T., Zoega G., (2001), Ownership and growth, The World Bank Economic Review 15(3), 431-449.
  • [10] Huang X., Li P., Lotspeich R., (2010), Economic growth and multi-tasking by state-owned enterprises: An analytic framework and empirical study based on Chinese provincial data, Economic Systems 34(2), 160-177.
  • [11] Kwiatkowski G., Gołębiowska M., Mroczek J., (2022), How much of the world economy is state-owned? Analysis based on the 2005-20 Fortune Global 500 lists, Annals of Public and Cooperative Economics.
  • [12] Lazzarini S. G., Mesquita L. F., Monteiro F., Musacchio A., (2021), Leviathan as an inventor: An extended agency model of state-owned versus private firm invention in emerging and developed economies, Journal of International Business Studies 52(4), 560-594.
  • [13] Matuszak P., Kabaciński B., (2021), Non-commercial goals and financial performance of state-owned enterprises-some evidence from the electricity sector in the EU countries, Journal of Comparative Economics 49(4), 1068-1087.
  • [14] Matuszak P., Kuźmar S., Szarzec K., (2020), Majority and minority state-owned enterprises as state aid beneficiaries-some evidence based on micro-data analysis of Polish enterprises, Technical report, Working Paper. Poznań University of Economics and Business, Poznań.
  • [15] Mazzucato M., (2013), The Entrepreneurial State: Debunking Public vs. Private Sector Myths, Anthem Press.
  • [16] Megginson W. L., (2017), Privatization, state capitalism, and state ownership of business in the 21st century, Foundations and Trends in Finance 11(1-2), 1-153.
  • [17] Megginson W. L., Netter J. M., (2001), From state to market: A survey of empirical studies on privatization, Journal of economic literature 39(2), 321-389.
  • [18] Plane P., (1992), Productive efficiency of public enterprises: A macroeconomic analysis based on cross-section estimation of a neoclassical production function, Applied Economics 24(8), 833-844.
  • [19] Robinett D., (2006), Held by the visible hand: the challenge of State-Owned Enterprise Corporate Governance for emerging markets, World Bank Group, Washington, DC.
  • [20] Romer P. M., (1990), Endogenous technological change, Journal of Political Economy 98 (5, Part 2), S71-S102.
  • [21] Shirley M., Nellis J., (1991), Public enterprise reform: The lessons of experience, The World Bank, Washington, DC.
  • [22] Shleifer A., Vishny R. W., (1994), Politicians and firms, The quarterly Journal of Economics 109(4), 995-1025.
  • [23] Shleifer A., Vishny R. W., (1998), The grabbing hand: Government pathologies and their cures, Harvard University Press.
  • [24] Song Z., Storesletten K., Zilibotti F., (2011), Growing like China, American Economic Review 101(1), 196-233.
  • [25] Szarzec K., Dombi A., Matuszak P., (2021), State-owned enterprises and economic growth: Evidence from the post-Lehman period, Economic Modelling 99, 105490.
  • [26] Szarzec K., Totleben B., Piątek D., (2022), How do politicians capture a state? evidence from state-owned enterprises, East European Politics and Societies 36(1), 141-172.
  • [27] Tihanyi L., Aguilera R. V., Heugens P., Van Essen M., Sauerwald S., Duran P., Turturea R., (2019), State ownership and political connections, Journal of Management 45(6), 2293-2321.
  • [28] Tönurist P., (2015), Framework for analysing the role of state owned enterprises in innovation policy management: The case of energy technologies and Eesti Energia, Technovation 38, 1-14.
  • [29] Wang K. T., Shailer G., (2018), Does ownership identity matter? A meta-analysis of research on firm financial performance in relation to government versus private ownership, Abacus 54(1), 1-35.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.