Ownership, Exit and Voice after Mass Privatization: Evidence from Mongolia

Posted: 31 Mar 1999

See all articles by James H. Anderson

James H. Anderson

World Bank - Governance Global Practice

Georges Korsun

Deloitte Touche Tohmatsu - Financial Advisory Services

Peter Murrell

University of Maryland - Department of Economics

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Abstract

Exit (owners selling their shares) and voice (owners active in corporate activities) are important ingredients in the process by which mass privatization changes managerial behaviour in transition countries. We examine the structure of ownership and the extent of exit and voice in one such country, Mongolia. We document the size of ownership changes since privatization (through mergers, spin-offs, and stock sales) and examine which owners are changing in importance. We scrutinize enterprise governance, examining patterns of violations of company law and deviations from reasonable criteria for effective governance. We show that ownership changes and the quality of governance are correlated.

JEL Classification: P11, P21, O53, H70, H20

Suggested Citation

Anderson, James Horton and Korsun, Georges and Murrell, Peter, Ownership, Exit and Voice after Mass Privatization: Evidence from Mongolia. Economics of Transition, Vol. 7, No. 1, March 1999. Available at SSRN: https://ssrn.com/abstract=158097

James Horton Anderson

World Bank - Governance Global Practice ( email )

1818 H. Street, N.W.
MSN J 4-403
Washington, DC 20433
United States
202-458-1556 (Phone)

HOME PAGE: http://blogs.worldbank.org/team/jim-anderson

Georges Korsun

Deloitte Touche Tohmatsu - Financial Advisory Services ( email )

2 World Financial Center
New York, NY 10281
United States
212-436-5981 (Phone)
212-653-3776 (Fax)

HOME PAGE: http://www.deloitte.com/us/economics-statistics

Peter Murrell (Contact Author)

University of Maryland - Department of Economics ( email )

College Park, MD 20742
United States
301-405-3476 (Phone)
301-405-3542 (Fax)

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