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

42 Pages Posted: 27 Mar 1998

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

Multiple version iconThere are 2 versions of this paper

Date Written: January 1998

Abstract

The success of mass privatization requires either that new owners are active in corporate affairs or that the original owners sell their shares to those who are willing to be active: voice or exit is necessary. We examine the structure of ownership and the extent of voice and exit in one transition country, Mongolia. We document the size of the ownership changes (through mergers, spin-offs, and stock sales) occurring since privatization and examine which owners are changing in importance. We evaluate corporate governance mechanisms, 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 (January 1998). Available at SSRN: https://ssrn.com/abstract=67248 or http://dx.doi.org/10.2139/ssrn.67248

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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