The Choice of Private Versus Public Capital Markets: Evidence from Privatizations

摘要: We examine the impact of political, institutional, and economic factors on choice between selling a state-owned enterprise in public capital market through share issue privatization (SIP) it private an asset sale. SIPs are more likely less developed markets, for profitable stateowned enterprises, where there protections minority shareholders. Asset sales when is state control economy firm smaller. Our results suggest importance activities developing equity markets privatizing countries.