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By Ravi Ramamurti, Raymond Vernon
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Additional info for Privatization and control of state-owned enterprises, Page 93
Sample text
7 Managers of SOEs, by and large, supported the reforms. Although some feared that government control might be expanded further in the name of reform, most seemed willing to risk that outcome for the possibility of gaining autonomy, obtaining greater clarity about government policy, and operating under a more rational system of performance evaluation. Employees and unions tended to get involved if the government seemed likely to tamper with existing incentives. Other stakeholders, such as suppliers, customers, and banks, typically paid little attention to reforms in this area, presumably because they did not expect to be affected by the changes.
Sometimes, SOEs can be returned to their former owners, thus shortening one of the steps involved in divestiture. Not surprisingly, many of the privatizations that occurred in developing countries in the 1980s involved reprivatization or the divestiture of small SOEs. In both Brazil (Kapstein 1988) and Mexico, for instance, privatization seems more extensive when measured by the number of firms sold than the magnitude or proportion of state assets divested. However, the largest part of the state sector in most developing countries is made up of SOEs that monopolize or dominate markets and that are very large by national standards.
One study of private sale transactions from six developing countries found that in 60 percent of the cases the private buyer operated in the same industry as the SOE3 (Seth 1989, table 12, p. 37); in these cases, privatization may have weakened competition rather than strengthened it. Governments may have sold SOEs to such buyers because their bids were among the highest, but as Jones, Tandon, and Vogelsang argue (chapter 2), the highest bidder is not always the "best" bidder, that is, the one who maximizes the social value of a firm after privatization.