| The main objective of this thesis is to examine the determinants of performance changes of privatized firms in the context of developing countries and to investigate the postprivatization corporate governance. In Chapter 1, we assess the importance of privatization in developing countries over the last ten years. In Chapter 2, we examine the performance effects of privatization and investigate their determinants. We show that economic reforms and environment and the effectiveness of corporate governance mechanisms explain the postprivatization performance changes. In Chapter 3, we investigate the postprivatization corporate governance and focus on the relationships between ownership structure, investor protection, and firm performance. We show that ownership tends to concentrate following privatization, depending on firm size, and industry affiliation and the level of institutional development and investor protection. We also show that ownership concentration is an important mechanism of postprivatization corporate governance, but matters more in countries with weak legal protection. |
