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Title: The political economy of share issue privatization : international evidence
Authors: Saffar, W 
Keywords: Control structure
Political institutions
Issue Date: 2014
Source: Journal of multinational financial management, 2014, v. 24, no. 1, p. 1-18 How to cite?
Journal: Journal of Multinational Financial Management 
Abstract: Using a large sample of 3266 privatization transactions from 100 countries over the period 1977-2006, I test hypotheses on the political underpinnings of the choice of privatization method. After controlling for firm-level characteristics and cross-country legal institutions, I find that the political system's type, tenure, and cohesion explain the choice between privatizing with a share issue or an asset sale. My results are robust to a series of sensitivity tests and suggest that the government's choice of privatization method is politically constrained at different levels.
ISSN: 1042-444X
DOI: 10.1016/j.mulfin.2013.06.004
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