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State-owned enterprise

March 25, 2023

"Crown corporation" redirects here. For Crown corporations in Canada, its provinces and its territories, see Crown corporations of Canada.
"Public sector undertaking" redirects here. For the Indian equivalent, see Public sector undertakings in India.

A state-owned enterprise (SOE) is a government entity which is established or nationalised by the national government or provincial government by an executive order or an act of legislation in order to earn profit for the government, control monopoly of the private sector entities, provide products & services to citizens at a lower price, implementation of government schemes and to deliver products & services to the remote locations of the country. The national government or provincial government has majority ownership over these state owned enterprises. These state owned enterprises are also known as public sector undertakings in some countries.[1] Defining characteristics of SOEs are their distinct legal form and possession of financial goals & developmental objectives (e.g., a state railway company may aim to make transportation more accessible and earn profit for the government), SOEs are government entities established to pursue financial objectives and developmental goals.[2]

Terminology

The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state-owned). Next, it is contestable under what circumstances a SOE qualifies as "owned" by a state (SOEs can be fully owned or partially owned; it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock, without implying any special interference). Finally, the term "enterprise" is challenged, as it implies statutes in private law which may not always be present, and so the term "corporations" is frequently used instead.[3][4]

Thus, SOEs are known under many other terms: state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, government-owned company, government-owned corporation, government-sponsored enterprise, commercial government agency, state-privatised industry public sector undertaking, or parastatal, among others. In the Commonwealth realms, particularly in Australia, Canada, New Zealand, and the United Kingdom, country-wide SOEs often use the term "Crown corporation", or "Crown entity", as cabinet ministers (Ministers of the Crown) often control the shares in them.

The term "government-linked company" (GLC) is sometimes used to refer to corporate entities that may be private or public (listed on a stock exchange) where an existing government owns a stake using a holding company. The two main definitions of GLCs are dependent on the proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC.

The act of turning a part of government bureaucracy into a SOE is called corporatization.[5][6][7]

Use

Economic reasons

Natural monopolies

SOEs are common with natural monopolies, because they allow capturing economies of scale while they can simultaneously achieve a public objective. For that reason, SOEs primarily operate in the domain of infrastructure (e.g. railway companies), strategic goods and services (e.g. postal services, arms manufacturing and procurement), natural resources and energy (e.g. nuclear facilities, alternative energy delivery), politically sensitive business, broadcasting, banking, demerit goods (e.g. alcoholic beverages), and merit goods (healthcare).

Infant industries

SOEs can also help foster industries that are "considered economically desirable and that would otherwise not be developed through private investments".[8] When nascent or 'infant' industries have difficulty getting investments from the private sector (perhaps because the good that is being produced requires very risky investments, when patenting is difficult, or when spillover effects exist), the government can help these industries get on the market with positive economic effects. However, the government cannot necessarily predict which industries would qualify as such 'infant industries', and so the extent to which this is a viable argument for SOEs is debated.[9]

Political reasons

SOEs are also frequently employed in areas where the government wants to levy user fees, but finds it politically difficult to introduce new taxation. Next, SOEs can be used to improve efficiency of public service delivery or as a step towards (partial) privatization or hybridization. SOEs can also be a means to alleviate fiscal stress, as SOEs may not count towards states' budgets.

Effects

Compared to government bureaucracy

Compared to government bureaucracy, state owned enterprises might be beneficial because they reduce politicians' influence over the service.[10][11] Conversely, they might be detrimental because they reduce oversight and increase transaction costs (such as monitoring costs, i.e., it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy). Evidence suggests that existing SOEs are typically more efficient than government bureaucracy, but that this benefit diminishes as services get more technical and have less overt public objectives.[4]

Compared to regular enterprises

Compared to a regular enterprise, state-owned enterprises are typically expected to be less efficient due to political interference, but unlike profit-driven enterprises they are more likely to focus on government objectives.[11]

Around the world

Main article: List of government-owned companies

SOEs in Europe

In Eastern Europe and Western Europe, there was a massive nationalization throughout the 20th century, especially after World War II. In the Eastern Bloc, countries adopted very similar policies and models to the USSR. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war.[12] Government control over natural monopolies like industry was the norm. Typical sectors included telephones, electric power, fossil fuels, iron ore, railways, airlines, media, postal services, banks, and water. Many large industrial corporations were also nationalized or created as government corporations, including, among many others: British Steel Corporation, Statoil and Irish Sugar.[13]

A state-run enterprise may operate differently from an ordinary limited liability corporation. For example, in Finland, state-run enterprises (liikelaitos) are governed by a separate laws. Even though responsible for their own finances, they cannot be declared bankrupt; the state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities.

State-owned enterprises are a major component of the economy of Belarus.[14] The Belarusian state-owned economy includes enterprises that are fully state-owned, as well as others which are joint-stock companies with partial ownership by the state.[15] Employment in state-owned or state-controlled enterprises is approximately 70% of total employment.[16] State-owned enterprises are thus a major factor behind Belarus's high employment rate and a source of stable employment.[16]

SOEs among OPEC countries

In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi Arabian national oil company, Saudi Aramco, which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines, and owns 70% of SABIC as well as many other companies.[citation needed]

SOEs in China

Main article: State-owned enterprises of China

China's state-owned enterprises are owned and managed by the State-owned Asset Supervision and Administration Commission (SASAC).[17] China's state-owned enterprises generally own and operate public services, resource extraction or defense.[17] As of 2017, China has more SOEs than any other country, and the most SOEs among large national companies.[18]

China's SOEs perform functions such as: contributing to central and local governments revenues through dividends and taxes, supporting urban employment, keeping key input prices low, channeling capital towards targeted industries and technologies, supporting sub-national redistribution to poorer interior and western provinces, and aiding the state's response to natural disasters, financial crises and social instability.[19]

SOEs in India

Main article: Public sector undertakings in India

In India, government enterprises exist in the form of Public sector undertakings (PSUs).

Economic theory

In economic theory, the question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts that was developed by Oliver Hart and his co-authors.[20] In a world in which complete contracts were feasible, ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure. Hart, Shleifer, and Vishny (1997) have developed the leading application of the incomplete contract theory to the issue of state-owned enterprises.[21] These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control. The manager can invest to come up with cost-reducing and quality-enhancing innovations. The government and the manager bargain over the implementation of the innovations. If the negotiations fail, the owner can decide about the implementation. It turns out that when cost-reducing innovations do not harm quality significantly, then private firms are to be preferred. Yet, when cost-reductions may strongly reduce quality, state-owned enterprises are superior. Hoppe and Schmitz (2010) have extended this theory in order to allow for a richer set of governance structures, including different forms of public-private partnerships.[22]

See also

References

Citations

  1. ^ "State-Owned Enterprises Catalysts for public value creation?" (PDF). PwC. Retrieved 16 January 2018.
  2. ^ Profiles of Existing Government Corporations, pp. 1–16
  3. ^ Tavares, António F.; Camões, Pedro J. (2007). "Local service delivery choices in Portugal: A political transaction costs network". Local Government Studies. 33 (4): 535–553. doi:10.1080/03003930701417544. S2CID 154709321 – via ResearchGate.
  4. ^ a b Voorn, Bart, Marieke L. Van Genugten, and Sandra Van Thiel (2017) (2017). "The efficiency and effectiveness of municipally owned corporations: A systematic review". Local Government Studies. 43 (5): 820–841. doi:10.1080/03003930.2017.1319360. hdl:2066/176125.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  5. ^ Grossi, Giuseppe; Reichard, Christoph (2008). "Municipal corporatization in Germany and Italy". Public Management Review. 10 (5): 597–617. doi:10.1080/14719030802264275. S2CID 153354582.
  6. ^ Ferry, Laurence, Rhys Andrews, Chris Skelcher, and Piotr Wegorowski (2018) (2018). "New development: Corporatization of local authorities in England in the wake of austerity 2010–2016" (PDF). Public Money & Management. 38 (6): 477–480. doi:10.1080/09540962.2018.1486629. S2CID 158266874.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  7. ^ Voorn, Bart; Van Thiel, Sandra; van Genugten, Marieke (2018). "Debate: Corporatization as more than a recent crisis-driven development". Public Money & Management. 38 (7): 481–482. doi:10.1080/09540962.2018.1527533. S2CID 158097385.
  8. ^ Kowalski, P., Büge, M., Sztajerowska, M. and Egeland, M. (2013). "State-Owned Enterprises: Trade Effects and Policy Implications" (PDF). OECD Trade Policy Papers (147).{{cite journal}}: CS1 maint: multiple names: authors list (link)
  9. ^ Baldwin, R. E. (1969). "The case against infant-industry tariff protection" (PDF). Journal of political economy. pp. 295–305.
  10. ^ Shleifer, Andrei, and Robert W. Vishny (1994) (1994). "Politicians and firms". The Quarterly Journal of Economics. 109 (4): 995–1025. doi:10.2307/2118354. JSTOR 2118354.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  11. ^ a b Shleifer, Andrei, and Robert W. Vishny (1997) (1994). "A survey of corporate governance". The Quarterly Journal of Economics. 109 (4): 995–1025. doi:10.2307/2118354. JSTOR 2118354.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  12. ^ "All Men Are Created Unequal". The Economist. 4 January 2014. Retrieved 27 September 2015. Quote: «The wars and depressions between 1914 and 1950 dragged the wealthy back to earth. Wars brought physical destruction of capital, nationalisation, taxation and inflation»
  13. ^ Starting in the late 1970s and accelerating through the 1980s and 1990s many of these corporations were privatized, though many still remain wholly or partially owned by the respective governments.
  14. ^ Li, Yan; Cheng, Enfu (2020-12-01). "Market Socialism in Belarus: An Alternative to China's Socialist Market Economy". World Review of Political Economy. 11 (4): 432. doi:10.13169/worlrevipoliecon.11.4.0428. ISSN 2042-891X.
  15. ^ Li, Yan; Cheng, Enfu (2020-12-01). "Market Socialism in Belarus: An Alternative to China's Socialist Market Economy". World Review of Political Economy. 11: 432–433. doi:10.13169/worlrevipoliecon.11.4.0428. ISSN 2042-8928.
  16. ^ a b Li, Yan; Cheng, Enfu (2020-12-01). "Market Socialism in Belarus: An Alternative to China's Socialist Market Economy". World Review of Political Economy. 11: 433. doi:10.13169/worlrevipoliecon.11.4.0428. ISSN 2042-8928.
  17. ^ a b "Explained, the role of China's state-owned companies". World Economic Forum.
  18. ^ Cite error: The named reference :32 was invoked but never defined (see the help page).
  19. ^ CPC Futures The New Era of Socialism with Chinese Characteristics. Frank N. Pieke, Bert Hofman. Singapore: National University of Singapore Press. 2022. p. 138. ISBN 978-981-18-5206-0. OCLC 1354535847.{{cite book}}: CS1 maint: others (link)
  20. ^ Hart, Oliver (2017). "Incomplete Contracts and Control" (PDF). American Economic Review. 107 (7): 1731–1752. doi:10.1257/aer.107.7.1731. ISSN 0002-8282.
  21. ^ Hart, O.; Shleifer, A.; Vishny, R. W. (1997). "The Proper Scope of Government: Theory and an Application to Prisons". The Quarterly Journal of Economics. 112 (4): 1127–1161. CiteSeerX 10.1.1.318.7133. doi:10.1162/003355300555448. ISSN 0033-5533. S2CID 16270301.
  22. ^ Hoppe, Eva I.; Schmitz, Patrick W. (2010). "Public versus private ownership: Quantity contracts and the allocation of investment tasks". Journal of Public Economics. 94 (3–4): 258–268. doi:10.1016/j.jpubeco.2009.11.009. ISSN 0047-2727.

Sources

  • Profiles of Existing Government Corporations—A Study Prepared by the U.S. General Accounting Office for the Committee on Government Operations (PDF), Washington, DC: U.S. Government Printing Office, 1988, p. 301, GAO/AFMD-89-43FS Document: H402-4. Alternate location:
  • , archived from the original on 2015-10-25.

Further reading

  • Jewellord Nem Singh; Geoffrey C. Chen (2018), State-owned enterprises and the political economy of state–state relations in the developing world, Third World Quarterly, 39:6, 1077–1097, DOI: 10.1080/01436597.2017.1333888
  • The Public Firm with Managerial Incentives by Elmer G. Wiens.

March 25, 2023
state, owned, enterprise, crown, corporation, redirects, here, crown, corporations, canada, provinces, territories, crown, corporations, canada, public, sector, undertaking, redirects, here, indian, equivalent, public, sector, undertakings, india, this, articl. Crown corporation redirects here For Crown corporations in Canada its provinces and its territories see Crown corporations of Canada Public sector undertaking redirects here For the Indian equivalent see Public sector undertakings in India This article needs attention from an expert in economics finance amp investment business or law The specific problem is Subscription probably needed to access much of the research and familiarity with the technical diction common in reliable sources would be a major asset See the talk page for details WikiProject Economics WikiProject Finance amp investment WikiProject Business or WikiProject Law may be able to help recruit an expert July 2018 A state owned enterprise SOE is a government entity which is established or nationalised by the national government or provincial government by an executive order or an act of legislation in order to earn profit for the government control monopoly of the private sector entities provide products amp services to citizens at a lower price implementation of government schemes and to deliver products amp services to the remote locations of the country The national government or provincial government has majority ownership over these state owned enterprises These state owned enterprises are also known as public sector undertakings in some countries 1 Defining characteristics of SOEs are their distinct legal form and possession of financial goals amp developmental objectives e g a state railway company may aim to make transportation more accessible and earn profit for the government SOEs are government entities established to pursue financial objectives and developmental goals 2 Contents 1 Terminology 2 Use 2 1 Economic reasons 2 1 1 Natural monopolies 2 1 2 Infant industries 2 2 Political reasons 3 Effects 3 1 Compared to government bureaucracy 3 2 Compared to regular enterprises 4 Around the world 4 1 SOEs in Europe 4 2 SOEs among OPEC countries 4 3 SOEs in China 4 4 SOEs in India 5 Economic theory 6 See also 7 References 7 1 Citations 7 2 Sources 8 Further readingTerminology EditThe terminology around the term state owned enterprise is murky All three words in the term are challenged and subject to interpretation First it is debatable what the term state implies e g it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state owned Next it is contestable under what circumstances a SOE qualifies as owned by a state SOEs can be fully owned or partially owned it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state owned since governments can also own regular stock without implying any special interference Finally the term enterprise is challenged as it implies statutes in private law which may not always be present and so the term corporations is frequently used instead 3 4 Thus SOEs are known under many other terms state owned company state owned entity state enterprise publicly owned corporation government business enterprise government owned company government owned corporation government sponsored enterprise commercial government agency state privatised industry public sector undertaking or parastatal among others In the Commonwealth realms particularly in Australia Canada New Zealand and the United Kingdom country wide SOEs often use the term Crown corporation or Crown entity as cabinet ministers Ministers of the Crown often control the shares in them The term government linked company GLC is sometimes used to refer to corporate entities that may be private or public listed on a stock exchange where an existing government owns a stake using a holding company The two main definitions of GLCs are dependent on the proportion of the corporate entity a government owns One definition purports that a company is classified as a GLC if a government owns an effective controlling interest more than 50 while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC The act of turning a part of government bureaucracy into a SOE is called corporatization 5 6 7 Use EditEconomic reasons Edit Natural monopolies Edit SOEs are common with natural monopolies because they allow capturing economies of scale while they can simultaneously achieve a public objective For that reason SOEs primarily operate in the domain of infrastructure e g railway companies strategic goods and services e g postal services arms manufacturing and procurement natural resources and energy e g nuclear facilities alternative energy delivery politically sensitive business broadcasting banking demerit goods e g alcoholic beverages and merit goods healthcare Infant industries Edit SOEs can also help foster industries that are considered economically desirable and that would otherwise not be developed through private investments 8 When nascent or infant industries have difficulty getting investments from the private sector perhaps because the good that is being produced requires very risky investments when patenting is difficult or when spillover effects exist the government can help these industries get on the market with positive economic effects However the government cannot necessarily predict which industries would qualify as such infant industries and so the extent to which this is a viable argument for SOEs is debated 9 Political reasons Edit SOEs are also frequently employed in areas where the government wants to levy user fees but finds it politically difficult to introduce new taxation Next SOEs can be used to improve efficiency of public service delivery or as a step towards partial privatization or hybridization SOEs can also be a means to alleviate fiscal stress as SOEs may not count towards states budgets Effects EditCompared to government bureaucracy Edit Compared to government bureaucracy state owned enterprises might be beneficial because they reduce politicians influence over the service 10 11 Conversely they might be detrimental because they reduce oversight and increase transaction costs such as monitoring costs i e it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy Evidence suggests that existing SOEs are typically more efficient than government bureaucracy but that this benefit diminishes as services get more technical and have less overt public objectives 4 Compared to regular enterprises Edit Compared to a regular enterprise state owned enterprises are typically expected to be less efficient due to political interference but unlike profit driven enterprises they are more likely to focus on government objectives 11 Around the world EditMain article List of government owned companies SOEs in Europe Edit In Eastern Europe and Western Europe there was a massive nationalization throughout the 20th century especially after World War II In the Eastern Bloc countries adopted very similar policies and models to the USSR Governments in Western Europe both left and right of centre saw state intervention as necessary to rebuild economies shattered by war 12 Government control over natural monopolies like industry was the norm Typical sectors included telephones electric power fossil fuels iron ore railways airlines media postal services banks and water Many large industrial corporations were also nationalized or created as government corporations including among many others British Steel Corporation Statoil and Irish Sugar 13 A state run enterprise may operate differently from an ordinary limited liability corporation For example in Finland state run enterprises liikelaitos are governed by a separate laws Even though responsible for their own finances they cannot be declared bankrupt the state answers for the liabilities Stocks of the corporation are not sold and loans have to be government approved as they are government liabilities State owned enterprises are a major component of the economy of Belarus 14 The Belarusian state owned economy includes enterprises that are fully state owned as well as others which are joint stock companies with partial ownership by the state 15 Employment in state owned or state controlled enterprises is approximately 70 of total employment 16 State owned enterprises are thus a major factor behind Belarus s high employment rate and a source of stable employment 16 SOEs among OPEC countries Edit In most OPEC countries the governments own the oil companies operating on their soil A notable example is the Saudi Arabian national oil company Saudi Aramco which the Saudi government bought in 1988 changing its name from Arabian American Oil Company to Saudi Arabian Oil Company The Saudi government also owns and operates Saudi Arabian Airlines and owns 70 of SABIC as well as many other companies citation needed SOEs in China Edit Main article State owned enterprises of China China s state owned enterprises are owned and managed by the State owned Asset Supervision and Administration Commission SASAC 17 China s state owned enterprises generally own and operate public services resource extraction or defense 17 As of 2017 China has more SOEs than any other country and the most SOEs among large national companies 18 China s SOEs perform functions such as contributing to central and local governments revenues through dividends and taxes supporting urban employment keeping key input prices low channeling capital towards targeted industries and technologies supporting sub national redistribution to poorer interior and western provinces and aiding the state s response to natural disasters financial crises and social instability 19 SOEs in India Edit Main article Public sector undertakings in India In India government enterprises exist in the form of Public sector undertakings PSUs Economic theory EditIn economic theory the question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts that was developed by Oliver Hart and his co authors 20 In a world in which complete contracts were feasible ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure Hart Shleifer and Vishny 1997 have developed the leading application of the incomplete contract theory to the issue of state owned enterprises 21 These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control The manager can invest to come up with cost reducing and quality enhancing innovations The government and the manager bargain over the implementation of the innovations If the negotiations fail the owner can decide about the implementation It turns out that when cost reducing innovations do not harm quality significantly then private firms are to be preferred Yet when cost reductions may strongly reduce quality state owned enterprises are superior Hoppe and Schmitz 2010 have extended this theory in order to allow for a richer set of governance structures including different forms of public private partnerships 22 See also Edit Companies portalCorporatism Dirigisme List of government owned airlines List of government owned companies Nationalization Public bodies Public ownership Quango State capitalism Statutory body Volkseigener BetriebReferences EditCitations Edit State Owned Enterprises Catalysts for public value creation PDF PwC Retrieved 16 January 2018 Profiles of Existing Government Corporations pp 1 16 Tavares Antonio F Camoes Pedro J 2007 Local service delivery choices in Portugal A political transaction costs network Local Government Studies 33 4 535 553 doi 10 1080 03003930701417544 S2CID 154709321 via ResearchGate a b Voorn Bart Marieke L Van Genugten and Sandra Van Thiel 2017 2017 The efficiency and effectiveness of municipally owned corporations A systematic review Local Government Studies 43 5 820 841 doi 10 1080 03003930 2017 1319360 hdl 2066 176125 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint multiple names authors list link Grossi Giuseppe Reichard Christoph 2008 Municipal corporatization in Germany and Italy Public Management Review 10 5 597 617 doi 10 1080 14719030802264275 S2CID 153354582 Ferry Laurence Rhys Andrews Chris Skelcher and Piotr Wegorowski 2018 2018 New development Corporatization of local authorities in England in the wake of austerity 2010 2016 PDF Public Money amp Management 38 6 477 480 doi 10 1080 09540962 2018 1486629 S2CID 158266874 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint multiple names authors list link Voorn Bart Van Thiel Sandra van Genugten Marieke 2018 Debate Corporatization as more than a recent crisis driven development Public Money amp Management 38 7 481 482 doi 10 1080 09540962 2018 1527533 S2CID 158097385 Kowalski P Buge M Sztajerowska M and Egeland M 2013 State Owned Enterprises Trade Effects and Policy Implications PDF OECD Trade Policy Papers 147 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint multiple names authors list link Baldwin R E 1969 The case against infant industry tariff protection PDF Journal of political economy pp 295 305 Shleifer Andrei and Robert W Vishny 1994 1994 Politicians and firms The Quarterly Journal of Economics 109 4 995 1025 doi 10 2307 2118354 JSTOR 2118354 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint multiple names authors list link a b Shleifer Andrei and Robert W Vishny 1997 1994 A survey of corporate governance The Quarterly Journal of Economics 109 4 995 1025 doi 10 2307 2118354 JSTOR 2118354 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint multiple names authors list link All Men Are Created Unequal The Economist 4 January 2014 Retrieved 27 September 2015 Quote The wars and depressions between 1914 and 1950 dragged the wealthy back to earth Wars brought physical destruction of capital nationalisation taxation and inflation Starting in the late 1970s and accelerating through the 1980s and 1990s many of these corporations were privatized though many still remain wholly or partially owned by the respective governments Li Yan Cheng Enfu 2020 12 01 Market Socialism in Belarus An Alternative to China s Socialist Market Economy World Review of Political Economy 11 4 432 doi 10 13169 worlrevipoliecon 11 4 0428 ISSN 2042 891X Li Yan Cheng Enfu 2020 12 01 Market Socialism in Belarus An Alternative to China s Socialist Market Economy World Review of Political Economy 11 432 433 doi 10 13169 worlrevipoliecon 11 4 0428 ISSN 2042 8928 a b Li Yan Cheng Enfu 2020 12 01 Market Socialism in Belarus An Alternative to China s Socialist Market Economy World Review of Political Economy 11 433 doi 10 13169 worlrevipoliecon 11 4 0428 ISSN 2042 8928 a b Explained the role of China s state owned companies World Economic Forum Cite error The named reference 32 was invoked but never defined see the help page CPC Futures The New Era of Socialism with Chinese Characteristics Frank N Pieke Bert Hofman Singapore National University of Singapore Press 2022 p 138 ISBN 978 981 18 5206 0 OCLC 1354535847 a href Template Cite book html title Template Cite book cite book a CS1 maint others link Hart Oliver 2017 Incomplete Contracts and Control PDF American Economic Review 107 7 1731 1752 doi 10 1257 aer 107 7 1731 ISSN 0002 8282 Hart O Shleifer A Vishny R W 1997 The Proper Scope of Government Theory and an Application to Prisons The Quarterly Journal of Economics 112 4 1127 1161 CiteSeerX 10 1 1 318 7133 doi 10 1162 003355300555448 ISSN 0033 5533 S2CID 16270301 Hoppe Eva I Schmitz Patrick W 2010 Public versus private ownership Quantity contracts and the allocation of investment tasks Journal of Public Economics 94 3 4 258 268 doi 10 1016 j jpubeco 2009 11 009 ISSN 0047 2727 Sources Edit Profiles of Existing Government Corporations A Study Prepared by the U S General Accounting Office for the Committee on Government Operations PDF Washington DC U S Government Printing Office 1988 p 301 GAO AFMD 89 43FS Document H402 4 Alternate location Malaysia GLC OpenDay 2015 archived from the original on 2015 10 25 Further reading EditJewellord Nem Singh Geoffrey C Chen 2018 State owned enterprises and the political economy of state state relations in the developing world Third World Quarterly 39 6 1077 1097 DOI 10 1080 01436597 2017 1333888 The Public Firm with Managerial Incentives by Elmer G Wiens Retrieved from https en wikipedia org w index php title State owned enterprise amp oldid 1145031597, wikipedia, wiki, book, books, library,

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