Can corporatization improve the performance of state-owned enterprises even without privatization?

Aivazian, V., Ge, Y., Qiu, J., in press. Corporate governance and manager turnover: an unusual social experiment. Journal of Banking and Finance. Alchian, 1977, Some economics of property rights, vol. 127, 49 Allen, F., Gale D., 1999. Corporate Governance and Competition, Working paper, University of Pennsylvania. Boubakri, 2005, Liberalization, corporate governance and performance on newly privatized firms, Journal of Corporate Finance, 11, 767, 10.1016/j.jcorpfin.2004.05.001 Boycko, 1996, A theory of privatization, Economic Journal, 106, 309, 10.2307/2235248 Brandt, 2000, Redistribution in a decentralized economy: growth and inflation in China under reform, Journal of Political Economy, 108, 422, 10.1086/262124 Breusch, 1980, The Lagrange Multiplier test and its applications to model specification in econometrics, Review of Economic Studies, 47, 239, 10.2307/2297111 Che, 1998, Insecure property rights and government ownership of firms, Quarterly Journal of Economics, 113, 467, 10.1162/003355398555658 Cull, 2003, Who gets credit? The behaviour of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises, Journal of Development Economics, 71, 533, 10.1016/S0304-3878(03)00039-7 De Alessi, 1980, The economics of property rights: a review of the evidence, Research in Law and Economics, 2, 1 D'Souza, 2005, Effect of institutional and firm-specific characteristics on post-privatization performance: evidence from developed countries, Journal of Corporate Finance, 11, 747, 10.1016/j.jcorpfin.2004.12.001 Groves, 1994, Autonomy and incentives in Chinese state enterprises, Quarterly Journal of Economics, 109, 183, 10.2307/2118432 Groves, 1995, China's evolving managerial labor market, Journal of Political Economy, 103, 873, 10.1086/262006 Gupta, N., in press. Partial privatization and firm performance. Journal of Finance. Hausman, 1978, Specification tests in econometrics, Econometrica, 46, 1251, 10.2307/1913827 Kole, 1997, The Government as a shareholder: a case from the United States, Journal of Law and Economics, 40, 1, 10.1086/467364 Li, 1997, The impact of economic reform on the performance of Chinese state enterprises, 1980–1989, Journal of Political Economy, 105, 1080, 10.1086/262106 MacAvoy, 1989, The performance and management of United States federal government corporations, 77 Megginson, 2001, From state to market: a survey of empirical studies on privatization, Journal of Economic Literature, 39, 321, 10.1257/jel.39.2.321 Nellis, 1994, Is privatization necessary?, vol. 17 Qian, 1996, The soft budget constraint in China, Japan and the World Economy, 8, 207, 10.1016/0922-1425(96)00037-0 Shirley, 1998, Information, incentives, and commitment: an empirical analysis of contrasts between governments and state enterprises, Journal of Law, Economics, and Organization, 14, 358, 10.1093/jleo/14.2.358 Shleifer, 1998, State versus private ownership, Journal of Economic Perspectives, 12, 133, 10.1257/jep.12.4.133 State Statistical Bureau, 2000 Sun, 2003, China share issue privatization: the extent of its success, Journal of Financial Economics, 70, 183, 10.1016/S0304-405X(03)00145-4 Vickers, 1991, Economic perspectives on privatization, Journal of Economic Perspectives, 5, 111, 10.1257/jep.5.2.111 Wei, 2003, The financial and operating performance of China's newly privatized firms, Financial Management, 126 Xu, X., Wang, Y., 1997. Ownership Structure, Corporate Governance, and Corporate Performance. Policy Research Working Paper 1794, The World Bank, Washington, DC. Yarrow, 1986, Privatization in theory and practice, Economic Policy, 2, 324