연구정보
[기업] Does State Ownership Have Limits in Romania?: An Assessment of Firm Performance and Market Outcomes
루마니아 국외연구자료 연구보고서 - World Bank 발간일 : 2023-12-21 등록일 : 2024-01-05 원문링크
This paper assesses the performance of
Romanian state-owned enterprises with various degrees of ownership (minority
owned with 10 to 24.9 percent stakes, minority owned with 25 to 49.9 percent
stakes, and majority owned with at least 50 percent ownership stakes) and
control levels (central versus local state-owned enterprises and directly
versus indirectly owned state-owned enterprises) relative to privately owned
enterprises. The paper uses the Romanian firm-level data from the Ministry of
Finance covering enterprises of all sizes from 2011 to 2020, combined with the
new World Bank Businesses of the State dataset, which tracks ownership of state
business entities with at least 10 percent stake in Romania. The paper analyzes
whether various degrees of state ownership and levels of control matter for
state-owned enterprises’ performance. The paper also assesses whether Romanian
state-owned enterprises were able to act as stabilizers during the early period
of the COVID-19 pandemic, and how the presence of state-owned enterprises in
markets correlates with market outcomes. The findings show that relative to
private firms, Romanian state-owned enterprises, particularly those that are
majority owned, directly owned, and local ones, employ more people, pay higher
wages, but are less productive. In addition, Romanian state-owned enterprises
cushioned the job and wage losses associated with the COVID-19 pandemic better
than private firms, especially in competitive sectors. Finally, there is
evidence that the presence of state-owned enterprises may limit private firm
entry and allocative efficiency.
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