Abstracts
Abstract
This article examines the link between foreign direct investment (FDI) and privatization of state-owned enterprises. We hypothesize that privatization has an effect on FDI as the process of fostering private sector participation is often accompanied by liberalization measures, and by allocating the shares of newly privatized firms to foreign investors. Similarly, we expect FDI to foster privatization efforts as capital inflows, technology and managerial skills that accompany FDI make the environment more prone to competition, and provide governments with a good environment to privatize inefficient firms. Our results provide support for our conjectures.
Keywords:
- privatization,
- foreign direct investment,
- bi-directional relation
Résumé
Cet article examine le lien entre l’investissement direct à l’étranger (IDÉ) et la privatisation des entreprises étatiques. Nous faisons l’hypothèse que la privatisation affecte l’IDÉ dans la mesure où la participation du secteur privé s’accompagne souvent de mesures de libéralisation et de l’allocation d’actions des entreprises nouvellement privatisées à des investisseurs étrangers. De même, nous prévoyons que l’IDÉ favorise la privatisation dans la mesure où les entrées de capitaux, la technologique, et les habiletés de gestion qui accompagnent l’IDÉ créent un environnement plus compétitif et plus propice à la privatisation d’entreprises inefficaces. Nos résultats tendent à confirmer nos hypothèses.
Mots clés:
- privatisation,
- investissement direct à l’étranger,
- relation bidirectionnelle
Resumen
Este artículo examina la relación entre la inversión directa en el extranjero (IDE) y la privatización de empresas estatales. Nuestra hipótesis es que la privatización afecta la IDE en la medida en que la participación del sector privado con frecuencia va acompañada por medidas de liberalización y de adjudiación de acciones de empresas recientemente privatizadas a inversores extranjeros. De la misma manera, suponemos que la IDE favorece la privatización en la medida en que la afluencia de capitales, la tecnología y las habilidades de gestión asociadas a la IDE crean un entorno más competitivo y propicio a la privatización de empresas ineficaces. Los resultados obtenidos tienen a confirmar nuestras hipótesis.
Palabras claves:
- privatización,
- inversión directa en el extranjero,
- relación bidireccional
Appendices
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