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Governance Arrangements for State Owned Enterprises

Vagliasindi, Maria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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96.6%
The aim of this paper is to shed new light on key challenges in governance arrangements for state owned enterprises in infrastructure sectors. The paper provides guidelines on how to classify the fuzzy and sometimes conflicting development goals of infrastructure and the governance arrangements needed to reach such goals. Three policy recommendations emerge. First, some of the structures implied by internationally adopted principles of corporate governance for state owned enterprises favoring a centralized ownership function versus a decentralized or dual structure have not yet been sufficiently "tested" in practice and may not suit all developing countries. Second, general corporate governance guidelines (and policy recommendations) need to be carefully adapted to infrastructure sectors, particularly in the natural monopoly segments. Because the market structure and regulatory arrangements in which state owned enterprises operate matters, governments may want to distinguish the state owned enterprises operating in potentially competitive sectors from the ones under a natural monopoly structure. Competition provides not only formidable benefits...

Contingent Liability Risks from State-Owned Enterprises

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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76.26%
Countries across all continents face the challenge of managing contingent liabilities arising from multiple sources, including state-owned enterprises (SOEs), parastatals, off-budget financing arrangements, civil servant entitlement schemes etc. The current financial crisis has made countries even more vulnerable to the severe impact of contingent liabilities on government finances, creating an urgent need to institutionalize systems to control and mitigate fiscal risks arising from these contingent liabilities. This note captures the technical advice provided by the Public Sector Performance (PSP) Global Expert Team (GET) in response to a just-in-time request by Bank staff working with government officials in a Middle-Eastern country to manage contingent liability risks arising from SOEs.

Bhutan : State Owned Enterprises and Corporate Governance Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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96.61%
This paper reviews state-owned Enterprises (SOE) corporate governance in Bhutan, outlines SOE compensation and personnel management policies, and recommends policy options to improve state enterprise performance and facilitate greater autonomy in SOE pay and personal management. Following the OECD Guidelines on the Corporate Governance of State Owned Enterprises, the report defines an SOE as any enterprise with state ownership, a distinct legal form (separate from the public administration) and having commercial sales and revenues. This definition includes both wholly owned enterprises and those with minority state ownership. Recommendations are provided, and include strengthening the ownership function by creating a specialized division in the Ministry of Finance to represent the government as a shareholder; regularly monitor and assess SOE performance at the aggregate level; encourage active ownership and the systematic exercising of state ownership right; strengthen board responsibilities, qualifications...

Downsizing and Productivity Gains in the Public and Private Sectors of Colombia

Rama, Martín; Newman, Constance
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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66.52%
Public sector restructuring, including labor downsizing, has been one of the main areas of policy activism in developing countries, and transition economies. But little is known about its actual effects. The authors use panel data on Colombian enterprises spanning more than one decade, to assess the impact on several productivity indicators. The results suggest that the productivity gains from downsizing, are larger in state-owned enterprises than in private enterprises. While the increase in value added per worker is similar in both cases, state-owned enterprises experience an increase in total value added, and in value added per unit of capital, whereas both indicators decline in private enterprises. The difference, which could simply reflect the larger extent of initial inefficiency in state-owned enterprises, does not appear to depend on the degree of competition in product markets.

Transparency of State Owned Enterprises in Vietnam : Current Status and Ideas for Reform

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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96.53%
Information disclosure by State Owned Enterprises (SOEs) is part of a broader agenda to promote greater public sector transparency in Vietnam. Recent studies by the World Bank and others have shown that despite progress, compliance with legal requirements for transparency remains a challenge across a wide range of public sector governance areas in Vietnam. However, the marginal benefit to increased transparency is very significant. Timely availability of credible economic data, and better communication of policy changes, can help reduce market uncertainty and perceptions of risk. Transparency of SOEs is particularly important given their large presence in Vietnam s economy. In a survey conducted in 2011 for the Vietnam Development Report (2012) entitled Market Economy for a Middle Income Vietnam , improving transparency was cited by respondents as the top reform solution for SOEs in Vietnam together with accelerating equalization. Prime Minister s Decision 929 (2012), which sets out an overall plan to restructure General Corporations and State Economic Groups...

Corporate Governance of State-Owned Enterprises in Latin America : Current Trends and Country Cases

World Bank
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
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96.5%
The main objective of this report is to provide a descriptive analysis of the current practices and trends of corporate governance of State-owned Enterprises (SOEs) in several Latin-American countries. It provides practitioners of SOE corporate governance with a stocktaking of current practices and trends in several Latin American countries, as well as international experiences and good practices elsewhere. This report intend to contribute to the discussion and growing interest on SOE corporate governance and to provide an impulse for further analytical work in this area. In most Latin American and Caribbean countries, the SOE sector contributes significantly to GDP and represents an important part of consolidated public expenditures. In several cases, the SOEs are also key and strategic actors in the country s economy providing essential goods and services and frequently hold a dominant market position in critical sectors, such as petroleum, electricity, and transportation. They also operate in competitive markets such as financial services...

Corporate Governance of State-Owned Enterprises : A Toolkit

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Português
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86.32%
This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It covers the key elements of corporate governance, including legal and regulatory framework, state ownership arrangements, performance management systems, financial and fiscal discipline, boards of directors, transparency and disclosure, and protection of shareholders in mixed ownership companies. Experience shows that no one approach is universally applicable and the choice of measures depends on country and enterprise circumstances. The Toolkit thus provides a range of frameworks, concepts, case examples, checklists, and model documents that together aim to help government officials make the appropriate choices for their circumstances. The Toolkit concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.

Hayek, Local Information, and the Decentralization of State-Owned Enterprises in China

Huang, Zhangkai; Li, Lixing; Ma, Guangrong; Xu, Lixin Colin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
Português
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76.37%
Hayek argues that local knowledge is a key for understanding whether production should be decentralized. This paper tests Hayek’s predictions by examining the causes of the Chinese government’s decision to decentralize state-owned enterprises. Since the government located closer to a state-owned enterprise has more information over that enterprise, a greater distance between the government and the enterprise should lead to a higher likelihood of decentralization. Moreover, where communication costs and the government’s uncertainty over an enterprise’s performance are greater, the government is more likely to decentralize enterprises so that it can better utilize local information. This paper finds empirical support for these implications.

Free to lose: autonomy and incentives in Chinese state entrprises

Huang, Yiping; Woo, Wing Thye
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 161526 bytes; application/pdf
Português
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76.34%
China has introduced a diverging set of policy measures to its state-owned enterprises (SOEs) since the reform began. Two key themes run through the whole process: expanding decision autonomy for enterprises and increasing the role of the market (Byrd 1991). It has been argued that these are also the two most important factors contributing to the success of reform in the state sector (Rawski 1994; Groves et al. 1994; Naughton 1995). In the literature, however, the success of China’s SOE reform remains a controversial issue and the exact mechanisms through which the reforms have impacted on enterprise performance need to be explored (Sachs and Woo 1997; Huang and Duncan 1997a, 1998). Enterprise reform does not seem to have fully achieved the original objective of ‘transforming the SOEs into efficient economic identities’. Inefficiency in the state sector is still one of the major problems facing the Chinese economy today.

While it is accepted that comprehensive intervention is detrimental to enterprise performance, we argue that autonomy can deliver better efficiency only when the behaviour of firms or their managers are properly disciplined. These disciplines can be implemented either through direct government regulation or through the functioning of market mechanisms. Autonomy and discipline are the two most important elements of any successful liberalisation program for enterprises in transitional economies.

Governance Reforms of State-Owned Enterprises; Lessons from Four Case Studies (Egypt, Iraq, Morocco, and Tunisia)

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Institutional and Governance Review (IGR)
Português
Relevância na Pesquisa
86.4%
The state-owned enterprise (SOE) landscape has become increasingly diverse. There used to be some relatively well-defined criteria, but with the growing complexity of state participation in the economy, there is no longer a uniform definition, and especially because the definition of a SOE has always been country-specific. SOE reforms can have major positive impacts not only by reducing fiscal risks by decreasing hidden subsidies, direct transfers, and overstaffing, but also by strengthening competition and developing capital markets. SOE reforms in developing countries began in the 1960s because of the poor performance of many of the SOEs. The reform movement sought to strengthen the internal capacity of SOEs. To enrich the discussion about possible avenues for performance-enhancing SOE reforms, this report presents the main principles of good governance of SOEs with references to the Organization for Economic Co-operation and Development (OECD) guidelines on corporate governance of SOEs (OECD 2005). This document is divided into six parts: (1) an effective legal and regulatory framework for SOEs; (2) the state as an owner; (3) equitable treatment of shareholders; (4) relations with stakeholders; (5) transparency and disclosure; and (6) the responsibilities of the boards of SOEs.

The Evolution of Enterprise Reform in Africa : From State-Owned Enterprises to Private Participation in Infrastructure—and Back?

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Infrastructure Study; Economic & Sector Work
Português
Relevância na Pesquisa
76.32%
From the outset state-owned enterprises (SOE) financial and economic performance generally failed to meet the expectations of their creators and funders. There were African SOEs that performed, at least for a time, adequately and sometimes very well, by the most stringent of standards (e.g., Ethiopian Airlines, the Kenya Tea Development Authority, Sierra Leone's Guma Valley Water Company). But the good performers were heavily outnumbered by the bad. Numerous studies and reports from this period document the poor technical and financial performance of African SOEs in general and infrastructure SOEs in particular. Many of the latter failed to produce a sufficient quantity or a high quality of service or product, and posed increasing financial burdens on strained state budgets.

Ukraine : System of Financial Oversight and Governance of State-Owned Enterprises

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Accountability Study; Economic & Sector Work
Português
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96.55%
The report focuses on the system of financial oversight and governance of state-owned enterprises in Ukraine. State-owned enterprises (SOEs) continue to represent a significant share of Ukraine's economy, and play a dominant role in sectors such as rail, transport, utilities, energy and telecommunications. These enterprises play an important role for the government by remitting dividend payments to the national treasury to fund the country's development agenda. At the same time, these same enterprises government receive fiscal support through a transfer of budgetary resources, issuance of guarantees for enterprise debt, facilitation to lines of credit, and other financial instruments. Ukraine's SOE sector has a wide range of ownership and management schemes. The basic legal framework for SOE oversight, defined in the Commercial Code of Ukraine, provides for the delegation of responsibilities across several ministries/agencies. As a result, there are overlapping roles across different government institutions...

Vietnam - Delivering on Its Promise : Development Report 2003

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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66.49%
The focus of the report, combined with Vietnam's remarkable long-term growth potential, presents a favorable outlook, suggesting the effects of the East Asian crisis are over. The country is committed to socially inclusive development, and, translates a vision of transition towards a market economy, with socialist orientation into concrete public actions, emphasizing the transition should be pro-poor, noting this will require investments in the rural, and lagging regions, and a more gradual reform implementation, than often recommended. However, challenges identified include, first, further progress in economic reform - fast progress in liberalizing foreign trade, and integrating with world economy is increasingly at odds with the slowdown of state-owned enterprise reform. Second, poverty alleviation may be endangered - for in the absence of vigorous action, inequality is likely to increase. And, third, improving the quality of governance faces an economic inefficient mismatch, reflected by its legal framework...

Tajikistan : Fiscal Risks from State-Owned Enterprises

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review
Português
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96.39%
This policy note is part of the World Bank's Programmatic Public Expenditure Review (PER) work program for FY2012-2014. The PER consists of a series of fiscal policy notes, which aim at providing the Government of Tajikistan with recommendations to strengthen budgetary processes and analysis. This policy note, the fifth in the series continues the fiscal policy dialogue conducted in the previous notes. It is structured as follows. Chapter 2 reviews the role of state-owned enterprises (SOE) in Tajikistan's economy and identifies key issues. Chapter 3 assesses the fiscal risks posed by SOEs, especially those in the energy sector. Chapter 4 puts forth possible solutions. Chapter 5 summarizes the main conclusions of this note: 1) despite privatizations and attempts at restructuring, Tajikistan still has a large, inefficient, and heavily indebted public sector; 2) the lack of comprehensive information about the sector undermines budget credibility and budget integrity; 3) multiple but uncoordinated functions...

Governance in State-Owned Enterprises Revisited : The Cases of Water and Electricity in Latin America and the Caribbean

Andrés, Luis Alberto; Guasch, José Luis; López Azumendi, Sebastián
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
96.67%
This paper studies the governance structure of state-owned enterprises in the water and electricity sectors of Latin America and the Caribbean. Through a unique dataset, the paper compares 44 leading state companies of the region based on an aggregate measure of corporate governance and six salient aspects of their design: board, chief executive officer, performance orientation, management, legal framework, and transparency/disclosure. The results indicate the need for improvement in areas such as the selection and appointment of directors to the board and the performance-orientation of the enterprises. The paper also highlights the importance of discussing the management of state-owned enterprises in the wider context of public sector governance, with particular focus on accountability. Moreover, it recognizes the role of accountability as central in the management of state-owned enterprises, recommending a better understanding of regulation and performance management. The paper finds a positive correlation between corporate governance and the utilities' performance. Among the different aspects of corporate governance...

Strengthening the Governance and Performance of State-Owned Financial Institutions

Scott, David H.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
76.2%
Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa.

Industrial Ownership and Environmental Performance : Evidence from China

Wang, Hua; Jin, Yanhong
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.53%
The authors explore the differences in pollution control performance of industries with different types of ownership in China-state-owned (SOE), collectively- or community-owned (COE), privately owned (POE), companies with foreign direct investment (FDI), and joint ventures. About 1,000 industrial firms in three provinces of China were surveyed, and detailed 1999 firm-level information was obtained. The authors analyzed the differences between firms in receiving and reacting to environmental regulatory enforcement, community pressure, environmental services, as well as in the firm's internal environmental management among the different types of ownership. The authors also conducted econometric analyses on the determinants of pollution discharge performance. The results show that foreign direct investment and collectively-owned enterprises have better environmental performances in terms of water pollution discharge intensity, while state-owned enterprises and privately owned enterprises in China are the worst performers. The results also suggest that collectively-owned enterprises in China do internalize environmental externalities.

Why Performance Contracts for State-Owned Enterprises Haven't Worked

Shirley, Mary
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
Português
Relevância na Pesquisa
76.37%
When privatization is not feasible or palatable, developing country governments seeking to improve the performance of state enterprises are often negotiating performance contracts with their managers. Many of these contracts have been put in place with World Bank assistance. Research shows that they rarely work. The author summarizes the rationale for performance contracts and the evidence against them and explores the reasons why they haven't worked. She concludes that since a well-designed and carefully enforced performance contract can be as politically costly as a well-designed privatization, performance contracts are not likely to be successful in countries that lack the political will to privatize.

The Effectiveness of Boards of Directors of State Owned Enterprises in Developing Countries

Vagliasindi, Maria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
96.51%
This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition...

The state´s role on the iberian stock markets : from privatization to the state as an investor

Cabeças, João Miguel Justino
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em //2011 Português
Relevância na Pesquisa
76.21%
Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais; As privatizações tendem a levar a um aumento da performance e eficiência das empresas bem como um melhoramento dos saldos orçamentais do estado, acompanhado de um aumento de concorrência (Carreira, Megginson e Netter, 2001). Desta forma, o objectivo do trabalho é estudar se as privatizações realizadas na última década, em Portugal e Espanha, foram realmente benéficas e se o processo de privatização se traduziu em melhorias para as empresas envolvidas. Este trabalho, suportado numa revisão de literatura de cerca de 60 artigos, contempla uma comparação dos períodos pré e pós privatização, bem como uma comparação entre os indicadores das empresas privatizadas e das ainda empresas de capitais públicos. Procura-se ainda analisar o papel da estrutura de capital e a sua influência nas melhorias trazidas pelas privatizações. O estudo replica os métodos utilizados Omran, M. (2004) and McGuinness, P. and Ferguson, M. (2005). Os resultados mostram que não existe uma melhoria significativa de performance após a privatização, nem uma interferência da estrutura de capital, mas apenas uma melhoria da eficiência operacional.; The privatization of state owned enterprises (SOEs) tend lead to an increase in performance and efficiency...