![]() A Saga do Petroleo Brasileiro: A Farra do Boi. Costs of aggregate hydrocarbon reserve additions. L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L20 - Generalĭ - Microeconomics > D4 - Market Structure, Pricing, and Design > D43 - Oligopoly and Other Forms of Market Imperfectionĭ - Microeconomics > D2 - Production and Organizations > D24 - Production Cost Capital Capital, Total Factor, and Multifactor Productivity Capacity These findings suggest that changing the competitive environment can be a powerful force for improving productivity at state-owned firms. The threat of competition and privatization was su±cient to generate large productivity gains. ![]() These large gains occurred despite the fact that Petrobras faced no immediate de facto competition. After it lost its legal monopoly Petrobras's total factor We study productivity at Brazil's state-owned oil company Petrobras. We provide evidence that threatening privatization and market competition (entry of new firms) can increase the productivity of SOEs, even though privatization and entry of new ¯rms does not occur. ![]() However, governments often do not have su±cient support to privatize SOEs. ![]() The wave of privatization in the 1980s and 1990s increased productivity of many previously state owned enterprises (SOEs).
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