Management Control and Privatization in the United Kingdom
研究英国112家国有、私有化和上市公司在1970-1994年间所有权与内部控制的关系，发现私有化四年后的企业，绩效下降时管理层离职概率显著上升，而国有企业和早期私有化企业则无此关联。
We examine the links between ownership and internal control for a sample of 112 state-owned, privatized, and publicly traded firms in the United Kingdom from 1970 to 1994.Privatized firms with at least four years in the private sector, like established publicly traded firms, exhibit a significant negative relationship between improved performance and the probability of resignation.Simulations using model estimates show a one-standard-deviation decrease in performance raises the probability of resignation by 90% in publicly traded firms and by 180% in established privatized firms.Stateowned firms and privatized firms in their first four years show no relationship between the probability of resignation and changes in financial performance.