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When does privatization spur entrepreneurial performance? The moderating effect of institutional quality in an emerging market

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Document pages: 40 pages

Abstract: We explore how institutional quality moderates the effectiveness ofprivatization on entrepreneurs sales performance. To do this, we blend agencytheory and entrepreneurial cognition theory with insights from institutionaleconomics to develop a model of emerging market venture performance. Using datafrom the World Banks Enterprise Survey of entrepreneurs in China, our resultssuggest that private-owned enterprises (POEs) outperform state-ownedenterprises (SOEs) but only in environments with high-quality marketinstitutions. In environments with low-quality market institutions, SOEsoutperform POEs. These findings suggest that the effectiveness of privatizationon entrepreneurial performance is context-specific, which reveals more nuancethan previously has been attributed.

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