An Empirical Study on Government Ownership and Firm Efficiency: Evidence from Oil Companies (정부소유지분과 기업의 기술적 효율성에 관한 연구 -석유기업을 중심으로-)

Dae-Wook Kim (김대욱); 정웅태; Woo Jin Choi (최우진)

An Empirical Study on Government Ownership and Firm Efficiency: Evidence from Oil Companies

Journal of Regulation Studies
2013, 22(2), pp.121-142
Publisher : 한국규제학회
Research Area : Social Science > Public Administration

Dae-Wook Kim ¹, 정웅태 ², Woo Jin Choi ¹

¹숭실대학교
²에너지경제연구원

Accredited

ABSTRACT

This study analyzes the institutional and structural factors which impact on the technical efficiencies of Oil Companies. In order to identify the variables that induce technical inefficiencies of oil companies, we make use of Stochastic Frontier models using data from “Top 100 Ranking the World Oil Companies" by Energy Intelligence from 2000 to 2008. Our empirical findings suggest that government ownership adversely affects on firm efficiency which is consistent with those of prior researches such as Al-Obaidan and Schully(1991), Hartely and Medlock(2007) and Wolf and Pollitt(2008). However, vertical integration and firm diversification are positively, but weekly, associated with firms efficiencies, depending the dependant variable employed. These results largely imply that oil market liberalization is likely to improve market performance

KEYWORDS

Government Ownership, Technical Efficiencies, Oil Companies

Citation status

* References for papers published after 2023 are currently being built.

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Journal of Regulation Studies 2023 KCI Impact Factor : 0.78