A multilevel model of privatization in emerging economies

Why are so many emerging economies privatizing state-owned enterprises, and how does that affect their performance? I propose a dynamic multilevel mod el to answer these questions. Firm-level arguments need to be complemented by industry- and country-level arguments to explain why some enterprises ar e privatized but not others. Similarly, changes in firm governance resultin g from privatization are only one determinant of postprivatization performa nce: changes in industry structure, regulation and country-level variables are as important. Furthermore, changes introduced at all three levels in on e round of reform influence the context within which subsequent privatizati ons occur.