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Private equity has become a global phenomenon, spreading worldwide both in terms of value
and number of transactions. This thesis aims at determining the impact of private equity on industry performance. The main question is whether private equity funds improve the performance of the companies in their portfolio more than comparable listed companies. The study also tries to test the improved industry performance that might be caused by private
equity investment activity. This paper also tries to investigate if private equity funds select to invest in industries that are growing faster.

private equity --- industry performance --- financial performance --- economy --- Sciences économiques & de gestion > Finance

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This research investigates the intricate relationship between market reach, green initiatives, and financial performance among Belgian SMEs, with a focus on turnover growth as a key indicator of financial success. The study leverages data from the "Flash Eurobarometer FL498: SMEs resource efficiency and green markets" dataset, employing ordinal probit regression to analyse the influence of market reach and green products on the financial outcomes of these firms.

The study utilized a quantitative approach, specifically ordinal probit regression, to examine the relationship between green initiatives, market reach, and financial performance. The dependent variable, turnover growth, was measured in three categories: "Decrease," "No Change," and "Increase." Independent variables included the presence of green products and services, the proportion of turnover generated from these products, and the geographical scope of the firm's market reach. Control variables such as sector and firm size were also incorporated to account for industry-specific and scale-related factors.

The results of the study reveal that the presence of green products and services within a firm's offerings does not have a statistically significant direct impact on turnover growth. While market reach, particularly the expansion beyond national borders, was anticipated to play a significant role in enhancing the financial benefits of green initiatives, the results indicate that its impact on turnover growth is not as straightforward as expected. The data suggests a complex interplay between market reach and green initiatives, where broader market exposure does not necessarily translate into better financial performance within the short term.

market reach --- sustainable practices --- financial performance --- SMEs --- green products --- Sciences économiques & de gestion > Finance

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This paper briefly reviews the main theories of state versus private ownership and empirical evidence on the impact of privatization in developing countries (including transition economies). The paper draws some lessons for policy and offers some suggestions on how to assess privatization, at least in countries where there is still scope for it. The paper suggests that although understanding of the efficiency gains of privatization has increased significantly in recent years, there is an important area about which little is known: the distributional effects of privatization. Whether arguing from the standpoint of welfare economics or political economy, distributional effects are critical to the outcome, or the perceived outcome, of privatization. Thus, there is a need to fully evaluate the ex ante and ex post impacts of privatization, the most effective types of regulation and ownership regimes, and the way in which losers, when there are any, can be compensated. This is a need that must be met by academics and development agencies, including the World Bank and regional development banks.

Bank Privatization --- Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Budget constraints --- Capitalization --- Economics --- Economies in transition --- Emerging Markets --- Employment --- Externalities --- Finance and Financial Sector Development --- Financial performance --- Fixed costs --- Infrastructure Economics and Finance --- Infrastructure Regulation --- Investment spending --- Laws --- Local governments --- Municipalities --- Operating efficiency --- Private Sector Development --- Privatization --- Productivity --- Profitability --- Public enterprises --- Regional development banks --- Transition economies

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This paper focuses on the corporate governance arrangements of institutions offering Islamic financial services (IIFS) aimed at protecting stakeholders' financial interests. Many IIFS corporate governance issues are common with those of their conventional counterparts. Others are distinctive. In particular they offer unrestricted investment accounts that share risks with shareholders but without a voting right. This paper first reviews internal and external arrangements put in place by IIFS to protect stakeholders' financial interests. It discusses shortcomings notably in terms of potential conflict of interest between shareholders and holders of unrestricted investment accounts. It then suggests a corporate governance framework that combines internal and external arrangements to provide safeguards to unrestricted investment account holders without overburdening IIFS' financial performance. The paper uses a review of 13 IIFS and regulatory information from countries where IIFS have developed the most.

Account Holders --- Accounting --- Accounting Standards --- Bank Policy --- Banks and Banking Reform --- Central Bank --- Conflict of Interest --- Corporate Governance --- Debt Markets --- Depos Exchange --- Emerging Markets --- Federal Deposit Insurance --- Finance --- Finance and Financial Sector Development --- Financial Literacy --- Financial Performance --- Insurance Corporation --- Interests --- Investment --- Islamic Banks --- Islamic Financial Institutions --- Islamic Financial Services --- Private Sector Development --- Share --- Shareholders

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This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition, other factors that may reduce directors' ability to monitor corporate activities, such as the age profile and the number of Boards on which they sit, need to be handled more carefully.

Board member --- Boards of Directors --- Corporate governance --- Corporate Law --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Financial performance --- Firm performance --- Governance --- Governance arrangements --- Independent directors --- Law and Development --- Little attention --- Microfinance --- National Governance --- Private enterprises --- Private Partnerships --- Private Sector Development