Template-type: ReDIF-Article 1.0 Author-Name: Luc Bernier Author-Name: Massimo Florio Author-Name: Johan Willner Title: Rationales, performance and governance of public entreprises. Editorial introduction Abstract: Classification-JEL: Keywords: Note: Pages:5-10 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58507&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003001 Number: 1 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58507 Template-type: ReDIF-Article 1.0 Author-Name: Stefano Cl? Author-Name: Marco Di Giulio Author-Name: Maria Tullia Galanti Author-Name: Maddalena Sorrentino Title: Italian state-owned enterprises after decades of reforms: Still public? Abstract: The present paper analyzes the top ten Italian state-owned enterprises (SOEs) over the period 2004-2013, after both their corporate organization and their markets have been deeply reformed. We question whether SOEs? strategies are more profit or public oriented. The authors find that, on average, the management and performance of the Italian SOEs has improved and it holds the comparison with private and public European industry peers. Still, remarkable divergences persist among Italian in terms of performance and orientation towards markets or public values, largely depending on the intensity of the reforms they went through. Listed SOEs operating in liberalized markets are largely profitable and distribute dividends. They have expanded their business internationally, though cross-border M&As. As a result, a high share of their revenues and employees originates out of Italy. Conversely, unlisted SOEs operating in non-competitive markets are still somehow compelled to maintain an informal public mission; they provide universal services, they often incur in economic losses, which are partly covered by taxpayers. Classification-JEL: L2, L33, L8 Keywords: Note: Pages:11-49 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58508&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003002 Number: 2 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58508 Template-type: ReDIF-Article 1.0 Author-Name: Carole Rentsch Author-Name: Philippe Sulger Author-Name: Matthias Finger Title: Major public enterprises in Switzerland Abstract: There are six major public enterprises that provide universal services on the Swiss federal level: Swisscom, Swiss Post, Swiss Federal Railways, Swissgrid, Skyguide, and RUAG. Except for Swissgrid, their governance is very much alike: the state as policymaker defines the framework conditions such as market and enterprise laws and universal service obligations; as owner the state sets strategic objectives, and as regulator it monitors universal service provision and effective competition. In this article, the governance, the strategy, the universal service obligation and the performance of each enterprise are described in detail. Additionally, the authors report on the public discourses about the public enterprises. They conclude that the public enterprises perform on a high level and formulate possible explanations for this finding. Classification-JEL: H770, L32, L530, L9 Keywords: Note: Pages:51-88 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58509&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003003 Number: 3 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58509 Template-type: ReDIF-Article 1.0 Author-Name: Johan Willner Author-Name: Sonja Gronblom Title: The organisation of services of general interest in Finland Abstract: Like in most European countries, SGIs in Finland have in recent years been subject to competition and increased private provision or privatisation. This development is motivated by expected cost reductions, by EU-regulations, by ideology and fashion, and in some cases by expected sales revenues. The empirical evaluations of SGI-reforms are few and somewhat contradictory, but the relative success of Finland?s manufacturing SOEs suggests that the public sector is hardly unable to organise efficient SGIs. A number of potential market failures suggest that public ownership should be taken seriously as an alternative to regulation. An increased emphasis on public ownership would be fairly easy to implement in Finland, because the state is still a significant owner, but EU?s policy on liberalisation and unbundling needs an overhaul. Classification-JEL: H11, H42, H44, L33, L90 Keywords: Note: Pages:89-116 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58510&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003004 Number: 4 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58510 Template-type: ReDIF-Article 1.0 Author-Name: Anto Bajo Author-Name: Marko Primorac Title: Financial performance of major public enterprises in Croatia from 2006 to 2014 Abstract: The aim of this paper is to present basic characteristics of state-owned enterprises in Croatia, assess their financial operations and identify major trends in their operations and long-term development prospects. The analysis is carried out for the period from 2009 to 2014. The paper gradually examines financial operations, management system and the systems of accountability and transparency in state owned enterprises. The particular emphasis is on the comparative overview of major state-owned enterprises? missions and the extent to which they serve public purposes. Moreover, the paper evaluates capital investment plans and provides proposals for the reform of state-owned enterprises in Croatia. In all state-owned enterprises, a serious organizational restructuring - adjustment of the organizational structure and number of employees is still expected. Classification-JEL: H11, H42, H44, L33, L90 Keywords: Note: Pages:117-148 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58511&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003005 Number: 5 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58511 Template-type: ReDIF-Article 1.0 Author-Name: Giuseppe Cinquegrana Author-Name: Serena Migliardo Author-Name: Domenico Sarno Title: Comparative analysis of private and public provision of the water and waste services by the Italian municipalities Abstract: This paper investigates the behavior of private and publicly-owned corporations providing services in local industries that have undergone restructuring interventions since the Nineties in order to promote market contestability. Based on the approaches arising from the transaction costs theory, the paper proposes a comparative analysis of the economic and financial efficiency of a sample of local utilities supplying services in the water and waste industries, observed from 2008 to 2010. The efficiency analysis is achieved by measuring the distance from the stochastic frontier of the production costs of each firm, and the financial efficiency analysis through statement ratios. The findings of the study generally confirm the implications of the transaction costs approach and they show a wide convergence trend between privately and publicly owned organizations for the degree of utilization of input as well as for the financial efficiency analysis. There are sometimes slight differentials on the part of public companies, especially for the larger ones, which can be largely explained by the existence of more stringent welfare-oriented objectives. Classification-JEL: D20, H440, L20 Keywords: Note: Pages:149-176 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58512&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003006 Number: 6 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58512 Template-type: ReDIF-Article 1.0 Author-Name: Francesco Baldi Author-Name: Davide Ciferri Title: State-owned private equity funds investing in "national champions": The case of Italy Abstract: Despite the recent upsurge of scientific work on the Sovereign Wealth Funds? (SWFs) phenomenon, little is known on the role played in a country?s economy by a subcategory of SWFs: Strategic Funds ("SFs"). As an explicit form of governmental intervention in the economic system associated with a new model of State capitalism, SFs acquire strategic (equity) stakes in enterprises of national interest with the purpose of enhancing the home country?s growth and competitiveness. The aim of this article is to investigate the rationale, public policy objectives and investment strategies pursued by SFs, thus contributing to the SWF literature in three ways. First, we provide a definition of State-Owned Private Equity (SOPE) as referred to the activity of SFs and develop a conceptual framework to strategically position them within the PE industry. Second, we conduct a peer analysis of SFs operated by European national governments on the basis of which we propose a taxonomy of such PE entities classified into competitive and defensive ones. Third, we discuss how a SF can contribute to enhancing the competitiveness of the home country through amelioration of its macroeconomic fundamentals (e.g., value added, employment) associated with the adequate management of portfolio companies. To do so, we illustrate the case study of the SF operated by the Italian government, named as Fondo Strategico Italiano (FSI). Classification-JEL: G23, L32, L53 Keywords: Note: Pages:177-218 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58513&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003007 Number: 7 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58513 Template-type: ReDIF-Article 1.0 Author-Name: Paolo Castelnovo Title: State-invested enterprises in the European telecommunications industry: Are they competitive players? Abstract: The present paper provides an overview of the main companies operating in European telecommunication industry over the decade 2006-2015, with a specific focus on their ownership structure. Following Christiansen and Kim (2014), State-invested telecom companies are classified into State-owned (SOEs) and partially State-owned (PSOEs) enterprises. The aim of the analysis is to investigate the current involvement of European Governments in the telecommunications sector after the deep process of privatisation started in the ?80s and to understand whether the type of ownership is connected with companies? economic performance. It turns out that European States still have an important role in the telecommunications industry, mainly through minority but significant participations into previously publicly held incumbents. Moreover, from the analysis of balance sheet data it turns out that State-Invested companies have achieved an economic performance which is comparable, if not superior, to that of private enterprises in terms of profitability. However, some gaps seem to persist as far as labour productivity and investment levels are concerned. Classification-JEL: L25, L33, L96 Keywords: Note: Pages:219-240 Volume: 2016/3 Year: 2016 Issue:3 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=58514&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/EP2016-003008 Number: 8 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=58514