The Study of Thailand’s State-Owned Enterprises based on Firm in The Organizational Economists’ Approach
Keywords:
Organizational Economic Theory, Theory of The Firm Transaction Cost, Agency, State-Owned EnterpriseAbstract
In the Past, an analysis of Thailand's State-Owned Enterprises generally concentrated on conceptual frameworks and a paradigm of government bureaucracy which had influenced on the system theory concept only. This case was based on overall operation and performance which was an only side to be measured as to the efficiency and effectiveness of the State-Owned Enterprises. Thus, this leads to discourse that says "Thailand's State-Owned Enterprises are large but without potential and are lacking in mobility strategy"
In order to explore these issues in the present, this paper is going to analyze the State-Owned Enterprise information, provided by the authorities and state officials in the form of interviews and questions answered. Questioning issues where based on Theory of The Firm, Transaction Cost and Agency Cost. The State Owned Enterprises that perform well, will have an operational capability to make a profit (Net Profit Margin) avoiding a negative profit margin, or at least that can be considered necessary to maintain government expenses. Moreover, State-Owned Enterprise should have the economic Ethics to provide good governances of both internal and external organizations.
References
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Bruton, G. D., Peng, M. W., Ahlstrom, D., Stan, C., & Xu, K. (2014). “State-owned Enterprises Around the WORLD as Hybrid Organizations”. Academy of Management Perspectives, 29 (1), 92-114. [Online] https://doi.org/10.5465/amp.2013.0069. doi:10.5465/amp.2013.0069
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Journal of Industrial Economics, 14 (1), 30. [Online] http://ezproxy.car.chula.ac.th/login?
url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=5711597&site=ehost-live&scope=site. doi:10.2307/2097649
Alchian, A. A., & Demsetz, H. (1972). “Production, Information Costs, and Economic Organization”. American Economic Review, 62 (5), 777-795. [Online] http://ezproxy.car.chula.ac.th/login?
url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=4503851&site=ehost-live&scope=site.
André, R. (2010). “Assessing the Accountability of Government-Sponsored Enterprises and Quangos”. Journal of Business Ethics, 97 (2), 271-289. [Online] http://www.jstor.org/stable/40929409.
Argyres, N. S., & Zenger, T. R. (2012). “Capabilities, Transaction Costs, and Firm Boundaries”. Organization Science, 23 (6), 1643-1657. [Online] http://www.jstor.org/stable/23362018.
ASEANToday. (2017). Singapore’s Government-Linked Companies need to face up to disruption. [Online] https://www.aseantoday.com/2017/11/singapores-government-linked-companies-need-to-face-up-to-disruptioninstead-of-always-relying-on-possible-privileges-and-support-from-temasek-holdings-government-linked-companies-should-face/.
Bortolotti, B., & Faccio, M. (2009). “Government Control of Privatized Firms”. The Review of Financial Studies, 22 (8), 2907-2939. [Online] http://www.jstor.org/stable/40247651.
Bruton, G. D., Peng, M. W., Ahlstrom, D., Stan, C., & Xu, K. (2014). “State-owned Enterprises Around the WORLD as Hybrid Organizations”. Academy of Management Perspectives, 29 (1), 92-114. [Online] https://doi.org/10.5465/amp.2013.0069. doi:10.5465/amp.2013.0069
Coase, R. H. (1937). “The Nature of the Firm”. Economica, 4 (16), 386-405. [Online] http://www.jstor.org/stable/2626876. doi:10.2307/2626876
Coase, R. H. (1988a). “The Nature of the Firm: Influence”. Journal of Law, Economics, & Organization, 4 (1), 33-47. [Online] http://www.jstor.org/stable/765013.
Coase, R. H. (1988b). “The Nature of the Firm: Meaning”. Journal of Law, Economics, & Organization, 4 (1), 19-32. [Online] http://www.jstor.org/stable/765012.
Coase, R. H. (1988c). “The Nature of the Firm: Origin”. Journal of Law, Economics, & Organization, 4 (1), 3-17. [Online] http://www.jstor.org/stable/765011.
Corporate Governance in Thailand. (2005). (S. Montreevat Ed.) : ISEAS–Yusof Ishak Institute.
Cuervo-Cazurra, A., Inkpen, A., Musacchio, A., & Ramaswamy, K. (2014). “Governments as owners: State-owned multinational companies”. Journal of International Business Studies, 45 (8), 919-942. [Online] https://doi.org/10.1057/jibs.2014.43. doi:10.1057/jibs.2014.43
Demortain, D., Arrellano-Gault, D., Rouillard, C., & Thoenig, J.-C. (2018). Bringing Public Organization and Organizing Back In. [Online] http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=edsbas&AN=edsbas.3B8A14B3&site=eds-live. doi:10.1177/0170840612473538
Demsetz, H. (1988). “The Theory of the Firm Revisited”. Journal of Law, Economics, & Organization, 4 (1), 141-161. [Online] http://www.jstor.org/stable/765018.
Demyanyk, Y., & Van Hemert, O. (2011). “Understanding the Subprime Mortgage Crisis”. The Review of Financial Studies, 24 (6), 1848-1880. [Online] http://www.jstor.org/stable/20869292.
Dewenter, K. L., & Malatesta : H. (1997). “Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison”. The Journal of Finance, 52 (4), 1659-1679. [Online] http://www.jstor.org/stable/2329451. doi:10.2307/2329451
Dewenter, K. L., & Malatesta : H. (2001). “State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity”. The American Economic Review, 91 (1), 320-334. [Online] http://www.jstor.org/stable/2677913.
Dickey, L., & Smith, A. (1993). Economics & Ethics in Smith's Theory of Capital Accumulation. In (pp. 213-220).
Eugene, F. F., & Michael, C. J. (1983). “Separation of Ownership and Control”. The Journal of Law & Economics, 26 (2), 301. [Online] http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=edsjsr&AN=edsjsr.725104&site=eds-live.
Goldeng, E., Grünfeld, L. A., & Benito, G. R. G. (2008). “The Performance Differential between Private and State Owned Enterprises: The Roles of Ownership, Management and Market Structure”. Journal of Management Studies, 45 (7), 1244-1273. [Online] http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=34400136&site=ehost-live&scope=site. doi:10.1111/j.1467-6486.2008.00790.x
Grandori, A. (2013). Handbook of Economic Organization : Integrating Economic and Organization Theory. Cheltenham, UK: Edward Elgar Publishing.
Gupta, N. (2005). “Partial Privatization and Firm Performance”. The Journal of Finance, 60 (2), 987-1015. [Online] http://www.jstor.org/stable/3694774.
Hart, O. (1989). “An Economist's Perspective on the Theory of the Firm”. Columbia Law Review, 89 (7), 1757-1774. [Online] http://www.jstor.org/stable/1122818. doi:10.2307/1122818
Huang, Y., & Dean-Leung, S. (2015). State-owned enterprise reform. Australia, Australia/Oceania: Asia Pacific Press.
International Finance Corporation, W. B. G. (2018). Corporate Governance of State-Owned Enterprises. [Online]
https://www.ifc.org/wps/wcm/connect/c1b07feb-a7cd-4688-b93a-9585c7be38b8/SOE_Fact_Sheet_July2018.pdf?MOD=AJPERES
Jiang, Y., & Peng, M. W. (2011). “Principal-principal conflicts during crisis”. Asia Pacific Journal of Management, 28 (4), 683-695. [Online] http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?
direct=true&db=edselc&AN=edselc.2-52.0-78751574956&site=eds-live. doi:10.1007/s10490-009-9186-8
Jones, B. D. (1999). “BOUNDED RATIONALITY”. Annual Review of Political Science, 2 (1), 297. [Online]
http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?
direct=true&db=a9h&AN=5366755&site=ehost-live&scope=site. doi:10.1146/annurev.polisci.2.1.297
Kirsten, F., Nicolai, J. F., & Peter, G. K. (2006). An Entrepreneurial Theory of Economic Organization. [Online] http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?
direct=true&db=edsbas&AN=edsbas.289DC6C9&site=eds-live.
Leeahtam : (2016). Sustainability of the World/Thai Economy and Fiscal Integrity. [Online]
http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=edsbas&AN=edsbas.EB16B4FB&site=eds-live.
Lin, J. Y., Cai, F., & Li, Z. (1998). “Competition, Policy Burdens, and State-Owned Enterprise Reform”. The American Economic Review, 88 (2), 422-427. [Online] http://www.jstor.org/stable/116960.
Megginson, W. L., & Netter, J. M. (2001). “From State to Market: A Survey of Empirical Studies on Privatization”. Journal of Economic Literature, 39 (2), 321-389. [Online] http://www.jstor.org/stable/2698243.
Michael, C. J., & William, H. M. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. [Online] http://ezproxy.car.chula.ac.th/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=edsbas&AN=edsbas.608A4D5A&site=eds-live.
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2019-12-30
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Salakshna, P. (2019). The Study of Thailand’s State-Owned Enterprises based on Firm in The Organizational Economists’ Approach. Journal for Developing the Social and Community, 6(2), 489–512. Retrieved from https://so03.tci-thaijo.org/index.php/rdirmu/article/view/233213
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