摘要：Despite an apparent consensus in the literature that privatisation universally leads to an increase in firm performance, the problem of endogeneity bias is profound and has been emphasised in a number of meta-analyses.We propose a new instrument to address the endogeneity bias and apply it to Polish medium-sized and large firms in the period of 1995 to 2008.We find that improvements in firm performance are not universal; in particular, we find no improvement among manufacturing firms privatised to domestic investors.
