Governance in State-Owned Enterprises Revisited : The Cases of Water and Electricity in Latin America and the Caribbean

Andrés, Luis Alberto; Guasch, José Luis; López Azumendi, Sebastián

dc.creator	Andrés, Luis Alberto
dc.creator	Guasch, José Luis
dc.creator	López Azumendi, Sebastián
dc.date	2012-03-19T18:03:43Z
dc.date	2012-03-19T18:03:43Z
dc.date	2011-08-01
dc.date.accessioned	2023-02-17T20:58:12Z
dc.date.available	2023-02-17T20:58:12Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110801150940
dc.identifier	http://hdl.handle.net/10986/3508
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244472
dc.description	This paper studies the governance structure of state-owned enterprises in the water and electricity sectors of Latin America and the Caribbean. Through a unique dataset, the paper compares 44 leading state companies of the region based on an aggregate measure of corporate governance and six salient aspects of their design: board, chief executive officer, performance orientation, management, legal framework, and transparency/disclosure. The results indicate the need for improvement in areas such as the selection and appointment of directors to the board and the performance-orientation of the enterprises. The paper also highlights the importance of discussing the management of state-owned enterprises in the wider context of public sector governance, with particular focus on accountability. Moreover, it recognizes the role of accountability as central in the management of state-owned enterprises, recommending a better understanding of regulation and performance management. The paper finds a positive correlation between corporate governance and the utilities' performance. Among the different aspects of corporate governance, performance orientation and professional management seem to be the highest contributors to well-performing state-owned enterprises. State-owned enterprises in the electricity sector show higher governance levels than those in the water sector.
dc.language	English
dc.relation	Policy Research Working Paper ; No. 5747
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTABILITY
dc.subject	ACCOUNTABILITY MECHANISMS
dc.subject	ACCOUNTING
dc.subject	ACCOUNTING STANDARDS
dc.subject	AGENCY COSTS
dc.subject	AUDITING
dc.subject	AUDITORS
dc.subject	AUTHORITY
dc.subject	AUTONOMY
dc.subject	BOARD MEMBERS
dc.subject	BUREAUCRACY
dc.subject	BUSINESS CORPORATION
dc.subject	CEO
dc.subject	CEOS
dc.subject	CHIEF EXECUTIVE
dc.subject	CITIZENS
dc.subject	CIVIL SERVICE
dc.subject	CIVIL SOCIETY
dc.subject	COLLUSION
dc.subject	COMMERCIAL LAW
dc.subject	COMPANY
dc.subject	COMPETITIVE BEHAVIOR
dc.subject	CONCESSION AGREEMENT
dc.subject	CONSOLIDATION
dc.subject	CONSTITUENCY
dc.subject	CONVENTIONAL WISDOM
dc.subject	CORPORATE GOVERNANCE
dc.subject	CORPORATE GOVERNANCE CODE
dc.subject	CORPORATE LAW
dc.subject	CORPORATE STRATEGIES
dc.subject	CORPORATE STRUCTURE
dc.subject	CORPORATIONS
dc.subject	CORPORATIZATION
dc.subject	CORRUPTION
dc.subject	CRITICAL IMPORTANCE
dc.subject	CUSTOMER SERVICES
dc.subject	DEBT
dc.subject	DECENTRALIZATION
dc.subject	DECISION MAKING
dc.subject	DECISION MAKING POWER
dc.subject	DECISION-MAKING
dc.subject	DECISION-MAKING BODY
dc.subject	DELIVERY OF SERVICES
dc.subject	DISCLOSURE
dc.subject	ECONOMIC REGULATION
dc.subject	EMERGING MARKETS
dc.subject	ENTERPRISE DEVELOPMENT
dc.subject	ENTERPRISE REFORM
dc.subject	ENTERPRISE RESTRUCTURING
dc.subject	EXPANSION
dc.subject	EXPANSION OF SERVICE
dc.subject	EXTERNAL ACCOUNTABILITY
dc.subject	FINANCIAL DISCLOSURE
dc.subject	FINANCIAL INFORMATION
dc.subject	FINANCIAL PERFORMANCE
dc.subject	FINANCIAL TRANSPARENCY
dc.subject	GOVERNANCE ARRANGEMENTS
dc.subject	GOVERNANCE DIMENSIONS
dc.subject	GOVERNANCE EFFECTIVENESS
dc.subject	GOVERNANCE INDICATORS
dc.subject	GOVERNANCE STRATEGIES
dc.subject	GOVERNMENT AGENCY
dc.subject	GOVERNMENT AUTHORITIES
dc.subject	GOVERNMENT COMPANIES
dc.subject	GOVERNMENT CORPORATIONS
dc.subject	GOVERNMENT ENTITIES
dc.subject	GROUP OF COMPANIES
dc.subject	GROWTH RATES
dc.subject	HOLDING COMPANY
dc.subject	HUMAN CAPITAL
dc.subject	HUMAN RESOURCES
dc.subject	INCOME
dc.subject	INCOME LEVELS
dc.subject	INCORPORATED
dc.subject	INDEPENDENT AUDIT
dc.subject	INDEPENDENT DIRECTORS
dc.subject	INDUSTRIAL TARIFFS
dc.subject	INFRASTRUCTURE INVESTMENT
dc.subject	INFRASTRUCTURE PRIVATIZATION
dc.subject	INSOLVENCY
dc.subject	INSTITUTIONAL ARRANGEMENT
dc.subject	INSTITUTIONAL SHAREHOLDERS
dc.subject	INSTITUTIONAL SYSTEMS
dc.subject	INTERNATIONAL ACCOUNTING STANDARDS
dc.subject	INTERNATIONAL DEVELOPMENT
dc.subject	LABOR PRODUCTIVITY
dc.subject	LACK OF ACCOUNTABILITY
dc.subject	LEGAL FRAMEWORK
dc.subject	LEGAL REQUIREMENTS
dc.subject	LIMITED
dc.subject	LIMITED LIABILITY
dc.subject	LISTING OF COMPANIES
dc.subject	MANAGERS
dc.subject	MANUFACTURERS
dc.subject	MUNICIPALITY
dc.subject	NATIONAL ASSOCIATION
dc.subject	NATIONS
dc.subject	OPERATIONAL PERFORMANCE
dc.subject	OWNERSHIP STRUCTURE
dc.subject	PARLIAMENT
dc.subject	PARLIAMENTARY OVERSIGHT
dc.subject	PERFORMANCE INDICATORS
dc.subject	PERSONS
dc.subject	POLITICAL ECONOMY
dc.subject	POLITICAL INFLUENCE
dc.subject	POLITICIANS
dc.subject	PRESIDENCY
dc.subject	PRIVATE COMPANIES
dc.subject	PRIVATE COMPANY
dc.subject	PRIVATE ENTERPRISE
dc.subject	PRIVATE ENTERPRISES
dc.subject	PRIVATE FIRM
dc.subject	PRIVATE INVESTMENT
dc.subject	PRIVATE INVESTORS
dc.subject	PRIVATE PARTNERSHIPS
dc.subject	PRIVATE SECTOR DEVELOPMENT
dc.subject	PRIVATE SECTOR PARTICIPATION
dc.subject	PRIVATE UTILITIES
dc.subject	PROFITABILITY
dc.subject	PROVISION OF INFRASTRUCTURE
dc.subject	PROVISION OF INFRASTRUCTURE SERVICES
dc.subject	PROVISION OF SERVICES
dc.subject	PROXY
dc.subject	PUBLIC ACCOUNTABILITY
dc.subject	PUBLIC ADMINISTRATION
dc.subject	PUBLIC COMPANIES
dc.subject	PUBLIC CORPORATION
dc.subject	PUBLIC ENTERPRISES
dc.subject	PUBLIC FINANCING
dc.subject	PUBLIC HEARINGS
dc.subject	PUBLIC MANAGEMENT
dc.subject	PUBLIC SECTOR
dc.subject	PUBLIC SECTOR GOVERNANCE
dc.subject	PUBLIC SECTOR MANAGEMENT
dc.subject	PUBLIC SERVICE
dc.subject	PUBLIC UTILITIES
dc.subject	PUBLIC WATER
dc.subject	PUBLIC-PRIVATE PARTNERSHIPS
dc.subject	QUALITY OF SERVICE
dc.subject	REGULATORY AGENCIES
dc.subject	REGULATORY AGENCY
dc.subject	REGULATORY AUTHORITIES
dc.subject	REGULATORY AUTHORITY
dc.subject	REGULATORY BODIES
dc.subject	REGULATORY POLICIES
dc.subject	REPRESENTATIVES
dc.subject	RESIDENTIAL TARIFFS
dc.subject	SERVICE PROVIDERS
dc.subject	SERVICE PROVISION
dc.subject	SERVICE QUALITY
dc.subject	SHAREHOLDER
dc.subject	SHAREHOLDERS
dc.subject	SKILLED WORKERS
dc.subject	SMALL COMPANIES
dc.subject	SMALLER COMPANIES
dc.subject	SOCIETY
dc.subject	STAKEHOLDERS
dc.subject	STATE ACTION
dc.subject	STATE ENTERPRISE
dc.subject	STATE ENTERPRISES
dc.subject	STATE OWNED ENTERPRISES
dc.subject	STATE OWNERSHIP
dc.subject	STATE SECTOR
dc.subject	STATE SUBSIDIES
dc.subject	STATE-OWNED ENTERPRISES
dc.subject	STOCK EXCHANGE
dc.subject	STOCK MARKET
dc.subject	STOCK MARKETS
dc.subject	SUBSIDIARIES
dc.subject	TARIFF INCREASES
dc.subject	TAX OBLIGATION
dc.subject	TAX OBLIGATIONS
dc.subject	TAX REGIME
dc.subject	TRADE UNIONS
dc.subject	TRANSPARENCY
dc.subject	TRANSPARENT DISCLOSURE
dc.subject	UNDUE INFLUENCE
dc.subject	UNIONS
dc.subject	VESTED INTERESTS
dc.subject	VETO
dc.subject	VOTING
dc.subject	WAGES
dc.subject	WATER COMPANIES
dc.subject	WATER COVERAGE
dc.subject	WATER SECTOR
dc.subject	WATER SUPPLY
dc.subject	WATER TARIFFS
dc.subject	WATER UTILITIES
dc.title	Governance in State-Owned Enterprises Revisited : The Cases of Water and Electricity in Latin America and the Caribbean
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	Latin America & Caribbean