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- W999763300 abstract "Mixed enterprises, which are entities jointly owned by the public and private sector, arespreading all over Europe in local utilities. Well aware that in the vast majority of casesthe preference of local authorities towards such governance structure is determined bypractical reasons rather than by the ambition to implement new regulatory designs (analternative to the typical “external” regulation), our purpose is to confer some scientificvalue to this phenomenon which has not been sufficiently investigated in the economicliterature. This paper aims at proposing an economic analysis of mixed enterprises,especially of the specific configuration in which the public partner acts as controller andthe private one (or “industrial” partner) as service provider. We suggest that the publicservice concession to mixed enterprises could embody, under certain conditions, anoteworthy substitute to the traditional public provision and the concession to totallyprivate enterprises, as it can push regulated operators to outperform and limit the risk ofprivate opportunism. The starting point of the entire analysis is that ownership allows the(public) owner to gather more information about the actual management of the firm,according to property rights theory. Following this stream of research, we conclude thatunder certain conditions mixed enterprises could significantly reduce asymmetricinformation between regulators and regulated firms by implementing a sort of “internal”regulation. With more information, in effect, the public authority (as owner/controller ofthe regulated firm, but also as member of the regulatory agency) can stimulate the privateoperator to be more efficient and can monitor it more effectively with respect to thefulfilment of contractual obligations (i.e., public service obligations, quality standards,etc.). Moreover, concerning the latter function, the board of directors of the mixedenterprise can be the suitable place where public and private representatives(respectively, welfare and profit maximisers) can meet to solve all disputes arising fromincomplete contracts, without recourse to third parties. Finally, taking into account that adisproportionate public intervention in the “private” administration (or an ineffectiveprotection of the general interest) would imply too many drawbacks, we draw somepolicy implications that make an equitable debate on the board of the firm feasible. Someempirical evidence is taken from the Italian water sector." @default.
- W999763300 created "2016-06-24" @default.
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- W999763300 date "2006-07-01" @default.
- W999763300 modified "2023-09-23" @default.
- W999763300 title "Mixed Public-Private Enterprises in Europe: Economic Theory and an Empirical Analysis of Italian Water Utilities. Bruges European Economic Research (BEER) Papers 4/July 2006" @default.
- W999763300 hasPublicationYear "2006" @default.
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