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Nationalization Around the World

Student: Ter-arakelian Arman

Supervisor: Carsten Sprenger

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Final Grade: 7

Year of Graduation: 2017

Nationalization is becoming an important topic in the modern world. The main aim of this research is to find out the effect of nationalization on the profitability, on the labour intensity, on the financial stability, and on the leverage of the company after nationalization. We find out that the largest number of the domestic nationalization deals were made in The Russian Federation and in China over 2000-2017 period. At the same time, the largest number of the domestic nationalization deals were made in 2009. Moreover, we found that governments and/or SOEs mainly acquire companies from the manufacturing sector of economy. In order to measure the nationalization effect on the performance of the companies we use two different samples and implement different methods.At the same time, we use private companies as a control group. We assume that our methodology allow us to estimate the effect of nationalization accurately. After analyzing the financial data for 2008-2016 period of time, we come to the following conclusion: on average, profitability of the company decreases after nationalization, financial stability does not change. Moreover, firms, on average, increase their level of leverage but the labour intensity does not change.

Full text (added June 16, 2017)

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