Can corporatization improve the performance of state-owned enterprises even without privatization?

This paper analyzes the performance of government-owned firms in China undergoing corporatization without privatization. The authors claim corporatization had a positive effect on the performance of these SOEs. This success is linked to reforms in internal leadership that occurred due to corporatization. This suggests that corporate governance reform can be beneficial, even without accompanying privatization. This conclusion is helpful for countries wanting to improve the performance of SOEs, but not wanting to undergo the process of privatization.