All the alleged key causes of SOE [State-Owned Enterprise] inefficiency - the principal-agent problem, the free-rider problem and the soft budget constraint - are, while real, not unique to state-owned enterprises. Large private-sector firms with dispersed ownership also suffer from… — Ha-Joon Chang Copy Share Image
![“All the alleged key causes of SOE [State-Owned Enterprise] inefficiency - the principal-agent problem, the free-rider problem and the soft budget constraint - are, while real, not unique to state-owned enterprises. Large private-sector firms with dispersed ownership also suffer from the…” quote by Ha-Joon Chang](https://sms4smile.com/quotes/img-quotes/fd1/ha-joon-chang-3497_agents_all-the-alleged-key-causes-of-soe-state_1700202.jpg)