Abstract
Organizations and managers in the for-profit private sector have traditionally attracted the greatest attention from management scholars and the media. In recent times, with countries all over the world moving towards more market based economies, managerial issues in state owned enterprises (SOEs), or public sector organizations (PSOs) as they are also known, have started to elicit the interest of researchers. Governments in many countries have tried to subject SOEs to the discipline of the market, through stock market listings and opening up hitherto state-dominated sectors to competition from private organizations. As SOEs have come under the influence of the market, a key challenge facing them is striking the right balance between social and economic (efficiency) goals. In this paper, we study the performance of Indian Railways over a sixty year period (1950-51 to 2010-11) to see how it has attempted to strike a balance between social and economic criteria.
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