Secondary Privatisation in Transition

Privatization was the fundamental pillar of transition from plan to market in former socialist countries.But little is known about the fate of companies that were privatized in large scale privatization schemes such as mass privatization or management-employee buyouts.This is the first original study aiming to fill this gap.It assesses wholesale privatization schemes in three leading transition countries - the Czech Republic, Poland and Slovenia - in terms of the evolving concentration of ownership and relations to firm performance.

Barbara Blaszczyk is a Professor at the Institute of Economics of the Polish Academy of Sciences. She is a co-founder and President of the board of the Center for Social and Economic Research (CASE Foundation), Warsaw, Poland.

Iraj Hoshi is Reader in Economics at Staffordshire University Business School.

Richard Woodward is a member of the CASE Foundation in Warsaw.

List of Figures

vii

List of Tables

viii

Preface

xiii

Contributors

xv

1. Ownership and Performance in Transition Economies: An Overview

Barbara Blaszczyk, Iraj Hoshi, Elden Kocenda, Richard Woodward

1

(22)

1.1 Introduction

1

(4)

1.2 Privatisation and enterprise performance: Theory and evidence

5

(7)

1.3 Overview of the book

12

(11)

2. Slovenia: Ownership and Performance of Mass-Privatised Firms

Marko Simoneti, Andreja Böhm, Marko Reins, Matija Rojec, Joie P. Daman, Boris Majcen

23

(68)

2.1 Introduction

23

(2)

2.2 Barriers to secondary privatisation in Slovenia

25

(19)

2.3 Evolution in ownership structure and concentration after mass privatisation

44

(17)

2.4 Company performance and ownership changes after mass privatisation (1995-99)

61

(17)

2.5 Conclusions

78

(13)

3. Poland I: Ownership and Performance of Firms Privatised by Management-Employee Buyouts

Piotr Kozarzewski, Richard Woodward

91

(32)

3.1 Introduction

91

(1)

3.2 The evolution of ownership structures

92

(6)

3.3 Factors in the post-privatisation evolution of ownership structure

98

(5)

3.4 The economic performance of employee-leased companies

103

(5)

3.5 Corporate governance

108

(6)

3.6 Conclusions

114

(3)

Appendix

117

(6)

4. Poland II: Ownership and Performance of the National Investment Funds and their Portfolio Companies

Barbara Blaszczyk, Michal Górzynski, Tytus Kaminski, Bartlomiej Paczóski

123

(48)

4.1 Introduction

123

(1)

4.2 The institutional and legal framework of the NIF Programme and the initial ownership structure of the National Investment Funds

124

(3)

4.3 The changes of ownership structure of the NIFs

127

(6)

4.4 Management of the National Investment Funds: Main issues

133

(9)

4.5 The privatisation policies of the funds and the resulting ownership structures of the portfolio companies

142

(5)

4.6 The economic performance of NIF companies

147

(13)

4.7 Summary and conclusions

160

(11)

5. The Czech Republic: Ownership and Performance of Voucher-Privatised Firms

Evien Kocenda, Juraj Valachy

171

(44)

5.1 Privatisation in the Czech Republic: The setting for ownership structures

171

(5)

5.2 Changes in ownership structure and the performance of voucher- privatised firms

176

(29)

5.3 Concluding comments

205

(2)

Appendix

207

(8)

6. Mass Privatisation and Endogenous Ownership Structure

Irena Grosfeld, Iraj Hoshi

215

(34)

6.1 Introduction

215

(2)

6.2 Ownership structure and firm performance: Ambiguous relationship

217

(4)

6.3 Wholesale privatisation and after: Reallocation of equity holdings in the Czech Republic and Poland

221

(6)

6.4 Changes in ownership structure since the initial wholesale privatisation

227

(8)

6.5 Determinants of ownership: The expected relationship

235

(2)

6.6 Econometric specification

237

(4)

6.7 Conclusions

241

(1)

Appendix

242

(7)

7. Secondary Privatisation: Summary and Lessons Learned

Barbara Blaszczyk Iraj Hoshi, Richard Woodward

249

(16)

7.1 Slovenia

249

(2)

7.2 Poland

251

(3)

7.3 The Czech Republic

254

(1)

7.4 Endogenous ownership structure

255

(1)

7.5 Conclusions

256

(9)

Index

265

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Secondary Privatisation in Transition Economies : The Evolution of Enterprise Ownership in the Czech Republic, Poland and Slovenia

Summary

Author Biography

Table of Contents

Supplemental Materials