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The results of 'mass privatization'in Romania: A first empirical study

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  • John S. Earle
  • Almos Telegdy

Abstract

This paper provides an assessment of the contribution to privatization in Romania of the 1995-96 Mass Privatization Programme (MPP), which offered shares in nearly 5,000 companies to citizens in exchange for coupons. Analysing a comprehensive database of MPP companies, we find that an average of only 18.7 "per cent" of these companies' shares were actually transferred to Romanian citizens, and only 7.8 "per cent" of the companies were majority privatized (on a size-weighted basis). We estimate that the MPP accounted for only about 5.5 "per cent" of the value of state-owned enterprise assets inherited from the socialist period. The design of the programme created highly dispersed ownership structures, which is likely to generate particularly difficult problems in the many small companies in the programme. We place our findings in the context of the history of Romanian privatization policies since 1990, and provide some comparisons with mass privatization programmes in other countries. We also analyse the implications of the MPP for the corporate governance and the restructuring of enterprises. Copyright The European Bank for Reconstruction and Development, 1998.

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Bibliographic Info

Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

Volume (Year): 6 (1998)
Issue (Month): 2 (November)
Pages: 313-332

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Handle: RePEc:bla:etrans:v:6:y:1998:i:2:p:313-332

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Cited by:
  1. J. David Brown & John S. Earle & Almos Telegdy, 2005. "The Productivity Effects of Privatization: Longitudinal Estimates from Hungary, Romania, Russia, and Ukraine," Upjohn Working Papers and Journal Articles 05-121, W.E. Upjohn Institute for Employment Research.
  2. J. David Brown & John S. Earle & Álmos Telegdy, 2006. "Does Privatization Hurt Workers? Lessons from Comprehensive Manufacturing Firm Panel Data in Hungary, Romania, Russia and Ukraine," Budapest Working Papers on the Labour Market 0510, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, revised 12 Jan 2006.
  3. �D�M Szentp�Teri & �Lmos Telegdy, 2010. "Political Selection Of Firms Into Privatization Programs. Evidence From Romanian Comprehensive Data," Economics and Politics, Wiley Blackwell, vol. 22(3), pages 298-328, November.
  4. Linz, Susan J., 2004. "Motivating Russian workers: analysis of age and gender differences," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(3), pages 261-289, July.
  5. John S. Earle & Almos Telegdy, 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Upjohn Working Papers and Journal Articles 02-81, W.E. Upjohn Institute for Employment Research.
  6. Skoufias, Emmanuel, 1999. "The structure of wages during the economic transition in Romania," FCND discussion papers 57, International Food Policy Research Institute (IFPRI).
  7. Laki, Mihály, 2000. "The Governance of Privatization Funds. Experiences of the Czech Republic, Poland and Slovenia. Szerkesztette: Marko Simonetti, Saul Estrin, Andreja Böhm Edward Elgar, Cheltenham, Egyesült Királysá," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1032-1036.
  8. Andren, Daniela & Earle, John S. & Sapatoru, Dana, 2005. "The wage effects of schooling under socialism and in transition: Evidence from Romania, 1950-2000," Journal of Comparative Economics, Elsevier, vol. 33(2), pages 300-323, June.
  9. Murrell, Peter, 2003. "Firms facing new institutions: transactional governance in Romania," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 695-714, December.

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