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In Search of Owners: Privatization and Corporate Governance in Transition Economies

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  • Gray, Cheryl W

Abstract

Experiments in privatizing enterprises in transition economies abound, from extensive efforts at sales to strategic owners (as in Estonia and Hungary), to programs based primarily on insider buyouts (as in Russia and Slovenia), to innovative mass privatization programs involving the creation of large and powerful new financial intermediaries (as in the Czech and Slovak republics and Poland). Each approach has inherent strengths and risks. But if the objectives are to sever the links between the state and the enterprises, to school the population in market basics, and to foster further ownership change, the initial weight of evidence seems to favor significant reliance on voucher privatization, especially given the difficulty most countries have finding willing cash investors. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Gray, Cheryl W, 1996. "In Search of Owners: Privatization and Corporate Governance in Transition Economies," The World Bank Research Observer, World Bank, vol. 11(2), pages 179-197, August.
    • Handle: RePEc:oup:wbrobs:v:11:y:1996:i:2:p:179-97
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    Cited by:

    1. Shu-Yun Ma, 2010. "Shareholding System Reform in China," Books, Edward Elgar Publishing, number 13243.
    2. Helena Hannula, 2001. "Restructuring of the Estonian economy and the role of FDIs in it," University of Tartu - Faculty of Economics and Business Administration, in: Urmas Varblane (ed.), Foreign Direct Investments in the Estonian Economy, edition 1, volume 9, chapter 3, pages 91-174, Faculty of Economics and Business Administration, University of Tartu (Estonia).
    3. Hyvärinen, Jari, 2004. "EU Outsourcing to the East, Governance and Innovation Systems in the Baltic Countries - A Three-Stage Approach," Discussion Papers 934, The Research Institute of the Finnish Economy.
    4. Tomasz Mickiewicz & Slavo Radosevic & Urmas Varblane, 2000. "The Value of Diversity: Foreign Direct Investment and Employment in Central Europe During Economic Recovery," One Europe or Several? Working Papers 5, One-Europe Programme.
    5. Amann, Edmund & Ferraz, Joao Carlos, 2004. "Ownership Structure in the Post-Privatized Brazilian Steel Industry: Complexity, Instability and the Lingering Role of the State," Centre on Regulation and Competition (CRC) Working papers 30688, University of Manchester, Institute for Development Policy and Management (IDPM).
    6. Anna Lašáková & Anna Remišová & Ľubica Bajzíková, 2021. "Differences in Occurrence of Unethical Business Practices in a Post-Transitional Country in the CEE Region: The Case of Slovakia," Sustainability, MDPI, vol. 13(6), pages 1-33, March.
    7. Zorica Kalezić, 2015. "Ownership Concentration and Firm Performance in Transition Economies: Evidence from Montenegro," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(3), pages 5-64.
    8. Randall Bluffstone & Theodore Panayotou, 2000. "Environmental Liability and Privatization in Central and Eastern Europe: Toward an Optimal Policy," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 17(4), pages 335-352, December.
    9. Anna Soulsby & Anna Remišová & Thomas Steger, 2021. "Management and Business Ethics in Central and Eastern Europe: Introduction to Special Issue," Journal of Business Ethics, Springer, vol. 174(4), pages 739-746, December.
    10. Doren Chadee & Banjo Roxas & Alexandre Kouznetsov, 2021. "Corruption, Bribery and Innovation in CEE: Where is the Link?," Journal of Business Ethics, Springer, vol. 174(4), pages 747-762, December.
    11. Bluffstone, Randall, 2007. "Privatization and contaminated site remediation in Central and Eastern Europe: Do environmental liability policies matter?," Ecological Economics, Elsevier, vol. 63(1), pages 31-41, June.
    12. Lindberg, Deborah L. & Lindberg, Walter F. & Razaki, Khalid A., 2000. "The "Anti-Stapler" and the Transfer of Social Sphere Functions From Federal Enterprises to Local Governments: Lack of Accounting Rules Contributes to Russia's Financial Woes," The International Journal of Accounting, Elsevier, vol. 35(1), pages 151-162, March.
    13. Xiao-yuan Dong & Louis Putterman & Bulent Unel, 2004. "Enterprise Restructuring and Firm Performance: A Comparison of Rural and Urban Enterprises in Jiangsu Province," William Davidson Institute Working Papers Series 2004-668, William Davidson Institute at the University of Michigan.

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