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Transition and Active Investors: Venture Capital in Hungary, Poland and Slovakia

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Author Info
Mike Wright, Judit Karsai, Zbigniew Dudzinski, Jan Morovic

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Abstract

The development of active investors has been argued to be a major factor in achieving efficiency in enterprises in transition economies. This article analyses the role of venture capital firms as active investors in Hungary, Poland and Slovakia. It outlines the development of the venture capital markets in each country and provides evidence on the extent, nature and constraints upon the active investor role of venture capital firms in each country. The article discusses the policy implications for the development of venture capital firms as active investors in the three countries concerned, notably suggesting the need to develop appropriate legislation, enhance financial reporting systems, develop the range of skills of venture capital executives and define carefully the role of public sector providers of venture capital.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Post-Communist Economies.

Volume (Year): 11 (1999)
Issue (Month): 1 (March)
Pages: 27-46
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Handle: RePEc:taf:pocoec:v:11:y:1999:i:1:p:27-46

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. van Wijnbergen, Sweder, 1997. "On the Role of Banks in Enterprise Restructuring: The Polish Example," Journal of Comparative Economics, Elsevier, vol. 24(1), pages 44-64, February. [Downloadable!] (restricted)
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  2. Carlin, Wendy & Landesmann, Michael, 1997. "From Theory into Practice? Restructuring and Dynamism in Transition Economies," Oxford Review of Economic Policy, Oxford University Press, vol. 13(2), pages 77-105, Summer.
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  3. S Estrin & P Hare & M Suranyi, 1992. "Banking in Transition: Development and Current Problems in Hungary," CEP Discussion Papers dp0068, Centre for Economic Performance, LSE.
  4. Abarbanell, Jeffery S. & Bonin, John P., 1997. "Bank Privatization in Poland: The Case of Bank Slaski," Journal of Comparative Economics, Elsevier, vol. 25(1), pages 31-61, August. [Downloadable!] (restricted)
  5. Mike Wright, 1998. "Venture Capital and Private Equity: A Review and Synthesis," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 25(5&6), pages 521-570. [Downloadable!] (restricted)
  6. Roman, Zoltan, 1991. "Entrepreneurship and small business: The Hungarian trajectory," Journal of Business Venturing, Elsevier, vol. 6(6), pages 447-465, November. [Downloadable!] (restricted)
  7. Meyendorff, Anna & Snyder, Edward A., 1997. "Transactional Structures of Bank Privatizations in Central Europe and Russia," Journal of Comparative Economics, Elsevier, vol. 25(1), pages 5-30, August. [Downloadable!] (restricted)
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  8. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March. [Downloadable!] (restricted)
  9. Macmillan, Ian C. & Kulow, David M. & Khoylian, Roubina, 1989. "Venture capitalists' involvement in their investments: Extent and performance," Journal of Business Venturing, Elsevier, vol. 4(1), pages 27-47, January. [Downloadable!] (restricted)
  10. Steinherr, Alfred, 1997. "Banking Reforms in Eastern European Countries," Oxford Review of Economic Policy, Oxford University Press, vol. 13(2), pages 106-25, Summer.
  11. Falconer Mitchell & Gavin C Reid & Nicholas G Terry, 1994. "Post Investment Demand for Accounting Information by Venture Capitalists," CRIEFF Discussion Papers 9424, Centre for Research into Industry, Enterprise, Finance and the Firm.
  12. Dixon, R, 1991. "Venture capitalists and the appraisal of investments," Omega, Elsevier, vol. 19(5), pages 333-344. [Downloadable!] (restricted)
  13. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nir Kshetri, 2009. "Entrepreneurship in post-socialist economies: A typology and institutional contexts for market entrepreneurship," Journal of International Entrepreneurship, Springer, vol. 7(3), pages 236-259, September. [Downloadable!] (restricted)
  2. László Szerb & Gábor Rappai & Zsolt Makra & Siri Terjesen, 2007. "Informal Investment in Transition Economies: Individual Characteristics and Clusters," Small Business Economics, Springer, vol. 28(2), pages 257-271, March. [Downloadable!] (restricted)
  3. Judit Karsai, 2009. ""The End of the Golden Age" - The Developments of the Venture Capital and Private Equity Industry in Central and Eastern Europe," IEHAS Discussion Papers 0901, Institute of Economics, Hungarian Academy of Sciences. [Downloadable!]
  4. Darek Klonowski, 2006. "Local Laws and Venture Capital Contracting in Transition Economies: Evidence from Poland," Post-Communist Economies, Taylor and Francis Journals, vol. 18(3), pages 327-343, September. [Downloadable!] (restricted)
  5. Knockaert, M. & Lockett, A. & Clarysse, B. & Wright, M., 2005. "Do human capital and fund characteristics drive follow-up behaviour of early stage high tech vcs?," Vlerick Leuven Gent Management School Working Paper Series 2005-20, Vlerick Leuven Gent Management School. [Downloadable!]
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