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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

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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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

Volume (Year): 11 (1999)
Issue (Month): 1 ()
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

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  1. 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.
  2. Wendy Carlin & Micheal Landesmann, 1998. "From Theory into Practice? Restructuring and Dynamism in Transition Economies," William Davidson Institute Working Papers Series 155, William Davidson Institute at the University of Michigan.
  3. Dixon, R, 1991. "Venture capitalists and the appraisal of investments," Omega, Elsevier, vol. 19(5), pages 333-344.
  4. Roman, Zoltan, 1991. "Entrepreneurship and small business: The Hungarian trajectory," Journal of Business Venturing, Elsevier, vol. 6(6), pages 447-465, November.
  5. Pal VALENTINY & Trevor BUCK & Mike WRIGHT, 1992. "The Pricing And Valuation Of Public Assets: Experiences In The Uk And Hungary," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 63(4), pages 601-619, October.
  6. 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.
  7. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, Elsevier, vol. 27(2), pages 473-521, October.
  8. 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.
  9. Grosfeld, Irena & Hare, Paul G, 1991. "Privatization in Hungary, Poland and Czechoslovakia," CEPR Discussion Papers, C.E.P.R. Discussion Papers 544, C.E.P.R. Discussion Papers.
  10. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, American Finance Association, vol. 50(1), pages 301-18, March.
  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. 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.
  13. Michael Borish & Wei Ding & Michel No�l, 1997. "A review of bank performance during transition in central Europe," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(3), pages 337-357.
  14. Roman Frydman & Edmund S. Phelps & Andrzej Rapaczynski & Andrei Shleifer, 1993. "Needed mechanisms of corporate governance and finance in Eastern Europe 1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 1(2), pages 171-207, 06.
  15. Steinherr, Alfred, 1997. "Banking Reforms in Eastern European Countries," Oxford Review of Economic Policy, Oxford University Press, vol. 13(2), pages 106-25, Summer.
  16. Gibb, Allan A., 1993. "Small business development in Central and Eastern Europe--Opportunity for a rethink?," Journal of Business Venturing, Elsevier, vol. 8(6), pages 461-486, November.
  17. 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.
  18. Mike Wright, 1998. "Venture Capital and Private Equity: A Review and Synthesis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(5&6), pages 521-570.
  19. Igor Filatotchev & Irena Grosfeld & Judit Karsai & Mike Wright & Trevor Buck, 1996. "Buy-outs in Hungary, Poland and Russia: governance and finance issues," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(1), pages 67-88, 05.
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Citations

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Cited by:
  1. Karsai, Judit, 2006. "Kockázati tőke európai szemmel. A kockázati- és magántőkeipar másfél évtizedes fejlődése Magyarországon és Kelet-Közép-Európában
    [Venture capital through European eyes. The develo
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1023-1051.
  2. Darek Klonowski, 2006. "Local Laws and Venture Capital Contracting in Transition Economies: Evidence from Poland," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 18(3), pages 327-343.
  3. László Szerb & Gábor Rappai & Zsolt Makra & Siri Terjesen, 2007. "Informal Investment in Transition Economies: Individual Characteristics and Clusters," Small Business Economics, Springer, Springer, vol. 28(2), pages 257-271, March.
  4. Nir Kshetri, 2009. "Entrepreneurship in post-socialist economies: A typology and institutional contexts for market entrepreneurship," Journal of International Entrepreneurship, Springer, Springer, vol. 7(3), pages 236-259, September.
  5. 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, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.

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