Privileged Interfirm/Bank Relationships in Central Europe: Trigger or Trap for Corporate Governance?

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Privileged Interfirm/Bank Relationships in Central Europe: Trigger or Trap for Corporate Governance?

Author Info

Gerhard Fink (Vienna University of Business & Economics)
Peter R. Haiss (Bank Austria)
Lucjan T. Orlowski (Sacred Heart University)
Dominick Salvatore (Fordham University)

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Lucjan T. Orlowski

Abstract

The paper focuses on the question whether banks and capital markets in Central Europe are capable of exerting a positive influence on enterprise performance at the present stage of the economic transformation. These markets are characterised by privileged, collaborative interfirm/interbank relationships demonstrated through various channels. Among them is the competition for private deposits between commercial and national banks that are simultaneously supervisors of commercial banks, as is the case in Poland. Other channels include: heavily indebted large banks that are owners of industrial companies (as is the case in Slovakia with the steel mill VSZ owning the third largest bank IRB), investment funds that are facilitating industrial restructuring, and foreign banks holding only minority stakes in large domestic financial institutions.

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Paper provided by EconWPA in its series Finance with number 0502012.

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Length: 32 pages
Date of creation: 12 Feb 2005
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Handle: RePEc:wpa:wuwpfi:0502012

Note: Type of Document - pdf; pages: 32
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Find related papers by JEL classification:
G20 - Financial Economics - - Financial Institutions and Services - - - General
P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

This paper has been announced in the following NEP Reports:

NEP-ACC-2005-04-16 (Accounting & Auditing)
NEP-ALL-2005-04-16 (All new papers)

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.:

Richard E. Baldwin & Joseph F. Francois & Richard Portes, 1997. "The costs and benefits of eastern enlargement: the impact on the EU and central Europe," Economic Policy, CEPR, CES, MSH, vol. 12(24), pages 125-176, 04. [Downloadable!] (restricted)
Franklin Allen, 1993. "Strategic Management and Financial Markets," Center for Financial Institutions Working Papers 94-04, Wharton School Center for Financial Institutions, University of Pennsylvania.
Vives, Xavier, 1991. "Regulatory reform in European banking," European Economic Review, Elsevier, vol. 35(2-3), pages 505-515, April. [Downloadable!] (restricted)
Erik Berglof, 1997. "Reforming corporate governance: redirecting the European agenda," Economic Policy, CEPR, CES, MSH, vol. 12(24), pages 91-123, 04. [Downloadable!] (restricted)

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