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Buy-outs in Hungary, Poland and Russia: governance and finance issues

Author

Listed:
  • Igor Filatotchev
  • Irena Grosfeld
  • Judit Karsai
  • Mike Wright
  • Trevor Buck

Abstract

The governments of Hungary, Poland and Russia have used buy-outs as an important privatization strategy which can be viewed as forming a continuum from straightforward sales where management and employees generally achieve significant ownership, as in Hungary, "via" intermediate approaches as in Poland where both payment and free distribution of shares are involved, to the Russian case where state-owned enterprises were effectively "given away" through a voucher privatization scheme. This paper, first, presents preliminary evidence on the extent and nature of post-privatization restructuring in buy-outs in these three countries, which highlights the transitory nature of this form of organization. Second, in the light of these findings, the paper analyses the possibilities and difficulties associated with enhancing corporate governance and finance. Copyright 1996 The European Bank for Reconstruction and Development.

Suggested Citation

  • 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, May.
    • Handle: RePEc:bla:etrans:v:4:y:1996:i:1:p:67-88
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    References listed on IDEAS

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    1. Grosfeld, Irena & Roland, Gérard, 1995. "Defensive and Strategic Restructuring in Central European Enterprises," CEPR Discussion Papers 1135, C.E.P.R. Discussion Papers.
    2. Grosfeld, Irena, 1994. "Financial Systems in Transition: Is there a Case for a Bank Based System?," CEPR Discussion Papers 1062, C.E.P.R. Discussion Papers.
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    Cited by:

    1. Judit Karsai & Mike Wright & Zbigniew Dudzinski & Jan Morovic, 1998. "Screening and valuing venture capital investments: evidence from Hungary, Poland and Slovakia," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 10(3), pages 203-224, January.
    2. 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 development of venture a      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1023-1051.
    3. Judit Karsai, 2004. "Can the state replace private capital investors? Public financing of venture capital in Hungary," IEHAS Discussion Papers 0409, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
    4. Mike Wright & Igor Filatotchev & Trevor Buck & Kate Bishop, 2003. "Is Stakeholder Corporate Governance Appropriate in Russia?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 7(3), pages 263-290, September.
    5. Estrin, Saul & Wright, Mike, 1999. "Corporate Governance in the Former Soviet Union: An Overview," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 398-421, September.
    6. Irena Grosfeld & Claudia Senik-Leygonie, 1996. "Trois enjeux des privatisations à l'Est," Revue Économique, Programme National Persée, vol. 47(6), pages 1351-1371.
    7. Mike Wright & Judit Karsai & Zbigniew Dudzinski & Jan Morovic, 1999. "Transition and Active Investors: Venture Capital in Hungary, Poland and Slovakia," Post-Communist Economies, Taylor & Francis Journals, vol. 11(1), pages 27-46.
    8. Elizabeth Brainerd, 2000. "How Does Privatization Affect Workers? The Case of the Russian Mass Privatization Program," William Davidson Institute Working Papers Series 303, William Davidson Institute at the University of Michigan.
    9. Marc Duponcel, 1998. "Restructuring of food industries in the five Central and Eastern European front-runners towards EU membership (CEEC-5). A comparative review," CERT Discussion Papers 9806, Centre for Economic Reform and Transformation, Heriot Watt University.

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