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Analysis of Large-Scale Privatisation in the Czech Republic in the Years 1991-2005 on the Sample of Selected Privatised Companies

Author

Listed:
  • Karel Havlíček

    (University of Finance and Administration, Prague)

  • Ivana Turková

    (University of Finance and Administration, Prague)

  • Gabriela Dlasková

    (University of Finance and Administration, Prague)

Abstract

The objective of this paper is to analyse, evaluate and compare the individual methods of Czechoslovak and Czech privatisation in the years 1991-2005 based on long-term economic indicators. The empirical research focuses on a sample of 60 companies privatised between 1991 and 2005 which were selected from the list of 3500 large-scale privatised firms in the Czech Republic by the National Property Fund of the Czech Republic and divided into three groups. The expenditures associated with the large-scale privatisation were covered by the revenues from the sales of property. Based on data analyses, it may be inferred that the best results have been reported by companies sold directly to foreign investors, while lower for voucher privatisation and direct sales to specific domestic investors. The privatisation processes aimed at selecting such owners that would have the capacity required to timely complete the subsequent restructuring process and to set up such procedures that would secure continued operation of the enterprises. The revenues from the sold property is a secondary criterion subordinated to the primary objective. The originality of this work lies in studying the main steps undertaken as part of the so-called large-scale privatisation, after nearly a quarter of a century, and its measurable impacts on the domestic economic environment.

Suggested Citation

  • Karel Havlíček & Ivana Turková & Gabriela Dlasková, 2014. "Analysis of Large-Scale Privatisation in the Czech Republic in the Years 1991-2005 on the Sample of Selected Privatised Companies," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 2(4), pages 51-70.
    • Handle: RePEc:krk:eberjl:v:2:y:2014:i:4:p:51-70
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    References listed on IDEAS

    as
    1. Evzen Kocenda & Juraj Valachy, 2001. "Secondary Privatization in the Czech Republic: Changes in Ownership and Enterprise Performance in Voucher-Privatized Firms," CASE Network Reports 0045, CASE-Center for Social and Economic Research.
    2. McAllister, Ian & Studlar, Donley T., 1989. "Popular versus Elite Views of Privatization: The Case of Britain," Journal of Public Policy, Cambridge University Press, vol. 9(2), pages 157-178, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Czech Republic; large-scale privatisation; small-scale privatisation; restitutions; voucher privatisation; direct sales;
    All these keywords.

    JEL classification:

    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

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