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Kontrolní potenciál státu nad zprivatizovanými podniky
[Control potential of the state in privatized firms]

Author

Listed:
  • Jan Hanousek
  • Evžen Kočenda

Abstract

The privatization strategy in many transition economies involved the creation of a special government agency that administered state property during privatization programs as well as after the privatization was declared complete. The National Property Fund (FNM) was the agency in the Czech Republic. In many firms the state kept residual state property long after the privatization was completed. We analyze the control potential of the state exercised through the FNM via the control rights associated with capital stakes in firms along with special voting rights provided by law. Based on complete data set on assets as well as the means of control in privatized firms we conclude that for most of the 1994-2005 period state control potential was extensive and certainly larger than was found by earlier research.

Suggested Citation

  • Jan Hanousek & Evžen Kočenda, 2008. "Kontrolní potenciál státu nad zprivatizovanými podniky [Control potential of the state in privatized firms]," Politická ekonomie, Prague University of Economics and Business, vol. 2008(4), pages 467-483.
    • Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:4:id:648:p:467-483
    DOI: 10.18267/j.polek.648
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    References listed on IDEAS

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    1. Bel, Germà & Trillas, Francesc, 2005. "Privatization, corporate control and regulatory reform: the case of Telefonica," Telecommunications Policy, Elsevier, vol. 29(1), pages 25-51, February.
    2. Jan Hanousek & Eugene Kroch, 1998. "The two waves of voucher privatization in the Czech Republic: a model of learning in sequential bidding," Applied Economics, Taylor & Francis Journals, vol. 30(1), pages 133-143.
    3. Václav Klaus & Dušan Tříska, 2006. "Polemika se Svetozarem Pejovichem o transformační, tedy neklasické privatizaci [A polemic with svetozar pejovich on the transformational, i.e. non-classical privatization]," Politická ekonomie, Prague University of Economics and Business, vol. 2006(3), pages 291-306.
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    Cited by:

    1. Jan Hanousek & Evžen Kočenda, 2011. "Vazba korupce a hospodářské svobody na veřejné finance a investice nových členů EU [Corruption and Economic Freedom Links to Public Finance and Investment in New EU Members]," Politická ekonomie, Prague University of Economics and Business, vol. 2011(3), pages 310-328.

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    More about this item

    Keywords

    privatization; state control potential; golden share; strategic firms;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • G3 - Financial Economics - - Corporate Finance and Governance
    • H8 - Public Economics - - Miscellaneous Issues
    • L3 - Industrial Organization - - Nonprofit Organizations and Public Enterprise
    • P4 - Political Economy and Comparative Economic Systems - - Other Economic Systems

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