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Polish Mass Privatization: Success or Failure?

In: Privatization, Corporate Governance and the Emergence of Markets

Author

Listed:
  • Rainer Gesell

    (European University Viadrina)

Abstract

Mass privatization — like any privatization — is not an aim in itself, but serves various economic, fiscal and social-political objectives (Vickers and Yarrow, 1991). Mass privatization programmes (MPPs) are usually based on economic and political considerations. Fiscal objectives are only of minor importance since state-owned enterprises (SOEs) are given away. MPPs are in particular supposed to accelerate privatization by (a) omitting the valuation of SOEs, (b) circumventing lack of domestic capital, and (c) overcoming public resistance (Jermakowicz, 1996). MPPs, however, may result in dispersed share ownership, effectively leaving the corporate governance of mass privatized enterprises unchanged. To alleviate this problem, intermediaries are part of most MPPs.

Suggested Citation

  • Rainer Gesell, 2000. "Polish Mass Privatization: Success or Failure?," Studies in Economic Transition, in: Eckehard F. Rosenbaum & Frank Bönker & Hans-Jürgen Wagener (ed.), Privatization, Corporate Governance and the Emergence of Markets, chapter 2, pages 17-32, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-28607-8_2
    DOI: 10.1057/9780230286078_2
    as

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