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Evaluation of Mass Privatization in Bulgaria

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  • Jeffrey Miller

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Abstract

The mass privatization program in Bulgaria was implemented in 1996-97. Following programs in countries like the Czech Republic, more sophisticated regulatory bodies were put into place to prevent the kind of abuses observed elsewhere. This study finds that Bulgaria avoided some of the extreme problems that manifested themselves in these other countries, but there were still serious problems of dilution. Dilution is similar in both mass privatization firms and nonmass privatization firms. Dilution is associated with positive performance, suggesting that more concentrated ownership has had some benefits. Even after a number of years have passed, mass privatization firms have performed less well than firms privatized by other means.

Suggested Citation

  • Jeffrey Miller, 2006. "Evaluation of Mass Privatization in Bulgaria," William Davidson Institute Working Papers Series wp814, William Davidson Institute at the University of Michigan.
  • Handle: RePEc:wdi:papers:2006-814
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    File URL: http://deepblue.lib.umich.edu/bitstream/2027.42/40200/3/wp814.pdf
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    References listed on IDEAS

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    1. Vladimir Atanasov & Conrad S. Ciccotello & Stanley B. Gyoshev, 2005. "How Does Law Affect Finance? An Empirical Examination of Tunneling in an Emerging Market," William Davidson Institute Working Papers Series wp742, William Davidson Institute at the University of Michigan.
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    Cited by:

    1. Ichiro Iwasaki & Satoshi Mizobata, 2017. "Post-Privatization Ownership and Firm Performance: A Large Meta-Analysis of the Transition Literature," KIER Working Papers 966, Kyoto University, Institute of Economic Research.
    2. Saul Estrin & Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2009. "The Effects of Privatization and Ownership in Transition Economies," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 699-728, September.
    3. Zorica Kalezić, 2015. "Ownership Concentration and Firm Performance in Transition Economies: Evidence from Montenegro," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(3), pages 5-64.
    4. Brada, Josef C., 2016. "Corporate governance following mass privatization," Journal of Comparative Economics, Elsevier, vol. 44(4), pages 1132-1144.

    More about this item

    Keywords

    Bulgaria; mass privatization; dilution;

    JEL classification:

    • P5 - Economic Systems - - Comparative Economic Systems
    • P3 - Economic Systems - - Socialist Institutions and Their Transitions
    • G3 - Financial Economics - - Corporate Finance and Governance

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