The rise and fall of employee ownership in Estonia, 1987–2001

Panu Kalmi

Europe-Asia Studies, 2003, vol. 55, issue 8, 1213-1239

Abstract: The privatisation processes in eastern europe created ownership structures that were very different from those observed in developed Western economies. The widespread application of employee ownership in privatisation is a particularly fascinating case (Uvalic & Vaughan-Whitehead, 1997a; EBRD, 1998). The expectation of many observers was that employee ownership would prove to be temporary and a rapid convergence to more familiar ownership structures would take place (Boycko et al., 1995; Blanchard &Aghion, 1996). Subsequent evidence has partly confirmed the transience hypothesis, since the number of employee-owned enterprises was found to decline rapidly (Estrin &Wright, 1999; Jones &Mygind, 1999a). However, relatively little is known on how and for what reasons the decline is taking place. This article analyses these questions using empirical data from Estonia.

Date: 2003
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DOI: 10.1080/0966813032000141097

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