Mass Privatisation and Endogenous Ownership Structure

Irena Grosfeld and Iraj Hoshi

Chapter 6 in Secondary Privatisation in Transition Economies, 2003, pp 215-247 from Palgrave Macmillan

Abstract: Abstract In several countries in Central and Eastern Europe special privatisation strategies have been used in order to transfer a large number of companies from the state to the private sector. These strategies are often qualified as mass privatisation (we shall also call them wholesale privatisation) because they applied to a large number of companies, the ownership of which was transformed according to some general formula.2 Based on the free transfer of assets to certain segments of the population, these methods were strongly criticised as being ‘artificial’, unable to provide firms with ‘real owners’ and to bring about improvement in their performance. One of the main criticisms concerned the dispersed ownership structure that wholesale privatisation was expected to generate. The implicit argument was that diffused ownership structure is inefficient because it is unable to guarantee good corporate governance and deep enterprise restructuring.

Keywords: Corporate Governance; Firm Performance; Ownership Structure; Minority Shareholder; Investment Fund (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37701-1_6

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DOI: 10.1057/9780230377011_6

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