Polish Mass Privatization: Success or Failure?
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Rainer Gesell: European University Viadrina
Chapter 2 in Privatization, Corporate Governance and the Emergence of Markets, 2000, pp 17-32 from Palgrave Macmillan
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.
Keywords: Corporate Governance; Ownership Structure; Supervisory Board; Corporate Control; Political Objective (search for similar items in EconPapers)
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