In firms with concentrated ownership the controlling shareholder may pursue nonmonetary private returns, such as electoral goals in a firm controlled by politicians or family prestige in family firms. We use a simple theoretical model to analyze how this mechanism affects the selection of...

This paper provides an overview of the possible linkages between state-owned banks, privatization, and banking sector crises. Data on privatizations in over 65 countries is used together with data from the banking crisis literature to consider the relationship between state-owned banks and...

There are two schools of thoughts on the important issue of reforming state-owned enterprises (SOEs). We call them the ownership school and the management school. The ownership school argues that the key to the reform is to diversify SOEs' ownership, including privatization, in order to...

This paper reviews developments in corporate performance in the FYR Macedonia during the 1990s. The paper finds substantial differences in performance between surviving old firms and nimbler new ones. The paper reviews factors that facilitated restructuring among surviving firms, and concludes...

This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using data on 376 medium and large enterprises, it finds that ownership concentration is positively associated with enterprise performance in Ukraine. The paper also finds that...

Although a centerpiece of the reform process in Central and Eastern Europe, large-scale privatization cannot be undertaken all at once and policymakers inevitably face the choice of privatizing some sectors before others. This paper analyzes the allocative efficiency implications of alternate...

Purpose – To provide an analysis of the privatisation of the Czech Republic's former state‐owned telecommunications monopoly, Český Telecom, in relation to governance, organisational restructuring and strategic human resource management (SHRM) practices. Design/methodology/approach –...

Purpose – Analyses the effects on human‐resource management of the privatization of the Czech Republic's former state‐owned telecommunication monopoly, Cesky Telecom. Design/methodology/approach – A review of an article based on a research that used a qualitative approach that supported...

Restructuring activities in the former Soviet Union and Eastern Europe present enticing opportunities for firms to consider foreign investment in these emerging areas. Geographically, the population of the entire region is relatively conveniently concentrated, rendering delivery and servicing of...

Western advisors of Eastern reform favour outside, stock-market ownership and control of large privatized enterprise. However, Japanese firms and their Western transplants are dominated by employee stakeholders as implicit residual owners. Their success, and political contraints, suggest a...