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Abstrakty
Objective: The objective of this paper is to analyse, evaluate and compare the individual methods of Czechoslovak and Czech privatisation in the years 1991-2005 based on long-term economic indicators.
Research Design & Methods: The empirical research focuses on a sample of 60 companies privatised between 1991 and 2005 which were selected from the list of 3500 large-scale privatised firms in the Czech Republic by the National Property Fund of the Czech Republic and divided into three groups.
Findings: The expenditures associated with the large-scale privatisation were covered by the revenues from the sales of property. Based on data analyses, it may be inferred that the best results have been reported by companies sold directly to foreign investors, while lower for voucher privatisation and direct sales to specific domestic investors.
Implications & Recommendations: The privatisation processes aimed at selecting such owners that would have the capacity required to timely complete the subsequent restructuring process and to set up such procedures that would secure continued operation of the enterprises. The revenues from the sold property is a secondary criterion subordinated to the primary objective.
Contribution & Value Added: The originality of this work lies in studying the main steps undertaken as part of the so-called large-scale privatisation, after nearly a quarter of a century, and its measurable impacts on the domestic economic environment (original abstract)
Research Design & Methods: The empirical research focuses on a sample of 60 companies privatised between 1991 and 2005 which were selected from the list of 3500 large-scale privatised firms in the Czech Republic by the National Property Fund of the Czech Republic and divided into three groups.
Findings: The expenditures associated with the large-scale privatisation were covered by the revenues from the sales of property. Based on data analyses, it may be inferred that the best results have been reported by companies sold directly to foreign investors, while lower for voucher privatisation and direct sales to specific domestic investors.
Implications & Recommendations: The privatisation processes aimed at selecting such owners that would have the capacity required to timely complete the subsequent restructuring process and to set up such procedures that would secure continued operation of the enterprises. The revenues from the sold property is a secondary criterion subordinated to the primary objective.
Contribution & Value Added: The originality of this work lies in studying the main steps undertaken as part of the so-called large-scale privatisation, after nearly a quarter of a century, and its measurable impacts on the domestic economic environment (original abstract)
Rocznik
Tom
Strony
51--70
Opis fizyczny
Twórcy
autor
- University of Finance and Administration, Prague, Czech Republic
autor
- University of Finance and Administration, Prague, Czech Republic
autor
- University of Finance and Administration, Prague, Czech Republic
Bibliografia
- Annual Report (2005). National Property Fund. Ministry of Finance, Prague.
- Earle, J. S., Frydman, R., Rapaczynski, A., & Turkewitz, J. (1994). Small Privatization: The Transformation of Retail Trade and Consumer Services in the Czech Republic, Hungary and Poland. Budapest: CEU Press.
- Ježek, T. (2006). Privatisation of the Czech Economy: Its Roots, Methods and Results. Prague: Oeconomica.
- Katolay, & K., Hunya,G. (2000). Privatization and FDI in Central and Eastern Europe. Transnational Corporations, 9(1): 39-66.
- Klaus, V., Dlouhý, V., Dyba, K., Tříska, D., Čalfa, D., Kočárník, I., Fürstová, J., Šíp. E., Wigl, J., Loužek, M., & Janáčková, S. (2006). Fifteen Years from the Reinstitution of Capitalism in Our Country. Prague: CEP Collection.
- Kočenda, E., & Valachy, J. (2001). Secondary privatization in the Czech Republic: Changes in Ownership and Enterprise Performance in Voucher-Privatized Firms. Case Reports No. 45. Warsaw: Centre for Social and Economic Research CASE.
- Kočenda, E., & Lízal, L. (2003). Czech Companies in Czech Transformation 1990-2000. Prague: Academia.
- Kouba, K., Vychodil, O., & Roberts, J. (2005). Privatisation without Capital. Prague: Karolinum.
- McAllister, I., & Studlar, D.T. (1989). Popular versus Elite Views of Privatization: The Case of Britain. Journal of Public Policy, 9(2): 157-178.
- Mládek, J. (1994). Voucher Privatization in the Czech Republic and Slovakia (pp. 39-47). In: Mass Privatization - An Initial Assessment. Paris: OECD - Center for Co-operation with the Economies in Transition.
- Pohl, G., Anderson, R.E., Claessens, S., Djankov, S. (1997). Privatization and Restructuring in Central and Eastern Europe. World Bank Technical Paper No. 368 (series: Finance, Private Sector, and Infrastructure Network), 5-10.
- Specific Research of University of Finance and Administration (2013). Comparison of key performance factors of Czech large and medium-sized companies. Prague: Faculty of economics studies.
- Spicer, A., McDermott G. A., & Kogut, B. (2000). Entrepreneurship and Privatization in Central Europe: The Tenuous Balance between Destruction and Creation. The Academy of Management Review, 25(3): 630-649.
- Švejnar, J. (1997). The Czech Republic and the Economic Transformation in Central and Eastern Europe. Prague: Academia.
- Tříska, D. (2002). Background, Aims and Principles underlying the Voucher Privatisation. Prague: CEP Collection.
- Uhlenbruck, K., & De Castro, J.O. (2000). Foreign Acquisitions in Central and Eastern Europe: Outcomes of Privatization in Transitional Economies. Academy of Management Journal, 43(3): 381-402.
- Vychodil, O. (2005). Impacts of Post-Privatisation Concentration of Property on the Efficiency of Czech Companies. In K.Kouba & O.Vychodil (Eds.), Privatisation without Capital - Increased Transaction Expenditures of Czech Transformation. Prague: Karolinum.
- Žídek, L. (2004). The Czech Economy in the 1990s. Brno: Masaryk Univerisity in Brno, Faculty of Economics and Administration.
- Žídek, L. (2006). Transformation of the Czech Economy: 1989-2004. Prague: C.H. Beck.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171331129
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