Control-Enhancing Mechanisms in State-Owned Companies - Analysis of Companies Listed on the Warsaw Stock Exchange

• Autorzy: Radosław Miążek
• Języki publikacji: EN

Abstrakty

EN

Purpose. In countries with a developed economy, including Poland, the state seeks to retain control of enterprises (companies)operating in so-called strategic sectors, such as fuel and energy, chemical industry, transport, and telecommunicationsinfrastructure. Proper control of these entities not only determines the effective implementation of economic policy, but it is alsoimportant to ensure the economic sovereignty of the state and public security.The purpose of this study is to identify and analyze control-enhancing mechanisms in SOEs listed on the Warsaw Stock Exchange(WSE), taking into account the division between majority and minority state ownership.
Methodology. Analysis of documentation.
Findings. Based on the analysis of statutes and shareholder structures of the investigated entities, it is established that forcompanies with minority state ownership, the state uses control-enhancing mechanisms to gain effective control of the company.Similar mechanisms are also applied in companies with majority state ownership, where these mechanisms contribute toachieving full control of the company. The most commonly used mechanism is a dominant shareholder status and limitation ofvoting rights for shareholders other than the state.
Originality. Apart from state-owned companies, this analysis also included companies indirectly controlled by the state. (original abstract)

Słowa kluczowe

EN

State economic policy; State Treasury company; Supervision of the securities market; Control system; Corporate governance; Stock market

PL

Polityka gospodarcza państwa; Spółki Skarbu Państwa; Nadzór rynku papierów wartościowych; System kontroli; Ład korporacyjny; Giełda papierów wartościowych

• Czasopismo: International Journal of Contemporary Management
• Rocznik: 2023
• Tom: 59
• Numer: nr 3
• Strony: 65--77

Twórcy

autor

Radosław Miążek

• Jagiellonian University, Cracow, Poland

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Identyfikatory

DOI

10.2478/ijcm-2023-0006