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In this, the first of three volumes to be published by the CEU
Press on corporate governance in Central Europe and Russia,
distinguished economists, legal scholars, political scientists and
sociologists examine the emerging institutions of corporate
governance in privatized firms in transition economies. They
investigate the role of banks, investment funds, and pension funds,
as well as the role and impact of residual state ownership. Each
paper combines experience from advanced market economies with
in-country empirical work in transition settings. Together these
papers represent the most comprehensive and up-to-date comparative
analysis yet undertaken of privatization struggles and their impact
on corporate governance in Central Europe and Russia.
In this, the second of three volumes to be published by the CEU
Press on corporate governance in Central Europe and Russia,
distinguished economists, legal scholars, political scientists and
sociologists examine the emerging institutions of corporate
governance in privatized firms in transition economies. They look
at the nature of control exercised by insiders in Central and
Eastern European firms and the emergence of indigenous corporate
governance institutions. The volume also addresses the role of
foreign investors and the many issues involved in the design of
corporate and securities law. Each paper combines experience from
advanced market economies with in-country empirical work in
transition settings. Together these papers represent the most
comprehensive and up-to-date comparative analysis yet undertaken of
privatization struggles and their impact on corporate governance in
Central Europe and Russia.
In Eastern Europe privatization is now a mass phenomenon. The
authors propose a model of it by means of an illustration from the
example of Poland, which envisages the free provision of shares in
formerly public undertakings to employees and consumers, and the
provision of corporate finance from foreign intermediaries. One
danger that emerges is that of bureaucratization. On the broader
canvas, mass privatization implies the reform of the whole system,
the creation of a suitable economic infrastructure for a market
economy and the institutions of corporate governance. The authors
point out the need for a delicate balance between evolution - which
may be too slow - and design - which brings the risk of more
government involvement than it is able to manage. A chapter
originating as a European Bank working paper explores the banking
implications of setting up a totally new financial sector with
interlocking classes of assets. The economic effects merge into
politics as the role of the state is investigated. Teachers and
graduate students of public/private sector economies, East European
affairs; advisers to bankers or commercial companies with Eastern
European interests.
This Third Volume in the acclaimed series of CEU Privatization
Reports deals with the transition to a free market in retail trade
and consumer services in Poland, Hungary, and the Czech Republic.
The authors describe and analyze all the programs with the help of
which shops, restaurants, and service establishments have been
privatized in the three most advanced postcommunist countries and
provide detailed quantitative evidence concerning all aspects of
the small privatization process. The volume also presents the
results of the first extensive empirical survey of privatized
establishments in the three countries and draws important
conclusions concerning the conditions necessary for a successful
privatization of the retail trade and consumer service sectors in
Eastern Europe. The authors argue that small privatization is,
above all, a transfer of ownership to commercial real estate and
that the nature of the rights conveyed to the new owners makes a
great difference with respect to postprivatization restructuring.
They also show that the presence of outside owners, not connected
with predecessor state establishments, is one of the most important
factors determining the extent of changes brought about by small
privatization.
In this work, comprehensive comparative information on five Central
European countries has been collected by teams of researchers from
both within the region and from the West. Following an introduction
to the economic environment in each country, it provides an
overview of the privatization process, including an account of the
legal framework of ownership, institutions for state regulation, an
overview of privatization programmes and the initial transformation
of enterprises. A key feature of the book is the authors' access to
hitherto unavailable information and their ability to present a
vast amount of material in an easily available format. Aimed at
policy makers and business people, the work should provide a strong
foundation for future research.
In this work, comprehensive comparative information on five former
Soviet republics has been collected by teams of researchers from
both within the region and from the West. Following an introduction
to the economic environment in each country, it provides an
overview of the privatization process, including an account of the
legal framework of ownership, institutions for state regulation, an
overview of privatization programmes and the initial transformation
of enterprises. A key feature of the book is the authors' access to
hitherto unavailable information and their ability to present a
vast amount of material in an easily available format. Aimed at
policy makers and business people, the work should provide a strong
foundation for future research.
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