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Formal and real ownership structure of the Polish economy: state-owned versus state-controlled enterprises

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  • Maciej Bałtowski
  • Piotr Kozarzewski

Abstract

This article analyses the difference between the state’s formal and real shares in the Polish economy. We identify two basic types of corporate control exercised by the state over enterprises through ownership (in the case of majority ownership) and non-ownership tools (in the case of minority ownership). Consequently, we distinguish between two types of state enterprises: state-owned enterprises (SOEs) and state-controlled enterprises (SCEs). In post-communist economies, SCEs mainly originate from so-called reluctant privatisation, in which the transfer of ownership rights takes place without the appropriate transfer of control rights. We discuss the tools of non-ownership control used by the state. Our estimates of the real share of state enterprises in the Polish economy (which include both SOEs and SCEs) show that it is almost two times higher than the formal share (only SOEs). The share of state enterprises is also highest in the group of Poland’s largest and most important firms. We conclude that the real importance of state enterprises in the Polish economy is much higher than might be expected if only the formal share of state ownership is taken into account.

Suggested Citation

  • Maciej Bałtowski & Piotr Kozarzewski, 2016. "Formal and real ownership structure of the Polish economy: state-owned versus state-controlled enterprises," Post-Communist Economies, Taylor & Francis Journals, vol. 28(3), pages 405-419, July.
    • Handle: RePEc:taf:pocoec:v:28:y:2016:i:3:p:405-419
    DOI: 10.1080/14631377.2016.1196885
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    References listed on IDEAS

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    1. Farrar, John, 2008. "Corporate Governance: Theories, Principles and Practice," OUP Catalogue, Oxford University Press, edition 3, number 9780195551457.
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    Cited by:

    1. Katarzyna Szarzec & Wanda Nowara & Mirosława Żurek, 2017. "Forma własności a wyniki ekonomiczne największych przedsiębiorstw krajów Europy Środkowo-Wschodniej," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 3, pages 89-114.
    2. Bartosz Totleben & Katarzyna Szarzec & Andreas Kardziejonek, 2019. "Rent-seeking by politicians in state-owned enterprises," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(4), pages 515-529, December.
    3. Piotr Matuszak & Katarzyna Szarzec, 2019. "The Scale and Financial Performance of State-Owned Enterprises in the CEE Region," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(4), pages 549-570, December.
    4. Szarzec, Katarzyna & Dombi, Ákos & Matuszak, Piotr, 2021. "State-owned enterprises and economic growth: Evidence from the post-Lehman period," Economic Modelling, Elsevier, vol. 99(C).
    5. Schnyder, Gerhard & Sallai, Dorottya, 2020. "Between a rock and a hard place: Internal- and external institutional fit of MNE subsidiary political strategy in contexts of institutional upheaval," Journal of International Management, Elsevier, vol. 26(2).
    6. Bram De Lange & Bruno Merlevede, 2020. "State-Owned Enterprises across Europe: Stylized Facts from a Large Firm-level Dataset," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 20/1006, Ghent University, Faculty of Economics and Business Administration.
    7. Schnyder, Gerhard & Sallai, Dorottya, 2020. "Between a rock and a hard place: internal- and external institutional fit of MNE subsidiary political strategy in contexts of institutional upheaval," LSE Research Online Documents on Economics 102942, London School of Economics and Political Science, LSE Library.
    8. Tong, Tong & Chen, Xiaoyue & Singh, Tarlok & Li, Bin, 2022. "Corporate governance and the outward foreign direct investment: Firm-level evidence from China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 962-980.
    9. Piotr Kozarzewski, 2021. "State Corporate Control in Transition: Challenges and Goals," Springer Books, in: State Corporate Control in Transition, chapter 0, pages 41-92, Springer.
    10. Katarzyna Szarzec & Bartosz Totleben & Dawid Piątek, 2022. "Zróżnicowanie składów zarządów i rad nadzorczych polskich spółek akcyjnych," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 79-95.
    11. Matuszak, Piotr & Kabaciński, Bartosz, 2021. "Non-commercial goals and financial performance of state-owned enterprises – some evidence from the electricity sector in the EU countries," Journal of Comparative Economics, Elsevier, vol. 49(4), pages 1068-1087.

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