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Secondary Privatization in Slovenia: Evolution of Ownership Structure and Company Performance Following Mass Privatization

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  • Andreja Bohm
  • Joze P. Damijan
  • Boris Majcen
  • Marko Rems
  • Matija Rojec
  • Marko Simoneti

Abstract

This volume contains the output of country research undertaken in Slovenia in 2000-2001 by a team directed by Andreja Bohm and Marko Simoneti under the international comparative project "Secondary Privatization: the Evolution of Ownership Structures of Privatized Enterprises". The project was supported by the European Union's Phare ACE* Programme 1997 (project P97-8201 R) and was coordinated by Barbara Blaszczyk from the Center for Social and Economic Research (CASE) in Warsaw, Poland. The Slovenian research was additionally co-financed by the research grant received by Central and Eastern European Privatization Network from the Ministry of Science and Technology, Republic of Slovenia (V5-9140-98). The support of the ACE Programme made it possible to organize the cooperation of an international group of scholars (from the Czech Republic, France, Poland, Slovenia and the U.K.). The entire project was devoted to the investigation of secondary ownership changes in enterprises privatized in special privatization schemes (i.e., mass privatization schemes and MEBOs**) in three Central European countries - the Czech Republic, Poland and Slovenia. Through a combination of different research methods, such as secondary analysis of previous research, analysis of legal and other regulatory instruments, original field research, statistical data base research and econometric analysis of individual enterprise data, the project aimed to investigate the scope, pace and trends in secondary ownership changes, the factors and barriers affecting them and the degree of ownership concentration resulting from them. In presenting a clear picture of secondary privatization trends in Slovenia, the authors of this volume tried to evaluate the effectiveness of various privatization schemes in terms of their open-endedness (i.e., the degree to which they foster flexibility in adjustments of ownership structures) and in terms of achieving good corporate governance. Additionally, they formulate and examine hypotheses concerning the relationships between changes in the economic performance of enterprises and post-privatization changes in their ownership structures. This report also includes a set of recommendations concerning necessary changes in the regulations and policies governing privatization and capital markets in Slovenia, designed to foster the development of privatized enterprises and to meet the requirements of the process of accession to the European Union. We hope that the results of this research will be of great interest for everyone interested in the little-researched question of what has happened to companies after privatization in transition countries.

Suggested Citation

  • Andreja Bohm & Joze P. Damijan & Boris Majcen & Marko Rems & Matija Rojec & Marko Simoneti, 2001. "Secondary Privatization in Slovenia: Evolution of Ownership Structure and Company Performance Following Mass Privatization," CASE Network Reports 0046, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:cnrepo:0046
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    1. Dejan Eric & Ivan Stosic, 2011. "Upgrading Corporate Governance Practice of State Owned Enterprises in Processes of EU Integration – Comparation of Serbia and Slovenia," Book Chapters, in: Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union, chapter 14, pages 213-236, Institute of Economic Sciences.
    2. Nina Cankar & Simon Deakin & Marko Simoneti, 2008. "The Reflexive Properties of Corporate Governance Codes: The Reception of the 'Comply or Explain' Approach in Slovenia," Working Papers wp371, Centre for Business Research, University of Cambridge.
    3. Peter F. Orazem & Milan Vodopivec, 2009. "Do Market Pressures Induce Economic Efficiency? The Case of Slovenian Manufacturing, 1994–2001," Southern Economic Journal, John Wiley & Sons, vol. 76(2), pages 553-576, October.
    4. Aleš Novak & Aljoša Valentinčič, 2017. "The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Slovenia," Accounting in Europe, Taylor & Francis Journals, vol. 14(1-2), pages 187-198, May.
    5. Jure Stojan, 2014. "Privatisation failure and failure to privatise: the slovene example," Economic Affairs, Wiley Blackwell, vol. 34(2), pages 270-281, June.
    6. Mulaj, Isa, 2006. "Redefining Property Rights with Specific Reference to Social Ownership in Successor States of Former Yugoslavia: Did it Matter for Economic Efficiency?," MPRA Paper 243, University Library of Munich, Germany.
    7. Aljosa Valentincic & Ales Novak & Urska Kosi, 2017. "Accounting Quality in Private Firms During the Transition Towards International Standards," Accounting in Europe, Taylor & Francis Journals, vol. 14(3), pages 358-387, September.

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