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Consolidation of ownership and market consolidation: the role of relational investors on the Polish beer market 1990-1999

Author

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  • Michal Gorzynski

    (CASE (Centre for Economic and Social Research))

Abstract

This paper presents a case study based on a full dataset related to 31 companies operating in the Polish beer industry during the 1990's. It discusses the impact of privatisation and of secondary ownership transfers on market outcomes. It confirms the critical role played by foreign relational investors in the process of industrial restructuring, and two parallel evolutions: a strong trend towards concentrated ownership and towards market concentration. Companies, which were not initially privatised to relational investors, were typically taken over by them in the later stage. However, the delay led to a postponed restructuring process and a loss of market share.

Suggested Citation

  • Michal Gorzynski, 2002. "Consolidation of ownership and market consolidation: the role of relational investors on the Polish beer market 1990-1999," UCL SSEES Economics and Business working paper series 11, UCL School of Slavonic and East European Studies (SSEES).
    • Handle: RePEc:see:wpaper:11
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    References listed on IDEAS

    as
    1. Philippe Aghion & Olivier Jean Blanchard & Wendy Carlin, 1997. "The Economics of Enterprise Restructuring in Central and Eastern Europe," International Economic Association Series, in: John E. Roemer (ed.), Property Relations, Incentives and Welfare, chapter 11, pages 271-325, Palgrave Macmillan.
    2. Irena Grosfeld & Thierry Tressel, 2001. "Competition and Corporate Governance: Substitutes or Compliments? Evidence from the Warsaw Stock Exchange," William Davidson Institute Working Papers Series 369, William Davidson Institute at the University of Michigan.
    3. Philippe Aghion & Olivier J. Blanchard, 1998. "On privatization methods in Eastern Europe and their implications1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(1), pages 87-99, May.
    4. Barbara Blaszczyk & Richard Woodward, 1999. "Privatization and Company Restructuring in Poland," CASE Network Reports 0018, CASE-Center for Social and Economic Research.
    5. Grosfeld, Irena & Tressel, Thierry, 2001. "Competition, Corporate Governance: Substitutes or Complements? Evidence from the Warsaw Stock Exchange," CEPR Discussion Papers 2888, C.E.P.R. Discussion Papers.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • L66 - Industrial Organization - - Industry Studies: Manufacturing - - - Food; Beverages; Cosmetics; Tobacco
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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