Privatization, Corporate Governance and the Emergence of Markets PDF
Preview Privatization, Corporate Governance and the Emergence of Markets
Privatization, Corporate Governance and the Emergence of Markets Studies in Economic Transition General Editors:Jens Hölscher, Professor of Economics, University of Brighton; andHorst Tomann, Professor of Economics, Free University Berlin This series has been established in response to a growing demand for a greater understanding of the transformation of economic systems. It brings together theoretical and empirical studies on economic transition and economic devel- opment. The post-communist transition from planned to market economies is one of the main areas of applied theory, as it is in this field that the most dra- matic examples of change and economic dynamics can be found. The series aims to contribute to the understanding of specific major economic changes as well as to advance the theory of economic development. The implications of economic policy are a major point of focus. Titles include: Irwin Collier, Herwig Roggemann, Oliver Scholz and Horst Tomann (editors) WELFARE STATES IN TRANSITION East and West Hubert Gabrisch and Rüdiger Pohl (editors) EU ENLARGEMENT AND ITS MACROECONOMIC EFFECTS IN EASTERN EUROPE Currencies, Prices, Investment and Competitiveness Jens Hölscher (editor) FINANCIAL TURBULENCES AND CAPITAL MARKETS IN TRANSITION COUNTRIES Jens Hölscher and Anja Hochberg (editors) EAST GERMANY’S ECONOMIC DEVELOPMENT SINCE UNIFICATION Domestic and Global Aspects Emil J. Kirchner (editor) DECENTRALIZATION AND TRANSITION IN THE VISEGRAD Poland, Hungary, the Czech Republic and Slovakia Gregg S. Robins BANKING IN TRANSITION East Germany after Unification Johannes Stephan ECONOMIC TRANSITION IN HUNGARY AND EAST GERMANY Gradualism and Shock Therapy in Catch-up Development Studies in Economic Transition Series Standing Order ISBN 0–333–73353–3 (outside North America only) You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address, the title of the series and the ISBN quoted above. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire RG21 6XS, England Privatization, Corporate Governance and the Emergence of Markets Edited by Eckehard F. Rosenbaum Senior Economist Federal Ministry of Economics and Technology Berlin Germany Frank Bönker Lecturer in Economics European University Viadrina Frankfurt (Oder) Germany and Hans-Jürgen Wagener Professor of Economics European University Viadrina Frankfurt (Oder) Germany First published in Great Britain 2000 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world Acatalogue record for this book is available from the British Library. ISBN 978-1-349-41800-8 ISBN 978-0-230-28607-8 (eBook) DOI 10.1057/9780230286078 First published in the United States of America 2000 by ST. MARTIN’S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 978-0-312-23034-0 Library of Congress Cataloging-in-Publication Data Privatization, corporate governance and the emergence of markets / edited by Eckehard F. Rosenbaum, Frank Bönker, and Hans-Jürgen Wagener. p. cm. (Studies in economic transition) Includes bibliographical references and index. ISBN 978-0-312-23034-0 (cloth) 1. Privatization—Europe, Eastern. 2. Corporate governance—Europe, Eastern. I. Rosenbaum, Eckehard F., 1967– II, Bönker, Frank. III. Wagener, Hans-Jürgen. IV. Series HD4140.7 .P723 1999 338.947'05—dc21 99–047836 Editorial matter, selection and Chapter 1 ©Eckehard F. Rosenbaum, Frank Bönker and Hans-Jürgen Wagener 2000 Foreword ©Jens Hölscher and Horst Tomann 2000 Chapter 14 ©Eckehard F. Rosenbaum 2000 Chapters 2–13, 15 ©Macmillan Press Ltd 2000 Softcover reprint of the hardcover 1st edition 2000 978-0-333-77892-0 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P0LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10 9 8 7 6 5 4 3 2 1 09 08 07 06 05 04 03 02 01 00 Printed and bound in Great Britain by Antony Rowe Ltd, Chippenham, Wiltshire Contents Foreword vii Acknowledgements viii List of Contributors ix 1. Privatization in Context: an Introduction 1 Eckehard F. Rosenbaum, Frank Bönker and Hans Jürgen Wagener I. THE POLITICAL ANDFISCAL DIMENSION OF PRIVATIZATION 2. Polish Mass Privatization: Success or Failure? 17 Rainer Gesell 3. On the Political Economy of Privatization in Eastern Germany 33 Uwe Siegmund 4. Fiscal Aspects of Privatization: the Paradox of Privatization Revenues 50 Dirck Süß II. PRIVATIZATION, CORPORATE GOVERNANCE AND ECONOMIC RESTRUCTURING 5. Changing Models of Corporate Governance in OECD Countries 69 Pieter W. Moerland 6. Corporate Governance: a Systemic Approach with an Application to Eastern Europe 83 Ralph Heinrich 7. Empirical Analysis of Corporate Governance in Transition 98 Wendy Carlin 8. Privatization and Corporate Governance in Transition Countries: Beyond the Principal–Agent Model 123 Wladimir Andreff 9. Corporate Governance during and after Privatization: the Lessons from Hungary 139 Péter Mihályi v vi Contents 10. Banks and the Privatization of Enterprises in Poland 155 Robert Chudzik 11. Manager Incentives and Turnover of Managers: Evidence from the Czech Republic 171 Stijn Claessens and Simeon Djankov 12. The Relationship between FDI, Privatization and Structural Change in Central and Eastern European Countries 189 Gábor Hunya III. PRIVATIZATION AND THE EMERGENCE OF MARKETS 13. Transforming Socialist Networks 207 Michael Keren 14. Towards a Theory of Markets: Networks, Communication and Knowledge 223 Eckehard F. Rosenbaum 15. Direct Foreign Investment and the Evolution of Markets in Central and Eastern Europe 237 Klaus Meyer References 249 Name Index 268 Subject Index 272 Foreword The general line of argument within this collaborative work is that markets cannot be assumed as given but rather, are emerging. This message is supported within the context of privatization on the politi- cal and theoretical levels. The theoretical dimension combines the analysis of the transformation of corporate governance structures and the transformation of supplier, sales and communication network – issues usually treated separately. To this extent a guide to what institu- tional economics has to offer is provided. For applied economic policy privatization policy during transition from planned to market economies might by now be of historical interest. However, for corpo- rate governance within its institutional ‘embeddedness’ experiences of transition economies might guide the future economic policy of market economies. JENSHÖLSCHER,Chemnitz HORSTTOMANN,Berlin vii Acknowledgements The papers which are collected in the present volume were presented at a conference held in Berlin on 22 and 23 May, 1998. We would like to thank first of all the Deutsche Forschungsgemeinschaft for gener- ously supporting this event as part of its funding for the Frankfurt Institute for Transformation Studies, the centre of transformation research at the European University Viadrina in Frankfurt (Oder). And we would also like to thank Andreas Paul for his help in organizing the event, and Boz˙ena Jankowska and Marcin Kowalewski for editorial assistance. E. F. R. F. B. H.-J. W. viii List of Contributors Wladimir Andreff Université de Paris I Panthéon – Sorbonne Frank Bönker European University Viadrina, Frankfurt (Oder) Wendy Carlin University College London Robert Chudzik European University Viadrina, Frankfurt (Oder) Stijn Claessens World Bank, Washington, DC Simeon Djankov World Bank, Washington, DC Rainer Gesell European University Viadrina, Frankfurt (Oder) Ralph Heinrich Institute of World Economics, Kiel Gábor Hunya Vienna Institute for International Economic Studies (WIIW) Michael Keren Hebrew University, Jerusalem Klaus Meyer Copenhagen Business School Péter Mihályi Central European University, Budapest ix
The list of books you might like
