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Article
Publication date: 1 September 2006

Peter Yeoh

This article seeks to examine the strategic options open to transition economies in Central and Eastern Europe in the face of intense competition in two highly sensitive…

Abstract

Purpose

This article seeks to examine the strategic options open to transition economies in Central and Eastern Europe in the face of intense competition in two highly sensitive economic sectors within the EU.

Design/methodology/approach

This exploratory paper makes use of cross‐country case analysis.

Findings

The investigation demonstrated that protective mechanisms are used in veiled fashion to some degree even amongst the more economically advanced members of the EU and not just the transition economies as commonly perceived. It further argues that whilst a free and open EU will contribute to the quicker full realisation of its common market aspirations, transition economies are currently not adequately prepared for its required economic adjustments. Transition economies may need to respond in measured phases, taking into account its economic and political limitations. Otherwise, it might not be able to withstand the full onslaught of globalisation.

Practical implications

This research challenges the one size fits all notion of zealous free marketers and offers a middle ground strategic option for transition economies in the EU for further evaluation by policy makers and academics alike.

Originality/value

This research uses two highly economic sectors in the EU to argue for a more middle ground strategic economic strategy for transition economies in Central and Eastern Europe. This contrasts with the more global agenda of liberal economics.

Details

Managerial Law, vol. 48 no. 5
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 7 August 2017

Tingting Zhou and Juan LI

The purpose of this paper is to explore financial quality problems, based on the dynamics of the ownership structure, in the privatization process to clarify the internal…

Abstract

Purpose

The purpose of this paper is to explore financial quality problems, based on the dynamics of the ownership structure, in the privatization process to clarify the internal relation among the ownership’s attribution of the commercial mixed ownership company, the company’s performance and its financial relationships. This paper also examines the mixed ownership enterprise’s potential problems during the development process.

Design/methodology/approach

Adopting the single case study method, the authors selected the mixed ownership public company Hubei Sanxia New Building Materials Co., Ltd. (stock code: 600293) to explore, from a privatization perspective, the impact of mixed ownership on financial quality.

Findings

The study found that Sanxia experienced tight cash flow and heavy debt burdens due to the privatization and that its controlling shareholders used non-operating income to support Sanxia, thus characterizing the dual role of “the grabbing hand” and “the helping hand.” Sanxia’s privatization process highlighted the volatility of performance, the exception of monetary funds and the existence of accounting fraud rather than the prosperous development of the capital combination.

Originality/value

These findings provided case support that privatization negatively affects the financial quality of the company. Previous studies have indicated that there should be greater focus more on the issue that state-owned shares rebound during the process of privatization and that, with respect to commercial mixed ownership reform of state-owned enterprises, such reform must avoid the passive transfer of corporate control, ensure the fairness of the related transactions, prevent the loss of state-owned assets and preclude the controlling shareholders from seizing interests of listed companies.

Details

Nankai Business Review International, vol. 8 no. 3
Type: Research Article
ISSN: 2040-8749

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Book part
Publication date: 11 December 2007

Mirko Cvetkovic, Alexander Pankov and Andrej Popovic

Two factors explain why the Serbian privatization experience deserves close attention from outside world. First, Serbia's starting conditions for privatization, with a…

Abstract

Two factors explain why the Serbian privatization experience deserves close attention from outside world. First, Serbia's starting conditions for privatization, with a historical tradition of workers’ management, strong trade unions, and an ambivalent initial attitude toward privatization, have as much in common with circumstances surrounding privatization in the developing countries as with those in the so-called economies in transition. Second, Serbia embarked on a resolute privatization path only in 2001, following more than 10 years of diverse privatization efforts in other post-socialist economies of the region. This makes Serbia a perfect case study of how a country can learn from the experience (both positive and negative) of other reformers.

Details

Privatization in Transition Economies: The Ongoing Story
Type: Book
ISBN: 978-1-84950-513-0

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Book part
Publication date: 23 October 2020

Ahmad Jamal

An estimated 52% of Pakistan’s population is under the age of 25, and like their counterparts elsewhere around the globe, Generation Z in Pakistan was born into a world…

Abstract

An estimated 52% of Pakistan’s population is under the age of 25, and like their counterparts elsewhere around the globe, Generation Z in Pakistan was born into a world overrun with technology, Internet, and social media. This generation of consumers possess information processing ability that is much faster than any other generation. Generation Z consumers in Pakistan are active users of social media platforms connecting with local and international users, brands and exchanging information, photos, videos, ideas, and opinions with people inside and outside Pakistan. To develop insights into the consumption patterns, preferences, attitudes, and preferences of this segment of consumers, this chapter provides an overview of cultural and social values underpinning consumption choices and social media preferences. The chapter identifies and discusses the dynamic nature of Generation Z in Pakistan by identifying some of its defining features: the generation consists of confident, able, and multilingual consumers who are largely collectivists in orientation but shows strong individualistic tendencies. Such consumers have a global outlook and actively seek engagement with brands via digital platforms and influencer marketers expecting authenticity, respect, and equality. The chapter discusses work-related implications such as the need for providing transformational leadership and training programs to harness the intellectual skills of Generation Z in Pakistan. The chapter concludes by identifying and discussing issues relevant to handling Generation consumers in Pakistan including effective marketing strategies.

Details

The New Generation Z in Asia: Dynamics, Differences, Digitalisation
Type: Book
ISBN: 978-1-80043-221-5

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Book part
Publication date: 11 December 2007

Ira W. Lieberman, Ioannis N. Kessides and Mario Gobbo

This chapter is intended to provide the reader with information and insights on the transition or transformation from socialism to a market economy in what are generally…

Abstract

This chapter is intended to provide the reader with information and insights on the transition or transformation from socialism to a market economy in what are generally termed the transition economies. This includes countries in Central and Eastern Europe (CEE), the Commonwealth of Independent States (CIS), sometimes referred to as the Former Soviet Union (FSU), the South East European (SEE) countries, sometimes referred to as the Balkans and the major socialist economy of Asia, China. The chapter covers the critical years of reform for most of these countries, from 1990 to 2000. Some transition economies started reforming earlier, such as China which has continued state-owned enterprise (SOE) reforms to the present time. Other transition countries, primarily the SEE economies, lagged due to the conflict which raged throughout most of the region and the period of isolation which followed, particularly for Serbia. China and Serbia are sui generis for a number of reasons. They will be referenced as examples in this chapter, but they will not form part of the core statistical and data analysis.

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Privatization in Transition Economies: The Ongoing Story
Type: Book
ISBN: 978-1-84950-513-0

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Article
Publication date: 7 March 2016

Saibal Ghosh

Privatization has been a widely researched topic in the literature, both at the cross-country level as well as at the level of individual countries. However, the issue of

Abstract

Purpose

Privatization has been a widely researched topic in the literature, both at the cross-country level as well as at the level of individual countries. However, the issue of partial privatization – where an entity is publicly listed although the government remains the controlling owner – has not been adequately discussed in the literature. The purpose of this paper is to employ data on Indian state-owned banks during 1992-2010 to explore the timing and intensity of privatization. Contextually, the authors also explore several associated hypotheses, such as the behavior of lending relationships by these banks and executive compensation.

Design/methodology/approach

Given the hypotheses being discussed, the authors use suitable methodology relevant to the hypothesis. Accordingly, the authors employ proportional hazard models to address the timing issue and the Tobit model to determine the factors impacting the intensity of privatization. As regards lending relationships, the authors employ ordered logit and Poisson regression models. Finally, the issue of executive compensation is addressed using OLS regression.

Findings

The evidence appears to suggest that smaller, riskier banks with higher levels of over-staffing are likely to be privatized at an early date. Among the political factors, the findings suggest that both the timing of elections as well as the fragmentation of the coalition impacts the timing of privatization. Regarding lending relationships, the analysis indicates that it is typically the large banks that act as the main bank for both foreign and state-owned firms. Finally, the evidence lends credence to the fact that bigger well-capitalized banks with smaller boards pay higher compensation.

Originality/value

How far do economic and political factors play a role in impacting the timing of partial privatization of state-owned banks remains an open empirical question. There is also admittedly limited evidence as to how bank-specific and political factors influence the intensity of privatization. Judged thus, to the best of the knowledge, this is one of the few studies to examine these issues within a coherent empirical framework for a leading emerging economy.

Details

South Asian Journal of Global Business Research, vol. 5 no. 1
Type: Research Article
ISSN: 2045-4457

Keywords

Content available
Article
Publication date: 13 December 2019

Qunhui Huang and Yu Jing

In the 40 years of reform and opening-up toward a more rational micro-economic structure, the proportion of output of state-owned enterprises shows a declining trend. Over…

Abstract

Purpose

In the 40 years of reform and opening-up toward a more rational micro-economic structure, the proportion of output of state-owned enterprises shows a declining trend. Over the past decade, on one hand, the operational efficiency of state-owned enterprises has tended to be low as compared to other ownership enterprises; on the other hand, the asset–liability ratio of state-owned enterprises has risen against the trend, and still remains high under the recent national policy of “deleveraging.” The paper aims to discuss this issue.

Design/methodology/approach

This indicates that the inefficiency of state-owned enterprises that once hindered China’s economic development has not yet been fundamentally solved, and the task of deepening state-owned enterprises reform is still arduous.

Findings

In the process of establishing China’s modern economic system, there will be some “new state-owned enterprises” growing into world-class ones. This requires more effort in enhancing the capacity for independent innovation, improving the level of organizational control, expanding international market opportunities and fulfilling enterprise social responsibilities with high standards.

Originality/value

It is more appropriate for China to have a micro-economic structure in which public ownership predominates and diverse forms of ownership enjoy common prosperity and development.

Details

China Political Economy, vol. 2 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

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Book part
Publication date: 11 December 2007

Daniel Kopf, Ira W. Lieberman and Raj M. Desai

The distribution of state property to the private sector has always been and will continue to be intensely political. Relinquishing hiring, production, investment, and…

Abstract

The distribution of state property to the private sector has always been and will continue to be intensely political. Relinquishing hiring, production, investment, and other enterprise decisions constitute a significant loss of potential rents to those who exercise control rights in state-owned enterprises. Additionally, the large transfer of wealth that privatization on a large-scale entails, combined with the potential for unemployment, loss of access to enterprise-based social services (which were substantial in state-socialist economies) threatens to undermine public support for privatization and reform in general.

Details

Privatization in Transition Economies: The Ongoing Story
Type: Book
ISBN: 978-1-84950-513-0

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Article
Publication date: 25 November 2013

Mohammad Alipour

The purpose of this paper is to study the effect of organizational change and privatization on the performance of state-owned enterprises (SOEs) using the data from…

Abstract

Purpose

The purpose of this paper is to study the effect of organizational change and privatization on the performance of state-owned enterprises (SOEs) using the data from Iranian firms during the period 1998-2006, and to test whether privatization leads to improved performance.

Design/methodology/approach

The performance of these firms before and after privatization was examined. Pooled regression models were employed to assess the effect of privatization on performance indicators.

Findings

The results show that privatization has not had a positive effect on the profitability of the firms listed on the Tehran Stock Exchange; rather, the effect has been negative. Moreover, the results reveal that privatization of these firms has had no effect on their sales effectiveness and efficiency; instead, the debts and risks of these firms has increased. Further, ownership reform is needed to remedy the situation.

Research limitations/implications

The paper focuses on the effect of privatization on firm performance. Future research can consider the effects of privatization on other aspects such as efficiency and productivity.

Practical implications

The implications of the study are discussed in relation to the organizational changes that occur in the transition from public to private ownership. This study shows that improved performance of privatized firms cannot be taken for granted merely by ownership change. In other words, privatization must be accompanied by other economic adjustments such as adjustment of the capital market and the national banking system as well as formulation of corporate rules and regulations.

Originality/value

Privatization and organizational change of Iranian firms is an important issue and this paper is the first to provide a new approach regarding the effect of privatization of SOEs on their performance.

Details

International Journal of Commerce and Management, vol. 23 no. 4
Type: Research Article
ISSN: 1056-9219

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Article
Publication date: 1 June 2003

Joanna Kruczalak‐Jankowska and Kazimerz Kruczalak

The main purpose of this paper is to approach the legal problems of mass privatisation in Poland. The authors present the structure of national investment funds which…

Abstract

The main purpose of this paper is to approach the legal problems of mass privatisation in Poland. The authors present the structure of national investment funds which intend to be the experimental financial intermediaries in Poland. Their assets are quoted on the Stock Exchange in Warsaw from the beginning of May 1997. New and controversial roles of management firms are discussed in this paper.

Details

Journal of Economic Studies, vol. 30 no. 3/4
Type: Research Article
ISSN: 0144-3585

Keywords

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