Voucher privatisation in Estonia

Purju, Alari

doi:10.1080/14631379508427831

Cited by 6 publications

(2 citation statements)

References 2 publications

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“…Regional branch offices were responsible for companies below this threshold, although the company database providing for a definite assignment only became available in April 1991. Despite the unique situation prevailing in East Germany, the Treuhand's institutional setting resembles structures deployed in other countries, such as the state property agencies in Hungary and Estonia (Carlin and Mayer, 1994;Purju, 1996). Notes.-A Treuhand decision was eligible for review if the underlying firm size measured by employment, revenue, and balance sheet total surpassed specific thresholds.…”

Section: Privatization In East Germanymentioning

confidence: 99%

The Big Sell: Privatizing East Germany‘s Economy

Mergele

Hennicke²,

Lubczyk

2020

SSRN Journal

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The end of communism in the 1990s probably is the most fundamental restructuring of institutions witnessed in recent history. At its core was the large-scale redistribution of previously state-owned companies. We construct a unique firm-level dataset to study this redistribution in East Germany where the entire state-owned economy was either privatized or liquidated within less than five years. We examine whether the privatization authority followed its mandate to privatize competitive firms using initial labor productivity to indicate firms' competitiveness. Our results highlight that firms with higher baseline productivity are more likely to be privatized, yield higher sales prices, are more often acquired by West German investors, and are more likely to remain in business even 20 years after leaving public ownership. The privatization agency plausibly contributed to these outcomes by rating and prioritizing productive firms.

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Section: Privatization In East Germanymentioning

confidence: 99%

The Big Sell: Privatizing East Germany‘s Economy

Mergele

Hennicke²,

Lubczyk

2020

SSRN Journal

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“…Most of these works have dealt with political and macro‐economic policies (Gilles et al , 2002; Postma and Hermes, 2002, pp. 8‐9; Purju, 1996; Tiits et al , 2003; Vensel, 1996), ownership structures and privatisation (Bennett et al , 2003; Jones et al , 2003; Kalmi, 2003; Kalmi et al , 1999; Kooskora, 2003; Terk, 1998) internationalisation and foreign investments (Cicinskas, 1998; Terk and Varblane, 2002; Ziacik, 2000) and innovations and fiscal determinants (Government of the Republic of Estonia, 2000; Kooskora, 2004; Kurik et al , 2002; Purju, 1996; Terk, 1999), but only a limited number of studies of management and business corporations have been conducted (Aaltio et al , 2002; Alt et al , 2003; Barnowe et al , 2003; Elenurm, 1985; Elmik et al , 2004; Kooskora, 2004, 2005a, b; Liuhto, 1996, 1999, 2001; Terk et al , 2004; Virovere et al , 2002).…”

Section: Research On Estonian Business Leadersmentioning

confidence: 99%

Corporate governance from the stakeholder perspective, in the context of Estonian business organizations

Kooskora

2008

Baltic Journal of Management

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PurposeThe purpose of this paper is to participate in the discussion of a relatively new field of corporate governance (CG) and its development. The aim of the research is to discover how well‐known Estonian business leaders perceive the purpose of business activities, corporate relations with the society and environment and who they consider the most significant stakeholders. These issues are studied and analyzed during a ten‐year period in the real‐life Estonian business environment.Design/methodology/approachThe empirical part of the paper is based on the results of in‐depth interviews with 26 top Estonian managers and owners, often known as generalists. The paper discusses the results of qualitative research conducted among these business leaders, owners and top‐managers in Estonian organizations, exploring how business purposes and interests, relations with the society and environment as well as different stakeholders are perceived and how these perceptions have changed in Estonia during the period of ten years (1995‐2004).FindingsThis paper shows how business purposes, interests, corporate relations with the society and environment as well as with different stakeholders are perceived in a rapidly developing former post‐socialist and now EU member state, Estonia. It was revealed that stakeholder interests and corporate relations with the society and environment in business have not yet been considered important issues in business organizations. According to the results, the stakeholder thinking and stakeholder concepts have just recently became recognized and understood among the Estonian business leaders. There is a clear difference seen in two periods studied in this research.Research limitations/implicationsThe main limitation of the study is related to survey methodology. In‐depth interviews are conducted with 26 representatives; this sets limits to the possibility to generalize the results. In further research, the aim is to get more data through structured questionnaires thus enabling to conduct quantitative analysis and draw conclusions based on larger amount of respondents.Practical implicationsIn order to stay sustainable and be able to develop further there is a need for Estonian business leaders and organizations to start paying more attention to the different stakeholders, and see the organizations as a part of the environment and society.Originality/valueThe main contribution of the paper can be found in the in‐depth discussion of the concept of CG particularly from the perspective of stakeholder theory.

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Privatization in Estonia and Hungary: Selling Out

Heinrich¹

1997

Privatization at the End of the Century

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Voucher privatisation in Estonia

Cited by 6 publications

References 2 publications

The Big Sell: Privatizing East Germany‘s Economy

The Big Sell: Privatizing East Germany‘s Economy

Corporate governance from the stakeholder perspective, in the context of Estonian business organizations

Privatization in Estonia and Hungary: Selling Out

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