A Background Paper on Privatization Via Employee Ownership
Author: Steven Steckler
Publisher:
Published: 1987
Total Pages: 24
ISBN-13:
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Author: Steven Steckler
Publisher:
Published: 1987
Total Pages: 24
ISBN-13:
DOWNLOAD EBOOKAuthor: Felix FitzRoy
Publisher:
Published: 1998
Total Pages: 60
ISBN-13:
DOWNLOAD EBOOKBased on empirical evidence, examines experiences of employee ownership within the context of privatization legislation and its diffusion and implementation problems in 14 transitional economies. Presents some of the weaknesses of privatization and identifies possible improvements such as the use of employee ownership in combination with other privatization methods.
Author:
Publisher:
Published: 1995
Total Pages: 209
ISBN-13:
DOWNLOAD EBOOKAuthor: National Center for Employee Ownership (U.S.)
Publisher:
Published: 1992
Total Pages: 48
ISBN-13:
DOWNLOAD EBOOKAuthor: Gehane El Sokkary
Publisher:
Published: 1999
Total Pages: 400
ISBN-13:
DOWNLOAD EBOOKAuthor: Milica Uvalić
Publisher: Edward Elgar Publishing
Published: 1997
Total Pages: 348
ISBN-13:
DOWNLOAD EBOOKA wide-ranging survey which considers employee ownership within privatization legislation and its diffusion and implementation problems in 14 transitional economies. Ten articles address issues such as enterprise restructuring, employment, wages, productivity, and investment policies. The authors conclude that the employee ownership method has proven to be one of the quickest and has brought with it many positive changes. They also identify possible improvements such as the use of employee ownership in combination with other methods. Annotation copyrighted by Book News, Inc., Portland, OR
Author: Barbara W. Lee
Publisher: World Bank Publications
Published: 1991
Total Pages: 31
ISBN-13:
DOWNLOAD EBOOKEmployee participation has grown rapidly in many developed countries, but it is only beginning to emerge as an element in the economies of developing nations. Evidence shows that employee ownership and other forms of employee participation can ease privatization.
Author: Dudek & Company
Publisher:
Published: 1989
Total Pages: 86
ISBN-13:
DOWNLOAD EBOOKAuthor: W. Cheryl Gray
Publisher:
Published: 1999
Total Pages:
ISBN-13:
DOWNLOAD EBOOKSeptember 1997 Data on mid-sized firms in three transition economies provide strong evidence that private ownership- for worker ownership- improves corporate performance. And the privatized firms' superior ability to generate revenues allows those firms to sustain or expand employment. Using a large sample of data on mid-sized firms in the Czech Republic, Hungary, and Poland, Frydman, Gray, Hessel, and Rapacynski compare the performance of privatized and state firms in the environment of the postcommunist transition. They find strong evidence that private ownership- for worker ownership- improves corporate performance. They find no evidence of the privatization shock that was supposed to afflict the behavior of firms undergoing rapid changes in ownership. Instead, they observe a severe shock from marketization, affecting both state and privatized firms- a shock for which private ownership provides a powerful antidote. Among their other findings: Private ownership is most effective in improving a firm's ability to generate revenues, an area in which entrepreneurship seems to be required. Ownership also affects a firm's ability to remove the rather obvious cost inefficiencies inherited from the past, but this effect is less pronounced, as both state and privatized firms engage in significant cost restructuring. Most important, privatized firms generate significantly more employment gains than state firms. It is their superior ability to generate revenues, rather than competence at cost-cutting, that allows them to sustain or expand employment. This is why privatization is the dominant strategy for expanding employment in transition. Outsider-owned firms perform better than insider-owned firms on most performance measures, but there is enough difference between employee- and manager-owned firms to suggest that putting all insiders under a common umbrella is unjustified. Although the effects of managerial ownership are ambiguous, putting employees in control appears to offer no advantages over state ownership on any measure and creates a distinct disadvantage in terms of employment performance. Among outsider owners, privatization funds seem to do as well at revitalizing the privatized companies as do other outsider owners; in particular, the authors find no evidence that funds are less effective than strategic investors. And foreign investors provide perhaps less of an edge than might have been expected; their impact appears no stronger than that of major domestic outsiders. This paper- product of the Development Research Group- part of a larger effort in the Bank to explore issues of corporate governance in transition economies. The study was funded by the Bank's Research Support Budget under research project Corporate Governance in Central Europe (RPO 678-42).