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Mass Privatisation and Privatised Firms' Performance in the Post-Privatisation Era: Empirical Evidence from the Czech Republic, Poland, and the Slovak Republic
Wang, Yanyi ; Szobi, Pavel (advisor) ; Akdogan, Idil (referee) ; Čech, František (referee)
This study used panel data on 25 privatised firms from the Czech Republic, Poland, and Slovakia from 2000 to 2019 to explore the impact of different MPS on firm performance in the post-privatisation era. This paper then explored two main research questions: 1) The 2008 financial crisis presented problems for corporations with different governance models. How did firms built utilising various MPS models perform differently across the three countries in this context? 2) What factors would affect the performance of privatised firms in the post-privatisation era? Additionally, this study first used the Wilcoxon signed rank test to analyse six performance variables for the sample firms for eight years before and after 2008. The researcher then chose the corporate governance index (GOV) and shareholder return (ROSF) as the main explanatory variables and did a random effects regression analysis of privatised firm performance. Finally, the paper had two main findings: 1) The financial crisis had a more significant impact on the Czech Republic and Slovakia but had a more negligible influence on Poland. 2) During the post-privatisation era, GOV did not distinctly affect privatised company performance, while ROSF had a more substantial explanatory power for performance based on market development and policy...
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Transition economy and privatization in Mongolia: case study: analysis of voucher privatization in Mongolia
Khurelbaatar, Baigali ; Mlčoch, Lubomír (advisor) ; Glazar, Ondřej (referee)
Title: Transition economy and Privatization in Mongolia Subtitle: Analysis of voucher privatization in Mongolia Author: Khurelbaatar Baigali Supervisor: Prof. Ing. Lubomír Mlčoch.CSc Abstract: The voucher privatization was one of the biggest economic action during transition economy. However, the main consequences of such action were unexpected, very rapid and it was a political action rather than economical. Also Mongolian citizens' disapproval of the voucher privatization is still great after 20 years. But in year 2011, Mongolian government approved using very similar method for the privatization on mining sector, named a "Tavan Tolgoi" privatization. This thesis focuses on a particular process of the Mongolian by comparing between Russian and Czech voucher privatization. Comparative study with both qualitative and quantitative research methods is carried based on the data of three countries; economic indices and questionnaire were collected by author. In this study, the whole process is described and the main part of the thesis focuses on analysis of the free voucher allocating method and its advantages as well as disadvantages. The aim of the thesis is to reveal the true impacts of the voucher privatization and ultimately try to answer whether it is social confusion or it is a non-recommended method.
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Fate of privatized enterprises in the 1. wave of voucher privatization
Hlaváček, Jiří ; Ježek, Tomáš (advisor) ; Procházka, Pavel (referee)
This diploma thesis is aimed to map the development of the companies that have passed the first wave of voucher privatization from 1991 until 2013. Development of 988 companies has not been yet comprehensively examined. The aim is to determine the ownership structure, including the ability to find majority shareholders. The second part is focused on how many companies has been closed over the past twenty years and method of liquidation. Another finding is that two-fifths of companies have changed the form of shares to the documentary. Finally, the research focuses on delisting of shares from czech capital market. The last part is based on comparison of results of the two waves of voucher privatization and the main findings are very similar.
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Privatization process in the Czech Republic
Bochenek, Jan ; Nečadová, Marta (advisor) ; Soukupová, Jana (referee)
The bachelor thesis is concerned with privatization process in Czech Republic. Work characterizes the initial conditions, possible approaches and different methods of privatization in conjunction with their successes as well as criticism. The first part is devoted to transformation, starting points and approaches to privatization. The second part describes and evaluates the privatization process in the Czech Republic.
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The Evaluation of the Czech way during the economy transformation (general overview)
HOVORKOVÁ, Karolína
The Bachelor's thesis deals with the denationalization and the privatization process during the period of the economy transformation in the Czech republic in 1990's which was later termed as the Czech way. The thesis mainly focuses on the politician's and economist's opinions on the correctness and legality of its implementation. The thesis is divided into three parts except introduction and conclusion. The first part pursues political, economic and juridical bases, the Czech way's main targets and alternative ways. Next chapter is concerned with the Czech way itself, denationalization and privatization, mainly the voucher privatization. In this chapter we can find the best known affairs connected with the Czech way. In the third part we can find main mistakes involved in the Czech way. The Bachelor's thesis includes tables showing the economy transition by means of fundamental economic indicators or the number of emerging entrepreneurial subjects.
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Fate of privatized enterprises in the 2. wave of voucher privatization
Hanzl, Jiří ; Ježek, Tomáš (advisor) ; Pícl, Michal (referee)
Development of companies from voucher privatization has not been yet comprehensively examined although this information is necessary to evaluation the process of voucher privatization. This thesis is aimed to map the development of the companies that have passed the second wave of voucher privatization from 1993 until 2010. The aim is to determine the ownership structure of the companies, including the determination of how many of them are still under state control. The second area focuses on the economic performance and on finding of how many companies has been closed over the past period, and the comparison of development across industries. The comparison of economic efficiency is based on the information of the ownership structure depending on the size of the share of the largest shareholder. Finally, the research focuses on the marketability of the shares and delisting, changing the form of shares to the documentary, which was used by almost half of the companies.
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The transformation process in the Czech Republic in the second half of the nineties of the 20th century
Měřička, Martin ; Szobi, Pavel (advisor) ; Tajovský, Ladislav (referee)
The main objective of my diploma thesis is comprehensive analysis of the transition process in the Czech Republic with focuse on the second half of the nineties of the 20th century. In the first part I briefly analyse transition and privatization process in 1991 - 1996. Emphasis will be given to the selected concept of privatization and criticism. Then in a separate sub-chapter I critically judge the procedure of first and second wave of coupon privatization. The second part will be consist of an analysis of the financial crisis in 1996 - 1997 and I'll mainly deal with its causes and implemented measures. In subsequent chapters of the thesis I'll focus on the question of the so-called third wave of voucher privatization, privatization of banks and the role the National Property Fund and the Consolidation Agency. Chosen subject will be the result of the analysis of published sources, the latest literature and papers. An important part will be also studying of daily press and interviews with some economists, which are published or were in mass media. Finally I will try to get some personal interview with someone of the actors, who's involved in this a complex process.
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The privatisation process in the Czech Republic during transition and after accession to the European Union
Pihrt, Josef ; Nečadová, Marta (advisor) ; Breňová, Lubomíra (referee)
The aim of this thesis is to analyze the transformation and privatization process in the Czech Republic since 1989 to period when Czech Republic is the member of European Union. It also aims to verify the validity of theorems formulated in an introduction and called "First Transformation Law" and "First Privatization Law". The privatization process in the Czech Republic is unique in terms of volume of assets privatized and the privatization methods used. The text is focused on different methods of privatization (small privatization, large privatization, restitution). A separate section is devoted to voucher privatization and the closely related issue of privatization investment funds. The process of privatization of banks carried out in 1999-2001 is also analyzed. Particular attention is paid to less known facts which had a major impact on the transformation and privatization process.
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Comparison of the Privatization Process in the Czech Republic, Poland and Hungary
Bartulík, Adam ; Ježek, Tomáš (advisor) ; Doležalová, Antonie (referee)
The subject of this thesis is the comparison of the privatization process in the Czech Republic (former Czechoslovakia), Hungary and Poland. The starting point of the thesis represents an initial outline of the situation - for different initial conditions in each country significantly influenced the course and shape of the process. The main part of the thesis is an analysis of privatization processes in compared countries, with emphasis on their specific features and influences that affect the process significantly. At the conclusion there is a comparision of Czech, Hungarian and Polish version of privatization based on several criteria. Although it is difficult to classify the universally best privatization method, main advantages and disadvantages of different methods and serious mistakes committed by economic policy actors can be easily identified.
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