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Can Serbia Benefit from the Experience of Czech Privatizations?

Year 2016, Volume: 1 Issue: 1, 21 - 49, 01.06.2016

Abstract

Serbia
and the Czech Republic have started privatization more than 25 years ago. While
the Czech Republic has dispatched its privatization program, privatization in
Serbia is still proceeding. It‘s built on this essay (article) to clarify, how
Serbia takes lessons from the Czech privatization process. Discussing the
underlying circumstances, models and results of the privatization methods in
both countries, as well as a structural comparison of the Serbian privatization
program with the Czech privatization, should provide the anticipated insights.
A case study analysis of three privatization samples is intended to bring in
the real situation. The research results show that, although the Czech
privatization model differs in many respects from the Serbian one, it does not
provide any entirely new impulses for Serbian privatization. Afterwards, the
results and findings were given in recommendations for the Serbian privatization-endeavor.

References

  • Brunner, F. (2009). Wertstiftende Strategien im Bankgeschäft. Heidelberg: Springer Verlag.
  • Djuricin, D. (2008). Srbija na raskrscu: dostizanje EU ili tranzicionizam. Zbornik radova Tranzicija,dostizanje EU i povezane teme, 1, 9-38.
  • Dragutinovic, S. & Radulovic, B. (2014). Studija slucaja: Privatizacija u Srbiji. Nacijonalna alijansa za lokalni ekonomski razvoj.
  • Ellerman, D. (1998). Voucher privatization with investment funds: An institutional analysis. World Bank Policy Research Paper 1924, Retrieved June 26, 2015 from http://documentos.bancomundial.org/curated/es/1998/05/693585/voucher-privatization-investment-funds-institutional-analysis
  • Estrin, S. (2008). Privatization impacts in transition economies. The New Palgrave Dictionary of Economics, Second Edition. Retrieved June 13, 2015 from http://www.dictionaryofeconomics.com/article?id=pde2008_P000342> doi:10.1057/9780230226203.1344
  • Graham, C. (1998). Voucher privatization in the Czech Republic, private markets for public goods: Raising the stakes in economic reform. Washington, D.C.: Brooking Institution Press.
  • Gray, C. (1996). Search of owners: Lessons of experience with privatization and corporate governance in transition economies. The World Bank Research Observer, 11 (2), 179-197.
  • Gupta, H., Ham, J. C., & Svejnar, J. (2007). Priorities and sequencing in privatization: Evidence from Czech firm panel data, Retrieved June 19, 2015 from http://kelley.iu.edu/nagupta/privseq_march07.pdf
  • Hanousek, J. & Filer, R. K. (2002). Lange and Hayek Revisited: Lessons from Czech voucher privatization. Cato Journal, 21 (3), 491-498.
  • Havlicek, K., Turkova, I., & Dlaskova, G. (2014). Analysis of large-scale privatization in the Czech Republic in the years 1991-2005 on the sample of selected privatized companies. Entrepreneurial Business and Economics Review, 2 (4), 51-69.
  • Havrylyshyn, O. & McGettigan, D. (1999). Privatization in transition countries: A sampling of the literature, IMF Working Paper, 99 (6), 1-44.
  • Holy, L. (1996). The little Czech and the great Czech nation: national identity and the post-communist transformation of society. Cambridge: Cambridge University Press.
  • Klenk, J., Philipp, C., Reineke, R., & Schmitz, N. (1995). Privatization in transforming and developing economies: Strategies – Consultancy – Experiences. Wiesbaden: Gabler Verlag
  • Kocenda, E. & Valachy J. (2001). Secondary privatization in the Czech Republic: Ownership and enterprise performance in voucher-privatized firms. CASE Reports, 45. Retrieved May 7, 2015, from http://www.case-research.eu/upload/publikacja_plik/RC45.pdf
  • Kogut, B. & Spicer, A. (2002). Capital market development and mass privatization are logical contradictions: lessons from Russia and the Czech Republic. Industrial and Corporate Change, 11 (1), 1-37.
  • Kosta, J. (1997). Die ökonomische Transformationsstrategie Tschechiens im Vergleich zur Slowakei, Ungarn und Polen. WZB Discussion Paper N°FS II 97-602. Retrived June 3, 2005, from http://hdl.handle.net/10419/56420
  • Louzek, M. (2009). The Czech privatisation after 20 years. Post-Communist Economies, 21 (3), 345-359.
  • Lukic, D. & Gulan, B. (2006). Privatizacija u Republici Srbiji (ras)prodaja imovine i trzista. Ekonomski Anali.
  • Mali, S. (2012). Privatization through the sale of equity – Conceptual framework and achieved results in Serbia. Serbian Association of Economists Journal, 1 (2), 149-162.
  • McMaster, I. (2001). Privatization in central and eastern Europe: what made the Czech Re-public so distinctive? EPRC Regional and Industrial Research Papers, 49.
  • Mejestrik, M. (1997). Privatization in the Czech Republic and Russia: The voucher model. Privatization at the end of century, 199-235. Berlin: Springer Verlag.
  • Nacijonalna sluzba za zaposljavanje. (o.J.). Odluka o utvrđivanju Programa za rešavanje viška zaposlenih u procesu racionalizacije, restrukturiranja i pripreme za privatizaciju. Retrieved January 9, 2016 from, http://www.nsz.gov.rs/live/digitalAssets/0/54_Odluka_-_pripreme_za_privatizaciju.pdf
  • Nellis, J. (1999). Time to rethink privatization in transition economies? Finance & Develop-ment, 38, 16-19. Retrieved July 17, 2015, from https://www.imf.org/external/pubs/ft/fandd/1999/06/pdf/nellis.pdf
  • Nellis, J. (2002). Privatization and enterprise reform in transition economies: A retrospective analysis. Retrieved July 17, 2015, from http://lnweb90.worldbank.org/OED/OEDDocLib.nsf/DocUNIDViewForJavaSearch/A8579A9A28A100B485256B6D006542F6?opendocument
  • Nikolic, I. (2011). Neka otvorena pitanja dosadasnjeg toka privatizacije. Industrija, 3, 99-107.
  • Pavlovic, D. (2003). Privatization in Serbia: The second run. International Policy Fellowships. Retrieved January 12, 2016, from http://www.policy.hu/fellows/pavlovic
  • Radulovic, B. & Dragutinovic, S. (2014). Studija slucaja: Privatizacija u Srbiji. NALED, 1-216.
  • Schnitzer, M. (2003). Privatisierung in Osteuropa: Strategien und Ergebnisse. Perspektiven der Wirtschaftspolitik, 3 (3), 359-377.
  • Simon, G. (2010). Factors and problems of economic growth in Hungary, Russia and Serbia. Rasprave i clanci, 62 (2), 195-238.
  • Svitek, L. (2002). Privatization in the Czech Republic during the transition years: Success or failure? Retrieved June 1, 2015, from www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA406186
  • Török, L. (2011). A case study of privatization without consideration: the failure of voucher privatization in the Czech Republic. Club of Economics in Miskloc TMP, 7 (2), 79-86.
  • Uvalic, M. (2001). Privatization and corporate governance in Serbia. Global Development Network for Southeast Europe. Retrieved May 5, 2015, from https://www.researchgate.net/profile/Milica_Uvalic/publication/270158760_Privatisation_and_Corporate_Governance_in_Serbia_(FR_Yugoslavia)/links/54a157bb0cf256bf8baf68ad.pdf
  • Vujacic, I. & Vujacic-Petrovic, J. (2011). Privatization in Serbia – Results and institutional failures. Economic Annals, 56 (191), 89-105.
  • Wilkens, H. & Maenning, M. (1997). Transition in Eastern Europe: current issues and per-spectives, Beihefte der Konjukturpolitik: Zeitschrift für angewandte Wirtschaftsforschung, 45.

Kann Serbien von den Erfahrungen aus der tschechischen Privatisierung profitieren?

Year 2016, Volume: 1 Issue: 1, 21 - 49, 01.06.2016

Abstract

Zusammenfassung und die Tschechische Republik haben die
Privatisierung gemeinsam vor mehr als 25 Jahren begonnen. Während die
Tschechische Republik ihr Privatisierungsprogramm zügig vollendet hat, dauert
die Privatisierung in Serbien noch immer an. Im Mittelpunkt des Beitrages steht
das Bestreben Erkenntnisse aus der tschechischen Privatisierung für die noch
andauernden serbischen Privatisierungsaktivitäten zu gewinnen. Die Erörterung
der Rahmenbedingungen, Modelle und Ergebnisse der Privatisierungsmethoden in
beiden Staaten sowie ein Strukturvergleich des serbischen
Privatisierungsprogramms mit der primären tschechischen Privatisierung sollen
die erhofften Erkenntnisse bringen. Eine Fallstudienanalyse von drei
Privatisierungsbeispielen soll die reale Situation einbringen. Die
Untersuchungsergebnisse zeigen, dass obwohl sich das tschechische Privatisierungsmodell
vom serbischen Pendant in vieler Hinsicht unterscheidet, dieses keine völlig neuartigen
Anregungen für die serbische Privatisierung liefert. In weiterer Folge wurden
die Resultate und Erkenntnisse in Empfehlungen für die serbischen
Privatisierungsbemühungen zusammengefasst.

References

  • Brunner, F. (2009). Wertstiftende Strategien im Bankgeschäft. Heidelberg: Springer Verlag.
  • Djuricin, D. (2008). Srbija na raskrscu: dostizanje EU ili tranzicionizam. Zbornik radova Tranzicija,dostizanje EU i povezane teme, 1, 9-38.
  • Dragutinovic, S. & Radulovic, B. (2014). Studija slucaja: Privatizacija u Srbiji. Nacijonalna alijansa za lokalni ekonomski razvoj.
  • Ellerman, D. (1998). Voucher privatization with investment funds: An institutional analysis. World Bank Policy Research Paper 1924, Retrieved June 26, 2015 from http://documentos.bancomundial.org/curated/es/1998/05/693585/voucher-privatization-investment-funds-institutional-analysis
  • Estrin, S. (2008). Privatization impacts in transition economies. The New Palgrave Dictionary of Economics, Second Edition. Retrieved June 13, 2015 from http://www.dictionaryofeconomics.com/article?id=pde2008_P000342> doi:10.1057/9780230226203.1344
  • Graham, C. (1998). Voucher privatization in the Czech Republic, private markets for public goods: Raising the stakes in economic reform. Washington, D.C.: Brooking Institution Press.
  • Gray, C. (1996). Search of owners: Lessons of experience with privatization and corporate governance in transition economies. The World Bank Research Observer, 11 (2), 179-197.
  • Gupta, H., Ham, J. C., & Svejnar, J. (2007). Priorities and sequencing in privatization: Evidence from Czech firm panel data, Retrieved June 19, 2015 from http://kelley.iu.edu/nagupta/privseq_march07.pdf
  • Hanousek, J. & Filer, R. K. (2002). Lange and Hayek Revisited: Lessons from Czech voucher privatization. Cato Journal, 21 (3), 491-498.
  • Havlicek, K., Turkova, I., & Dlaskova, G. (2014). Analysis of large-scale privatization in the Czech Republic in the years 1991-2005 on the sample of selected privatized companies. Entrepreneurial Business and Economics Review, 2 (4), 51-69.
  • Havrylyshyn, O. & McGettigan, D. (1999). Privatization in transition countries: A sampling of the literature, IMF Working Paper, 99 (6), 1-44.
  • Holy, L. (1996). The little Czech and the great Czech nation: national identity and the post-communist transformation of society. Cambridge: Cambridge University Press.
  • Klenk, J., Philipp, C., Reineke, R., & Schmitz, N. (1995). Privatization in transforming and developing economies: Strategies – Consultancy – Experiences. Wiesbaden: Gabler Verlag
  • Kocenda, E. & Valachy J. (2001). Secondary privatization in the Czech Republic: Ownership and enterprise performance in voucher-privatized firms. CASE Reports, 45. Retrieved May 7, 2015, from http://www.case-research.eu/upload/publikacja_plik/RC45.pdf
  • Kogut, B. & Spicer, A. (2002). Capital market development and mass privatization are logical contradictions: lessons from Russia and the Czech Republic. Industrial and Corporate Change, 11 (1), 1-37.
  • Kosta, J. (1997). Die ökonomische Transformationsstrategie Tschechiens im Vergleich zur Slowakei, Ungarn und Polen. WZB Discussion Paper N°FS II 97-602. Retrived June 3, 2005, from http://hdl.handle.net/10419/56420
  • Louzek, M. (2009). The Czech privatisation after 20 years. Post-Communist Economies, 21 (3), 345-359.
  • Lukic, D. & Gulan, B. (2006). Privatizacija u Republici Srbiji (ras)prodaja imovine i trzista. Ekonomski Anali.
  • Mali, S. (2012). Privatization through the sale of equity – Conceptual framework and achieved results in Serbia. Serbian Association of Economists Journal, 1 (2), 149-162.
  • McMaster, I. (2001). Privatization in central and eastern Europe: what made the Czech Re-public so distinctive? EPRC Regional and Industrial Research Papers, 49.
  • Mejestrik, M. (1997). Privatization in the Czech Republic and Russia: The voucher model. Privatization at the end of century, 199-235. Berlin: Springer Verlag.
  • Nacijonalna sluzba za zaposljavanje. (o.J.). Odluka o utvrđivanju Programa za rešavanje viška zaposlenih u procesu racionalizacije, restrukturiranja i pripreme za privatizaciju. Retrieved January 9, 2016 from, http://www.nsz.gov.rs/live/digitalAssets/0/54_Odluka_-_pripreme_za_privatizaciju.pdf
  • Nellis, J. (1999). Time to rethink privatization in transition economies? Finance & Develop-ment, 38, 16-19. Retrieved July 17, 2015, from https://www.imf.org/external/pubs/ft/fandd/1999/06/pdf/nellis.pdf
  • Nellis, J. (2002). Privatization and enterprise reform in transition economies: A retrospective analysis. Retrieved July 17, 2015, from http://lnweb90.worldbank.org/OED/OEDDocLib.nsf/DocUNIDViewForJavaSearch/A8579A9A28A100B485256B6D006542F6?opendocument
  • Nikolic, I. (2011). Neka otvorena pitanja dosadasnjeg toka privatizacije. Industrija, 3, 99-107.
  • Pavlovic, D. (2003). Privatization in Serbia: The second run. International Policy Fellowships. Retrieved January 12, 2016, from http://www.policy.hu/fellows/pavlovic
  • Radulovic, B. & Dragutinovic, S. (2014). Studija slucaja: Privatizacija u Srbiji. NALED, 1-216.
  • Schnitzer, M. (2003). Privatisierung in Osteuropa: Strategien und Ergebnisse. Perspektiven der Wirtschaftspolitik, 3 (3), 359-377.
  • Simon, G. (2010). Factors and problems of economic growth in Hungary, Russia and Serbia. Rasprave i clanci, 62 (2), 195-238.
  • Svitek, L. (2002). Privatization in the Czech Republic during the transition years: Success or failure? Retrieved June 1, 2015, from www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA406186
  • Török, L. (2011). A case study of privatization without consideration: the failure of voucher privatization in the Czech Republic. Club of Economics in Miskloc TMP, 7 (2), 79-86.
  • Uvalic, M. (2001). Privatization and corporate governance in Serbia. Global Development Network for Southeast Europe. Retrieved May 5, 2015, from https://www.researchgate.net/profile/Milica_Uvalic/publication/270158760_Privatisation_and_Corporate_Governance_in_Serbia_(FR_Yugoslavia)/links/54a157bb0cf256bf8baf68ad.pdf
  • Vujacic, I. & Vujacic-Petrovic, J. (2011). Privatization in Serbia – Results and institutional failures. Economic Annals, 56 (191), 89-105.
  • Wilkens, H. & Maenning, M. (1997). Transition in Eastern Europe: current issues and per-spectives, Beihefte der Konjukturpolitik: Zeitschrift für angewandte Wirtschaftsforschung, 45.
Year 2016, Volume: 1 Issue: 1, 21 - 49, 01.06.2016

Abstract

References

  • Brunner, F. (2009). Wertstiftende Strategien im Bankgeschäft. Heidelberg: Springer Verlag.
  • Djuricin, D. (2008). Srbija na raskrscu: dostizanje EU ili tranzicionizam. Zbornik radova Tranzicija,dostizanje EU i povezane teme, 1, 9-38.
  • Dragutinovic, S. & Radulovic, B. (2014). Studija slucaja: Privatizacija u Srbiji. Nacijonalna alijansa za lokalni ekonomski razvoj.
  • Ellerman, D. (1998). Voucher privatization with investment funds: An institutional analysis. World Bank Policy Research Paper 1924, Retrieved June 26, 2015 from http://documentos.bancomundial.org/curated/es/1998/05/693585/voucher-privatization-investment-funds-institutional-analysis
  • Estrin, S. (2008). Privatization impacts in transition economies. The New Palgrave Dictionary of Economics, Second Edition. Retrieved June 13, 2015 from http://www.dictionaryofeconomics.com/article?id=pde2008_P000342> doi:10.1057/9780230226203.1344
  • Graham, C. (1998). Voucher privatization in the Czech Republic, private markets for public goods: Raising the stakes in economic reform. Washington, D.C.: Brooking Institution Press.
  • Gray, C. (1996). Search of owners: Lessons of experience with privatization and corporate governance in transition economies. The World Bank Research Observer, 11 (2), 179-197.
  • Gupta, H., Ham, J. C., & Svejnar, J. (2007). Priorities and sequencing in privatization: Evidence from Czech firm panel data, Retrieved June 19, 2015 from http://kelley.iu.edu/nagupta/privseq_march07.pdf
  • Hanousek, J. & Filer, R. K. (2002). Lange and Hayek Revisited: Lessons from Czech voucher privatization. Cato Journal, 21 (3), 491-498.
  • Havlicek, K., Turkova, I., & Dlaskova, G. (2014). Analysis of large-scale privatization in the Czech Republic in the years 1991-2005 on the sample of selected privatized companies. Entrepreneurial Business and Economics Review, 2 (4), 51-69.
  • Havrylyshyn, O. & McGettigan, D. (1999). Privatization in transition countries: A sampling of the literature, IMF Working Paper, 99 (6), 1-44.
  • Holy, L. (1996). The little Czech and the great Czech nation: national identity and the post-communist transformation of society. Cambridge: Cambridge University Press.
  • Klenk, J., Philipp, C., Reineke, R., & Schmitz, N. (1995). Privatization in transforming and developing economies: Strategies – Consultancy – Experiences. Wiesbaden: Gabler Verlag
  • Kocenda, E. & Valachy J. (2001). Secondary privatization in the Czech Republic: Ownership and enterprise performance in voucher-privatized firms. CASE Reports, 45. Retrieved May 7, 2015, from http://www.case-research.eu/upload/publikacja_plik/RC45.pdf
  • Kogut, B. & Spicer, A. (2002). Capital market development and mass privatization are logical contradictions: lessons from Russia and the Czech Republic. Industrial and Corporate Change, 11 (1), 1-37.
  • Kosta, J. (1997). Die ökonomische Transformationsstrategie Tschechiens im Vergleich zur Slowakei, Ungarn und Polen. WZB Discussion Paper N°FS II 97-602. Retrived June 3, 2005, from http://hdl.handle.net/10419/56420
  • Louzek, M. (2009). The Czech privatisation after 20 years. Post-Communist Economies, 21 (3), 345-359.
  • Lukic, D. & Gulan, B. (2006). Privatizacija u Republici Srbiji (ras)prodaja imovine i trzista. Ekonomski Anali.
  • Mali, S. (2012). Privatization through the sale of equity – Conceptual framework and achieved results in Serbia. Serbian Association of Economists Journal, 1 (2), 149-162.
  • McMaster, I. (2001). Privatization in central and eastern Europe: what made the Czech Re-public so distinctive? EPRC Regional and Industrial Research Papers, 49.
  • Mejestrik, M. (1997). Privatization in the Czech Republic and Russia: The voucher model. Privatization at the end of century, 199-235. Berlin: Springer Verlag.
  • Nacijonalna sluzba za zaposljavanje. (o.J.). Odluka o utvrđivanju Programa za rešavanje viška zaposlenih u procesu racionalizacije, restrukturiranja i pripreme za privatizaciju. Retrieved January 9, 2016 from, http://www.nsz.gov.rs/live/digitalAssets/0/54_Odluka_-_pripreme_za_privatizaciju.pdf
  • Nellis, J. (1999). Time to rethink privatization in transition economies? Finance & Develop-ment, 38, 16-19. Retrieved July 17, 2015, from https://www.imf.org/external/pubs/ft/fandd/1999/06/pdf/nellis.pdf
  • Nellis, J. (2002). Privatization and enterprise reform in transition economies: A retrospective analysis. Retrieved July 17, 2015, from http://lnweb90.worldbank.org/OED/OEDDocLib.nsf/DocUNIDViewForJavaSearch/A8579A9A28A100B485256B6D006542F6?opendocument
  • Nikolic, I. (2011). Neka otvorena pitanja dosadasnjeg toka privatizacije. Industrija, 3, 99-107.
  • Pavlovic, D. (2003). Privatization in Serbia: The second run. International Policy Fellowships. Retrieved January 12, 2016, from http://www.policy.hu/fellows/pavlovic
  • Radulovic, B. & Dragutinovic, S. (2014). Studija slucaja: Privatizacija u Srbiji. NALED, 1-216.
  • Schnitzer, M. (2003). Privatisierung in Osteuropa: Strategien und Ergebnisse. Perspektiven der Wirtschaftspolitik, 3 (3), 359-377.
  • Simon, G. (2010). Factors and problems of economic growth in Hungary, Russia and Serbia. Rasprave i clanci, 62 (2), 195-238.
  • Svitek, L. (2002). Privatization in the Czech Republic during the transition years: Success or failure? Retrieved June 1, 2015, from www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA406186
  • Török, L. (2011). A case study of privatization without consideration: the failure of voucher privatization in the Czech Republic. Club of Economics in Miskloc TMP, 7 (2), 79-86.
  • Uvalic, M. (2001). Privatization and corporate governance in Serbia. Global Development Network for Southeast Europe. Retrieved May 5, 2015, from https://www.researchgate.net/profile/Milica_Uvalic/publication/270158760_Privatisation_and_Corporate_Governance_in_Serbia_(FR_Yugoslavia)/links/54a157bb0cf256bf8baf68ad.pdf
  • Vujacic, I. & Vujacic-Petrovic, J. (2011). Privatization in Serbia – Results and institutional failures. Economic Annals, 56 (191), 89-105.
  • Wilkens, H. & Maenning, M. (1997). Transition in Eastern Europe: current issues and per-spectives, Beihefte der Konjukturpolitik: Zeitschrift für angewandte Wirtschaftsforschung, 45.
There are 34 citations in total.

Details

Subjects Business Administration
Journal Section Makaleler
Authors

Mag Danis Balagıja This is me

Helmut Pernsteıner This is me

Publication Date June 1, 2016
Published in Issue Year 2016 Volume: 1 Issue: 1

Cite

APA Balagıja, M. D., & Pernsteıner, H. (2016). Can Serbia Benefit from the Experience of Czech Privatizations?. Marmara Business Review, 1(1), 21-49.
AMA Balagıja MD, Pernsteıner H. Can Serbia Benefit from the Experience of Czech Privatizations?. Marmara Bus. Rev. June 2016;1(1):21-49.
Chicago Balagıja, Mag Danis, and Helmut Pernsteıner. “Can Serbia Benefit from the Experience of Czech Privatizations?”. Marmara Business Review 1, no. 1 (June 2016): 21-49.
EndNote Balagıja MD, Pernsteıner H (June 1, 2016) Can Serbia Benefit from the Experience of Czech Privatizations?. Marmara Business Review 1 1 21–49.
IEEE M. D. Balagıja and H. Pernsteıner, “Can Serbia Benefit from the Experience of Czech Privatizations?”, Marmara Bus. Rev., vol. 1, no. 1, pp. 21–49, 2016.
ISNAD Balagıja, Mag Danis - Pernsteıner, Helmut. “Can Serbia Benefit from the Experience of Czech Privatizations?”. Marmara Business Review 1/1 (June 2016), 21-49.
JAMA Balagıja MD, Pernsteıner H. Can Serbia Benefit from the Experience of Czech Privatizations?. Marmara Bus. Rev. 2016;1:21–49.
MLA Balagıja, Mag Danis and Helmut Pernsteıner. “Can Serbia Benefit from the Experience of Czech Privatizations?”. Marmara Business Review, vol. 1, no. 1, 2016, pp. 21-49.
Vancouver Balagıja MD, Pernsteıner H. Can Serbia Benefit from the Experience of Czech Privatizations?. Marmara Bus. Rev. 2016;1(1):21-49.