Privatization in Transition Countries: A Sampling of the Literature

Havrylyshyn, Oleh; McGettigan, Donal

doi:10.5089/9781451842272.001

Cited by 62 publications

(45 citation statements)

References 28 publications

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“…Moreover, ownership structure has been considered by many authors, such as Boyko et al Hawrylyshyn and Gettigan, as a major obstacle to the development of the company since the workers can persue reasons other than maximizing objectives [57,58].…”

Section: The Examination Ofmentioning

confidence: 99%

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Accounting Conservatism and the Company's Performance: the Moderating Effect of the Ownership Structure

Affes¹,

Sardouk²

2016

J Bus Fin Aff

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Our study analyzed the nature of the effect of governance mechanisms such as the ownership structure on the relationship between accounting conservatism and company's performance. We try to identify the moderating effect of this mechanism.In this sense, we seek to answer the following question: What is the contribution of ownership structure to the relationship between accounting conservatism and the company's performance which is measured by the return on equity?Several authors showed that the relevance of the accounting results depend on the effectiveness of the governance mechanisms in place [13][14][15]. Taking account of the moderating effect of ownership as a mechanism of governance structure is, in our opinion, an enrichment for the existing literature.The remainder of the paper is structured as follows: we begin with a brief survey of the empirical literature. The description of the sample data and variables as well as the presentation and discusses of our empirical findings will be figured in a next part. Literature Review and Hypothesis DevelopmentThe literature review identifies the accounting result as an important indicator of performance measurement. The finding of the aggressiveness of the accounts and the decrease of the response factors of the benefits demonstrated by several authors pushed researchers to wonder about the relevance of the accounting figures [16,17].Regarding the information quality in the financial statements, any business has an interest in ensuring the quality of its information Keywords: Ownership structure; Moderating effect; Accounting conservatism; Accounting performance IntroductionThe impact issue of the accounting information quality on performance has been the subject of several theoretical and empirical controversies. Several new empirical approaches have emerged gradually in order to make attempts at answers to the observed theoretical and methodological limitations [1][2][3].The 2000's crisis outbreak led to a questioning of the accounting information credibility and of its relevance for investors. It was followed by multiple reforms with the main objective is to strengthen the security of the transactions. The origin of this crisis is found in the previous economic and financial literature which has always praised the benefits of the market, its free functioning and its ability to recover its state of equilibrium with spontaneity. However, confidence in the market self-regulatory mechanisms is shaking when crises occur and we begin to think about the governmental or legislative action to restore the imbalance born of the inefficient operation or imperfect markets [4]. This crisis has particularly highlighted the failure of governance models.Following this crisis, several codes were established to ensure quality financial information and serve as a basis for the mitigation of the agency conflicts between the companies and the various stakeholders. The adoption of new regulations for governance promotes the development of a new wave of research focusing exclusively o...

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Section: The Examination Ofmentioning

confidence: 99%

“…In the same vein, some researchers found the role played by the pay property, given that employees may pursue objectives other than those of the maximization the company's performance [57,58]. Similarly, Boycko et al testified that employees are unlikely to support the efforts of maximizing the value [59].…”

Section: Introductionmentioning

confidence: 99%

Accounting Conservatism and the Company's Performance: the Moderating Effect of the Ownership Structure

Affes¹,

Sardouk²

2016

J Bus Fin Aff

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“…The nature and economic impact of privatization has varied greatly from country to country however, depending on the manner in which privatization was initially carried out, Ineffi cient and uncompetitive sectors and fi rms have disappeared or at least been radically reformed, as a more appropriate set of industries and fi rms has emerged together with the post-privatization ownership structures that have since emerged and their evolution over time (Grosfeld and Nivet, 1997;Havrylyshyn and McGettingan, 1999). Hungary, for example, concentrated on direct sales to outside buyers, leading to high levels of privatization revenue for government and strong interest from strategic (including international) investors.…”

Section: Industrial Restructuring Privatization and International Imentioning

confidence: 99%

Strategy evolution in Central and Eastern European pharmaceutical firms 1992–2005

2009

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᭹Since the early 1990s the CEE markets have undergone a major transition. This has led to changes in ownership for many indigenous fi rms as they moved from state to private control. ᭹ This paper contributes to a gap in existing knowledge by developing understanding of how the realized strategic actions of these fi rms evolved. In order to contribute to this gap, evolution theory is applied to address the research question: 'How did the strategic actions of indigenous pharmaceutical fi rms evolve as the CEE region developed from a planned to a market economy?' ᭹ This is achieved through longitudinal mapping of the strategic actions realized by fi rms, comparison of patterns in temporal strategy development, together with identifi cation of factors that appear to have infl uenced this strategic change process. Using a qualitative research design the paper explores and compares how the realized strategic actions of LEK, Richter, and Pliva evolved from 1992-2005. ᭹ The fi ndings highlight a range of factors that had the potential to impact upon the strategic process for these fi rms. The research also shows that although there were some similarities in the strategic actions realized by the fi rms, in overall terms each fi rm packaged its realized strategic actions in a unique way.

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“…to Estrin, Hanousek, Kocenda and Svejnar (Estrin et al, 2009). The study prepared for the IMF by Oleh Havrylyshyn and Donal McGettigan (Havrylyshyn et al, 1999), should also be noted as the initial general attempt at systemising theoretical researches concerning the first transition years of 25 non-Asian countries, however also as the conclusive evidence absolutely confirming the superiority of privatised over state-owned firms.…”

Section: Introductionmentioning

confidence: 99%