engleski

Voucher Privatization and Corporate Governance in Croatia

Compared with other central and eastern European countries in transition, the implementation of a voucher privatization program was delayed in Croatia. This program, appropriately labeled the "mini" mass privatization program, was targeted at only about five percent of the Croatian citizens, mainly victims of the recent war in Croatia. Investment points collected from vouchers could either be used to directly purchase shares in companies offered for coupon privatization or to invest in one of several privatization investment funds (PIFs). Under tight constraints, only seven fund managers decided to start a PIF. Altogether 471 companies were involved in the voucher privatization program, amounting to a nominal value of approximately DM 3.7 billion. As the economy moved beyond the problems involved in the actual transfer of assets to the private sector, efficiency issues became extremely important. Thus, the aim of this article was to discuss the impact of investment funds on corporate governance. An important issue was the conflict of interest between the restructuring priorities of enterprises in transition and the interest of fund managers for profits, dividends and capital growth. Looking from both perspectives, the article tries to point out the most important corporate governance problems Croatian enterprises did face during this privatization process.

Voucher Privatization and Corporate Governance in Croatia

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