engleski

The Privatization Process in Croatia

The process of corporate restructuring can not be analyzed without consideration of the conditions of social and economic transition. Restructuring is related to speeed of the reforms and the quality of the process of privatization. The creation of a market environment with proper legal and institutional support, including a business friendly atmosphere is another prerequisite of the process. The process of restructuring has beeen much slower than foreseen in Croatia. There is also an evident discrepancy between the normative and positive aspect of the legal framework for restructuring. The model of privatization allowed for asset stripping and a dispersed ownership structure in which the hand of the state is still mluch too visible. This contributed to the inferior management performance, especially in the sample of firms that were examined for this study. The various forms of state interventioinism in combination with state ownership have shown that the state is a poor manager and that it should be phased out as soon as possible.

Privatization, Macroeconomic environment, Microeconomic environment, Legal Framework, Restructuring

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