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ESOP, privatization and stakeholder capitalism


Dulčić, Želimir; Alfirević, Nikša; Najev Čačija, Ljiljana; Talaja, Anita; Sruk, Boris
ESOP, privatization and stakeholder capitalism // Proceedings of the 2nd International OFEL Conference on Governance, Management and Entrepreneurship / Tipurić, Darko ; Mešin, Marina (ur.).
Zagreb: CIRU Centar za istraživanje i razvoj upravljanja, 2014. str. 189-199 (predavanje, međunarodna recenzija, cjeloviti rad (in extenso), znanstveni)


Naslov
ESOP, privatization and stakeholder capitalism

Autori
Dulčić, Želimir ; Alfirević, Nikša ; Najev Čačija, Ljiljana ; Talaja, Anita ; Sruk, Boris

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of the 2nd International OFEL Conference on Governance, Management and Entrepreneurship / Tipurić, Darko ; Mešin, Marina - Zagreb : CIRU Centar za istraživanje i razvoj upravljanja, 2014, 189-199

ISBN
978-953-57413-3-6

Skup
2nd International OFEL Conference on Governance, Management and Entrepreneurship

Mjesto i datum
Dubrovnik, Hrvatska, 4-5.4.2014

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
ESOP ; Privatization ; Stakeholder capitalism

Sažetak
In this article, different employee stock ownership plans are analyzed and compared. Privatization models based on insider ownership, i.e. management buyout - MBO , employee but-out – EBO and management employee buyout – MEBO are described. The hypothesis that the insider ownership through buyout will increase the efficiency of company’s human capital is described by analyzing positive effects of EBO and concept of instrumental satisfaction. It is highlighted that EBO can help in eliminating a part of the agency problems, as well as MBO , since managers become principals. In addition, offensive and defensive MBO s are presented. While offensive MBO s are based on development of new strategic resources and capabilities, as resource-based theory predicts, defensive MBO s are based on cutting costs and establishing solid managerial control, which is in accordance with the agency theory. Also, the relationship between MBO and stakeholder capitalism is discussed, with MEBO , as one of the most popular privatization methods, also being described. In addition, efficiency of privatization regarding the models used is compared.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija