Enterprise performance, privatization and the role of ownership in Bulgaria.
Συγγραφείς
Λέξεις-κλειδιά:
Bulgaria, Efficiency, Performance measure, Privatization, Factor analysis, Public and private relationship, Role of ownership, C12, D21, L21, L33
Περίληψη
In both economically developed and developing countries, privatisation, budget
austerity measures and market liberalisations have become key aspects of structural
reform programs in the last three decades. These three recommended policies
were parts of a strong revival of classical and neo-classical schools of thought since
the middle of the 1970s. Such programs aim to achieve higher microeconomic
efficiency
and foster economic growth, whilst also aspiring to reduce public sector
borrowing
requirements through the elimination of unnecessary subsidies. For
firms to achieve superior performance a change in ownership from public (state
ownership) to private has been recommended as a vital condition. To assess
the
ownership role, the economic performances of private, public and mixed enterprises
in Bulgaria is compared through the use of factor analysis method. The
extracted factors, using data of two years, 1998 and 2000, do not identify ownership
as a key performance factor.