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...ó, politikai célok, vállalati viselkedés, RomániasJEL: L33, P26s2 1. INTRODUCTIONsThe effects of privatization on firm behavior have stimulated a large amount of researchs(Megginson and Netter; 2001; =-=Djankov and Murrell, 2002-=-; Estrin et al., 2009), but thesselection of state owned enterprises (SOEs) into privatization programs, which is thesprecondition of privatization, has received much less attention.sNevertheless, in ...

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..., 2003).sPoliticians may also use firms to bestow political patronage (López-de-Silanes et al., 1997).sInstead of maximizing the state budget, they may maximize their own wealth by collectingsbribes (=-=Shleifer, 1998-=-).sThe need to make reforms attractive to investors and the populationsmight also play a role in delaying or banning certain types of firms from becoming private:sifs3 Bortolotti et al. (2003) establi...

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...).sThis effect may come about throughsseveral channels, such as hardening the budget constraint of privatized firms or boosting thesdirect interest of the new owners in profits (Asaftei et al., 2008; =-=Boycko et al., 1996-=-).sPoliticians assess the efficiency improvement of firms positively for several reasons.sFirstsand perhaps most important, only efficient firms are viable, especially if privatization issaccompanied ...

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...et of political objectives andsface a number of constraints.sAn expected advantage of privatization is the efficiency improvement of SOEs, which hassbeen modeled (e.g., Sappington and Stiglitz, 1987; =-=Schmidt, 1996-=-) and tested empiricallys(e.g., Megginson et al., 1994; Brown et al., 2006).sThis effect may come about throughsseveral channels, such as hardening the budget constraint of privatized firms or boostin...

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...ization decisions include revenues resultingsfrom the sale of enterprises, another income for the state budget (Bortolotti et al., 2003).sPoliticians may also use firms to bestow political patronage (=-=López-de-Silanes et al., 1997-=-).sInstead of maximizing the state budget, they may maximize their own wealth by collectingsbribes (Shleifer, 1998).sThe need to make reforms attractive to investors and the populationsmight also play...

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...al transfers associated withsunemployment.sOther political objectives influencing privatization decisions include revenues resultingsfrom the sale of enterprises, another income for the state budget (=-=Bortolotti et al., 2003-=-).sPoliticians may also use firms to bestow political patronage (López-de-Silanes et al., 1997).sInstead of maximizing the state budget, they may maximize their own wealth by collectingsbribes (Shleif...

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...ted advantage of privatization is the efficiency improvement of SOEs, which hassbeen modeled (e.g., Sappington and Stiglitz, 1987; Schmidt, 1996) and tested empiricallys(e.g., Megginson et al., 1994; =-=Brown et al., 2006-=-).sThis effect may come about throughsseveral channels, such as hardening the budget constraint of privatized firms or boosting thesdirect interest of the new owners in profits (Asaftei et al., 2008; ...

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...ti viselkedés, RomániasJEL: L33, P26s2 1. INTRODUCTIONsThe effects of privatization on firm behavior have stimulated a large amount of researchs(Megginson and Netter; 2001; Djankov and Murrell, 2002; =-=Estrin et al., 2009-=-), but thesselection of state owned enterprises (SOEs) into privatization programs, which is thesprecondition of privatization, has received much less attention.sNevertheless, in the recentsyears ther...

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... index to filter out price changes affecting workers’swelfare.s6 If the managers of the SOEs foresaw privatization, there may be a pre-privatization effect already ins1992 which may bias the results (=-=Aghion et al., 1994-=-; Roland and Sekkat, 2000).s8 The main source of ownership data is the State Ownership Fund (SOF) TransactionssDatabase, which has information on the year of transaction, percent of ownershipstransfer...

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...price changes affecting workers’swelfare.s6 If the managers of the SOEs foresaw privatization, there may be a pre-privatization effect already ins1992 which may bias the results (Aghion et al., 1994; =-=Roland and Sekkat, 2000-=-).s8 The main source of ownership data is the State Ownership Fund (SOF) TransactionssDatabase, which has information on the year of transaction, percent of ownershipstransferred and the type of buyer...

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... ante expectations of researchers and policysmakers seem to have been quite negative.sTheoretical papers suggest that employment andswages are likely to fall after privatization (Boycko et al., 1996; =-=Haskel and Szymanski, 1993-=-),sand politicians might well be inclined to believe this opinion.sMegginson (2005, p. 389), forsexample, notes that “all governments fear lay-offs resulting privatization.”sThese suggeststhat despite...

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...BOs).5sIn thissprivatization program the shares of the SOEs were sold to their employees at highlyssubsidized prices, usually involving a loan from a state-owned bank at negative real interestsrates (=-=Earle and Telegdy, 2002-=-).sMost privatizations, therefore, did not bring any revenuessto the government.sBribes might have been paid in order to influence privatizationsdecisions, as investors could make side payments for lo...

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...e early privatizationsprogram was prepared to be mostly MEBO.sIn a pilot privatization program launched ins1992, out of the 22 companies finally privatized, 15 were exclusively and 4 partially MEBOss(=-=Earle and Telegdy, 1998-=-).sNevertheless, we cannot be sure that decision makers knew thissalready in 1991, when they selected firms into privatization programs.sThe analysis, similar to previous research, provides evidence t...