Secondary Privatisation: The Evolution of Ownership Structures of Privatised Enterprises

Abstract

In the early stages of the transformation of the majority of post-communist countries, various types of privatisation schemes were applied in order to speed the process of privatisation of the state sector and ensure social support for the privatisation process.

In countries where the transformation process began relatively early, we can speak of a "secondary" ownership transformation process which is  currently occurring (the terms "primary" and "secondary privatisation" which we use here are inspired by the analogy to primary and secondary capital markets). Following the primary privatisation, often of a very administrative nature, many enterprises have entered a stage of change in the ownership structure which has been determined more by market forces and newer, more sophisticated regulations.