Abstract
In this paper, I focus specifically on how changes in the legal framework shape the ownership and control structure of new and recently privatized companies in the emerging market economy of post-socialist Poland. I discuss the market for capital, which also depends on the legal system, as investors’ decision to invest is bound up with the sort of protection they are likely to receive against those who appropriate their money for the operations of the firm. I argue that governmental actions aimed at stimulating investment and economic development in post-socialist Poland and the emergent model of corporate governance is conditioned both by internal dynamics - such as previous corporate arrangements and the origins of the commercial law - and by external factors - such as EU accession, directives and policies regarding investment obligations and shareholder rights.
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