Abstract
Privatisation is often considered to be the best way to restructure enterprises in transition economies. The vast Polish privatisation program with one of its major objectives being the restructuring of 512 firms did not escape from this logic. After investigating the extent to which the agency and property rights theories shed light on the program's failures, other explanatory factors overlooked by these theories come to light with the help of corporate governance approaches. Herein, restructuring is seen as a long, complex process for increasing the competitiveness of enterprises, a process implying that firms have specific strategies for controlling certain resources. In this case, the "incentive model" does not suffice to explain all the failures and shortcomings of the restructuring conducted through National Investment Funds.
Published Version
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