From Social to Private Ownership: Multiple Blockholders in Slovenian Unlisted Firms

Aleksandra Gregoric, Arjana Brezigar Masten, Katarina Zajc

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    This paper studies the ownership structures of unlisted privatized firms in Slovenia. On the basis of official ownership records for all nonfinancial firms over a six-year period (1999-2004), we explore the factors responsible for the concentration of ownership and for the dissolution of the multiple blockholder structures that these firms were assigned at privatization. We observe significant path dependence: patterns of ownership and control are in part determined by the persistence of the initial privatization owners (state funds, privatization investment funds, employees, and managers) as firm blockholders. We also find that ownership concentrates less in larger, riskier, and better-performing firms. Multiple blockholders remain present in the firms in which the two largest owners are of the same type, which presumably makes it easier for them to control in coalition.
    Original languageEnglish
    JournalEmerging Markets Finance & Trade
    Issue number5
    Pages (from-to)27-51
    Publication statusPublished - 2011


    • Owner Identity
    • Ownership Structure
    • Path Dependency Shareholder Coalitions

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