Przedsiębiorstwo publiczne w ujęciu teorii praw własnościowych
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Date
1996
Authors
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Journal Title
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Publisher
Wydział Prawa i Administracji UAM
Title alternative
Public enterprise in the light of the property rights theory
Abstract
On the basis of its main theoretical premise: that the form of ownership makes a difference
for economic performance because its imposes a system of ownership-specific incentives, the property
rights theory argues that the fundamental difference in ownership rights between the public
and private sectors lies in the inability of a public owner to sell his share of public ownership, and,
consequently, the relationship between one person's wealth and his activities is much weaker
under public ownership. As a consequence, the incentive of any individual public owner to monitor
the behaviour of decision makers in public enterprises is weaker as compared with the incentive
in private firms. The dissipation of value through slack attention and other job-related perks is
therefore a characteristic phenomenon in the public sector. In addition, efficiency incentives for
public enterprise managers are bound to be feeble due to the difficulty in linking their compensation
to financial performance. However, there is little evidence to suggest a correlation between share prices and performance of companies. The argument of the property rights theory bases on
the role of the capital market. In a number of highly successful, advanced market economies (such
as Japan or Germany), however, both the stock market and the mechanism of hostile takeovers
play a relatively minor role as instruments of monitoring the managers by shareholders. These
models of market economy are not far from the model of efficient bureaucratic control exercised by
the state. More broadly, it might be argued that separation of ownership from control (and management)
is just as advanced in largely privately owned corporations as in public enterprises.
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Keywords
Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny, 58, 1996, z. 3, s. 129-142
Seria
ISBN
ISSN
0035-9629