A Survey of the Autonomy, Accountability, Effectiveness and Governance of Slovak State-Owned Enterprises

Open access

Abstract

Fourteen Slovak state-owned enterprises were studied, using published data and structured interviews with management. A novel methodology is used to assess SOE autonomy, effectiveness, accountability and governance. Variations in operating conditions reflect different government objectives and different ownership models. Mixed state-private firms performed more like competitive firms than did wholly state-owned SOEs. This information was fed into an assessment of Slovak SOEs’ compliance with the 2015 OECD Guidelines on SOE Corporate Governance. There are many differences between Slovak practice and the Guidelines. This may reflect a choice to favour government interests, rather than the OECD’s inclusion of a wider group of stakeholders. One cost is foregone efficiency gains. Another is the perception that the present highly opaque governance system hides corruption.

Autner, R., 2006. The National Property Fund and Privatisation in Slovakia: Lessons Learned. Jefferson Institute. https://www.files.ethz.ch/isn/46443/National%20Property%Fund.pdf.

Böwer, U., 2017. State-owned enterprises in emerging Europe: the good, the bad, and the ugly. IMF Working Paper, WP/17/221. http://dx.doi.org/10.5089/9781484315163.001

Christiansen, H., 2011. The size and composition of the SOE sector in OECD countries. OECD Corporate Governance Working Papers, 5. http://dx.doi.org/10.1787/5kg54cwps0s3-en

Claessens, S., and Yurtoglu, B. B., 2013. Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1-33. http://dx.doi.org/10.1016/j.ememar.2012.03.002

European Commission, 2016. State-Owned Enterprises in the European Union; Lessons Learnt and Ways Forward in a Post-Crisis Context. https://ec.europa.eu/info/sites/info/files/file_import/ip031_en_pdf.

Florio, M., 2014. Contemporary public enterprises: Innovation, accountability, governance. Journal of Economic Policy Reform, 17(3), 201-208. http://dx.doi.org/10.1080/17487870.2014.913823

Florio, M., and Fecher, F., 2011. The Future of public enterprises: Contributions to a new discourse. Annals of Public and Cooperative Economics, 82(4), 361-373. http://dx.doi.org/10.1111/j.1467-8292.2011.00445.x

Government Office of the Slovak Republic, 2016a. Manifesto of the Government of the Slovak Republic. www.mpsr.sk/en/index.php?navlD=7&id=57.

Government Office of the Slovak Republic, 2016b. The Proposal of the Consolidated Annual Report of the SR. http://finance.gov.sk/Default.aspx?CatID=8800.

Lawson, C., 1994. The theory of state-owned enterprises in market economies. Journal of Economic Surveys, 8(3), 283-309. http://dx.doi.org/10.1111/j.1467-6419.1994.tb00104.x

Lawson, C., and Kaluwa, B., 1996. The Efficiency and Effectiveness of Malawian Parastatals. Journal of International Development, 8(6), 747-765. http://dx.doi.org/10.1002/(SICI)1099-1328(199611)8:6<747::AID-JID266>3.0.CO;2-#

Luke, B., 2010. Examining Accountability Dimensions in State-Owned Enterprises. Financial Accountability & Management, 26(2), 134-162. http://dx.doi.org/10.1111/j.1468-0408.2010.00496.x

OECD, 2005. Corporate Governance of State-Owned Enterprises - a Survey of OECD Countries. Paris: OECD Publishing.

OECD, 2015a. Guidelines on Corporate Governance of State-Owned Enterprises, 2015 Edition. Paris:

OECD, 2015b. Slovak Republic: Better Coordination for Better Policies, Services and Results. Paris:

OECD, 2017. The Size and Sectoral Distribution of State-Owned Enterprises. Paris: OECD Publishing. http://dx.doi.org/10.1787/9789264280663-en

Transparency International Slovakia, 2014. Prijmy statnych manazerov stat pred obcanmi taji. from http://transparency.blog.sme.sk/c/366558/prijmy-statnych-manazerov-stat-pred-obcanmitaji.html

Transparency International Slovakia, 2015. What the Radical Transparency Regime of Public Contracts Achieved in Slovakia. from http://transparency.sk/wp-content/uploads/2015/05/Open-Contracts.pfd

World Bank, 2003. Slovak Republic - Report on the observance of standards and codes (ROSC): corporate governance country assessment. Washington, DC: World Bank.

Journal Information

Metrics

All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 117 117 19
PDF Downloads 71 71 22