The privatization of swarzedz furniture company (SFM): Lessons from Poland's first underwritten public offering |
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Institution: | 1. School of Economics, Sichuan University, Chengdu, PR China;2. Department of Economics, Faculty of Arts and Social Sciences, National University of Singapore, Singapore;3. School of Economics, Fudan University, Shanghai, PR China |
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Abstract: | The sale through public offering of Poland's Swarzedz Furniture Company demonstrates that relatively complex privatization transactions can be successfully implemented in economies where capital market institutions have not yet fully emerged. However, the company's performance before and after privatization suggests that a change of ownership is a necessary, but not a sufficient, requirement for effective restructuring of a state-owned enterprise in a formerly socialist economy. |
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