IDENTIFIKOVANJE FAKTORA UTICAJA NA PERFORMANSE PRIVATIZOVANIH PREDUZEĆA
IDENTIFICATION OF THE FACTORS WHICH INFLUENCE PERFORMANCE IN PRIVATIZED FIRMS

Summary/Abstract: Over the last twenty years during the privatization programs the role of state owned firms has been significantly reduced. The main proposition is that privatization has positive effects on corporate performance and governance. The summary of the relevant studies results revealed that concentrated foreign ownership leads to better post privatization performance as well as improving restructuring. In the most firms change of management has been occurred and layoffs as well. In order to identify factors which determinate increasing performance during the post-privatization period, multi-theoretic approach by incorporating elements of agency theory, resource-based theory and institutional theory has been adopted. The agency theory explains the impact on firm performance of various ownership categories. Introducing the social and regulatory context in influencing organizational structure and firm behavior after privatization is the main contribution of the institutional theory. According to the resource-based theory, a firm’s competitive advantage is based on the possession of tangible and intangible resources which are valuable, rare, inimitable, and unsubstitutable. Different owners will bring different resources and organizational capabilities. Internal factors that will increase performances are changes in firm goal, strategy, structure and culture. All these change will be initiating by transformational leader.

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