Prywatyzacja | Privatization

Info: 

Na przykładzie przedsiębiorstw działających w Polsce w przededniu transformacji systemowej sprawdzamy czy przetrwanie i wzrost zależy od poziomu nieefektywnej alokacji czynników produkcji.

Badania prowadzone w projekcie dotyczą po pierwsze, oceny skali niedopasowania zasobów gospodarce polskiej w okresie poprzedzającym transformację systemową, a po drugie, oceny znaczenia nieefektywnej alokacji zasobów dla wzrostu gospodarczego i przetrwania przedsiębiorstw. Po trzecie, szczególną uwagę poświęcamy procesowi prywatyzacji przedsiębiorstw jako czynnikowi wpływającemu zarówno na zdolność do przetrwania, jak i wyniki przedsiębiorstw. W toku prac nad projektem stworzono unikalną bazę danych dotyczących przedsiębiorstw państwowych w przededniu okresu transformacji (tj. 1988). Podstawą bazy była publikacja książkowa Karpińskiego i in. (2013). Zawarte w niej informacje zostały zweryfikowane poprzez analizę zawartości archiwów sądowych, rejestrów firm oraz źródeł internetowych i uzupełnione o losy tych przedsiębiorstw od 1988 do dnia dzisiejszego z uwzględnieniem informacji o ewentualnej upadłości, prywatyzacji czy też zaangażowania kapitału zagranicznego: SOEs-pedia

 


In this project we analyze the patterns of firm survival in the case of a large structural shock. Specific context of this process is provided by eventual misallocation of resources (e.g. excessive or insufficient K/L ratio). This was the situation of Polish state owned enterprises (SOEs) on the verge of transition from a centrally planned economy to a market one.

We verify if growth is predetermined by resources (mis)allocation. We interpret predetermination by the persistence of resources (mis)allocation. The research carried out as part of the project were aimed at the assessment of the scale of resource misallocation in the pre-transition period and the assessment of the importance of misallocation for economic growth and survival of enterprises. Moreover, a special focus was placed on the process of privatization as the determinant of both survival as well as the performance of enterprises. A unique database was created as part of the project. It contains data based on the book by Karpinski et al (2013) which was subsequently verified and extended through analysis of court archives, firm registries and internet sources. The extensions include the history of firms since 1988 until today with a special focus on the eventual bankruptcy, privatization and involvement of foreign investors: SOE-pedia.

 

 

 

 

Budget: 

Źródło finansowania | Financing : Narodowe Centrum Nauki, OPUS

Projekt realizowany | Timeline : 04/2015 – 10/2017

Budżet łączny | Total budget: 298 276 zł

  • wynagrodzenia dla podstawowych wykonawców | compensation to researchers: 78 600 zł
  • wynagrodzenia dla asystentów badawczych | compensation to research assistants: 63 000 zł
  • komputery i oprogramowanie (m.in. licencje STATA) | hardware and software (including STATA): 22 000 zł
  • konferencje i inne wyjazdy | conference travels: 51 000 zł
  • materiały + zakup danych  | usables + purchasing data: 35 800 zł
  • koszty pośrednie dla Wydziału Nauk Ekonomicznych | overheads for the Faculty of Economics: 23 023 zł
  • koszy pośrednie dla Uniwersytetu Warszawskiego | overheads for the University of Warsaw: 23 023 zł
Purpose: 

Głównym celem projektu jest analiza wzorców przetrwania przedsiębiorstw w sytuacji znacznego zaburzenia strukturalnego. W tej sytuacji ważna jest zmiana stopnia nieefektywności alokacji czynników produkcji (zbyt duża lub zbyt mała relacja kapitału do pracy). Miało to miejsce w przypadku polskich przedsiębiorstw państwowych w momencie zmiany systemu gospodarczego z gospodarki centralnie planowanej do gospodarki rynkowej.

Wedle naszej wiedzy, dotychczas nie przeprowadzono empirycznej analizy przedsiębiorstw państwowych na danych pochodzących z bazy o charakterze cenzusu. Wyjątkiem jest tutaj przypadek Czech, gdzie prywatyzacja miała bardzo specyficzny przebieg. Ze względu na słabą dostępność danych dla przedsiębiorstw państwowych w dostępnych zbiorów o charakterze ankietowym, proponowana analiza będzie unikalna. Ponadto, analiza obejmie naturalny eksperyment (transformację systemową), co pozwoli badać charakter reakcji na znaczące zaburzenie strukturalne.

Metodyka

Projekt ma charakter mikroekonometryczny, zakorzeniony w trzech nurtach literatury: dot. przetrwania przedsiębiorstw, prywatyzacji przedsiębiorstw państwowych a także literatury dot. nieefektywnej alokacji czynników produkcji. W ramach projektu zamierzamy zidentyfikować sektorową, kohortową oraz regionalną skalę nieefektywności alokacji zasobów (NAZ). Użyjemy unikalnego zbioru danych jednostkowych o pełnym cenzusie zakładów państwowych sprzed roku 1989, jak również innych zbiorów jednostkowych z czasów transformacji i późniejszych w celu zmierzenia stopnia nieefektywnej alokacji czynników produkcji.


The main goal of the project is to analyze the patterns of firm survival in the case of a large structural shock. Specific context of this process is provided by eventual misallocation of resources (e.g. excessive or insufficient K/L ratio). This was the situation of Polish state owned enterprises (SOEs) on the verge of transition from a centrally planned economy to a market one.

With the exception of Czech case – which followed a very specific privatization program – to the best of our knowledge there is no empirical analyses concerning the entire census of plant-level data. Given the poor representativeness for SOEs for early years of transition in survey-based studies, our analyses will be unique.

Method

This is an empirical project (microeconometric), rooted in three strands of the literature: firm survival, privatization of SOEs and resources misallocation. During the course of the project we will conduct studies three types of analyzes. First, we intend to identify industry, cohort and regional extent of resource misallocation. Second, we aim to verify the link between the resource misallocation and growth within region and industry, decomposing the growth into part attributable to reducing misallocation and part attributable to total factor productivity (TFP) growth. The benchmark for TFP growth will be inferred from firm-level data on SOE incumbents from other CEECs and from firm-level data on private newly established firms (NEFs). Third, we hope to identify which firms should go into bankruptcy and which should not by the means of using the general link between region and industry-specific resource misallocation and unique data on the survival pre-transition SOE plants in Poland.

 

  • This page contains our unique dataset about the historical fates of plants functioning in Poland in 1988. We include the full dataset and description of the data.

In our search we sought to find plant-level information regarding liquidation/bankruptcy, manner of privatization, fragmentation, potential FDI and current status. We collected data from both court archives and from the Internet.

Internet Search Plant-level data from the Internet was collected in a threefold manner. First, we searched for information using accessible public records. Second, we searched for any relevant articles available in Polish newspapers as well as for information on a given company’s official website. Last, we used relevant keywords in Google searches to find any additional information.

  • In the beginning of our search, we found the appropriate identification numbers for a given firm, namely the REGON, NIP, and KRS. Using anyone of these three IDs, we were able to search for basic information about the firm (e.g. whether it is still active, and if not, when it stopped functioning) by inputting them into the engine on the Central Statistical Office’s website (Wyszukiwarka GUS) and, additionally, into third-party sites offering digital recordkeeping services (KRS-Online.com.pl and IMSiG). Information provided by these websites included the date of formation, date of liquidation, and the date of removal from the registry. Typically, a state-owned enterprise retained its ID when it was restructured and privatized. However, in some instances when the newly formed private company was not a direct continuation of the former SOE, it was registered as a completely new entity. This would, for example, happen when the new investor of the firm changed the business and production profile of the company. At the same time, a privatized SOE could be recognized as a completely new firm if other parts of its capital were sold off or liquidated. Since our data is plant level, we considered a newly established firm to be a continuation of an SOE when the plant specific to our database remained functioning following the restructuring.
  • If not all of the desired data could be attained through information linked to the aforementioned identification numbers, we searched for websites linked with the specific plant, firm or industry. Most existing firms with a websites feature some sort of “about us” section with relevant historical information. The detail with which the history of an existing plant was explained on a company website varied considerably, and therefore could not be taken as the sole means of identification for surviving plants. Further sources, mostly national and local newspapers, had to be used to gain deeper insight into the current status of some of the plants. Newspaper and media sources additionally contributed to information on liquidation and changes in ownership. For plants that were liquidated, restructured or privatized in the 1990’s and early 2000’s, we searched the digital archive of the Rzeczpospolita Newspaper (archiwum.rp.pl). Additionally, we searched for articles on gazeta.pl, wp.pl and naszemiasto.pl as well as appropriate local newspapers (whenever their digital archive was available). The local newspapers searched included: Dziennik Bałtycki, Dziennik Wschodni, Gazeta Lubuska, Głos Wielkopolski, as well as many other regional weeklies (in Polish: “Tygodnik”).
  • When the two previously mentioned methods failed to yield the information we desired, we did a basic Google search on the given plant/firm. The specific search terms were:
    • For matters of privatization: plant name* + “prywatyzacja” OR “podział” OR “inwestor” OR “FDI” OR “zagraniczny inwestor” OR “spółka akcyjna” OR “spółka skarbu państwa” OR “akcje” OR “sprzedaż”: (translated search terms: “privatization”, “division”, “investor”, “foreign investor”, “joint-stock company”, “treasury-owned enterprise”, “stock” and “sale”)
    • For matters of bankruptcy: plant name* + “upadłość” OR “likwidacja” OR “podział” OR “nierentowność” OR “sprzedaż mienia” OR “sprzedaż gruntu” OR “zamknięcie” (translated search terms: : “bankruptcy”, “liquidation”, “split”, “unprofitable”, “asset sale”, “property sale” and “closing”).
  • To ensure reliability of the information provided in the search results, we sought to find multiple sources that verified given facts about a plant. Only when a certain date or event was reported by two or more sources was it included in our dataset. These sources had to be independent of each other. In that, two websites that cited the same source could not be taken as two independent sources. Thus, only primary sources were considered factual.

Court Archives We collected data from the Regional Commercial Court in Warsaw (pol. “Sąd Okręgowy w Warszawie – Sąd Gospodarczy”). The registry of public firms (RPP- pl. Rejestr Przedsięborstw Państwowych) found in the court was used for information about the potential privatization or liquidation of state-owned enterprises. The records available in several regional courts were queried, but the procedure was not carried out for all regional courts because of its inefficiency. First, most of the information from the RPP is also available online in alternative sources (RPP holds the source documents, but the status has been recorded in a number of digital registries). Second, a large number of privatizations involved at initial stage a transformation from a state enterprise to a treasury-owned company (in Polish: jednoosobowa spółka skarbu państwa). Given that our interest encompasses the complete privatization process, RPP records conclude too early for many plants. Third, RPP contains information from a firm level, whereas our data are available at plant level.

Business Intelligence Following all of the above steps, we tried to fill in the gaps of our dataset by purchasing information from two business intelligence firms – a domestic and international one – whether they could find any information regarding the status, transformation, fate, employment or sales, of some of the plants for which we could not find information. Both of the publishers informed us they were unable to find any relevant information.

A (15) | B (20) | C (32) | D (11) | E (49) | F (44) | G (15) | H (18) | I (5) | J (5) | K (58) | L (16) | M (38) | N (3) | O (27) | P (72) | R (23) | S (43) | T (17) | U (15) | V (5) | W (32) | Z (75) | Ł (5)

Zakłady Porcelany Stołowej „Karolina”
Wolności 4, 58-140 Jaworzyna Śląska

Browar Kasztelan
Świętokrzyska 27, 09-200 Sierpc

Zakład Garbarski "Kegar"
Składowa 5, 77-230 Kępice

Zakłady Urządzeń Klimatyzacyjnych „Klimor”
Wróblewskiego 18, 93-578 Łódź
Siedziba: Bolesława Krzywoustego 5, 81- 035 Gdynia

Fabryka Maszyn „Kofama”
Portowa 47, 47-205 Koźle

Przedsiębiorstwo Remontowe Urządzeń Koksowniczych „Koksorem”
Przemysłowa 22, 44-190 Knurów

Pawliczka 1, 41-800 Zabrze

Zakłady Przemysłu Odzieżowego „Komes”
Wojska Polskiego 114, 66-400 Słubice

Przedsiębiorstwo Realizacji Kompletnych Obiektów Przemysłowych „Komobex”
Dekabrystów 41, 42-215 Częstochowa

Włynkówko 49A, 76-200 Słupsk

Zakłady Remontowo-Montażowe Przemysłu Płyt
Kolejowa 3, 42-230 Koniecpol

Zakłady Górnicze Miedzi "Konrad"
59-720 Iwiny

Zakłady Przemysłu Wełnianego "Konstilana"
Mickiewicza 4, 95-050 Konstantynów Łódzki

Kopalnia Węgla Kamiennego „Jastrzębie”
Górnicza 1, 44-330 Jastrzębie Zdrój

Kopalnia Węgla Kamiennego "Wesoła”
Kopalniana 5, 41-408 Mysłowice

Żyzna 15, 42-200 Czestochowa

Kopalnia Węgla Kamiennego „Kościuszko-Nowa”

Kopalnia Węgla Kamiennego „Krupiński”
Piaskowa 35, 43 - 267 Suszec

Kopalnia Węgla Kamiennego „Morcinek”
Morcinka, 43-417 Kaczyce

Kopalnia Węgla Kamiennego „Mortimer-Porąbka”
Szymanowskiego 1, 41-219 Sosnowiec

Kopalnia Węgla Kamiennego „Moszczenica”
Armii Krajowej, 44-330 Jastrzębie-Zdrój

Kopalnie Węgla Kamiennego „Nowy Wirek”
Tunkla 112, 41-707 Ruda Sląska

Kopalnie Rud Cynkowo-Ołowiowych
Ulica Wspólna, 32-300 Olkusz

Kopalnia Węgla Kamiennego „Piast”
Granitowa 16, 43-155 Bieruń

Kopalnia Węgla Kamiennego „Pniówek” d. „XXX-lecia PRL
Krucza 18, 43 - 250 Pawłowice

Kopalnia Rud Cynkowo-Ołowiowych „Pomorzany”
Pomorzany k. Olkusza

Kopalnia Węgla Kamiennego „Śląsk”
Kalinowa 12, 41-707 Ruda Śląska

Aleja 1000-lecia 2, 62-650 Kłodawa

Kopalnia Węgla Kamiennego „Staszic”
Karolinki 1, 40-467 Katowice

T. Kościuszki 10, 32-065 Krzeszowice

Kopalnia Węgla Kamiennego „Szczygłowice”
Dworcowa 1, 44-190 Knurów

Kopalnia Węgla Kamiennego „Ziemowit”
Pokoju 4, 43-143 Tychy Lędziny

Kopalnia Węgla Kamiennego „Manifest Lipcowy” d. „Zofiówka”
Rybnicka 6, 44-335 Jastrzębie-Zdrój

Kopalnia Węgla Kamiennego „Świerklany” d. ZMP
Gwarków 1, 44-240 Żory-Zdrój

Kopalnia Węgla Kamiennego „1 Maja”
Osiedle 1. Maja, 44-286 Wodzisław Śląski

Opublikowane | Published

  • Central planning casts long shadows: new evidence on misallocation and growth | Post-Soviet Affairs

    We analyze the link between resource misallocation and subsequent long-run economic growth. We use two unique and novel sources of data for Poland and measure misallocation inherited from the period of central planning, i.e. period where input prices did not determine the use of inputs at firm, industry and country level. We assess sectoral, regional and cohort dimension of the inputs misallocation. We then show that undercapitalization was more prevalent that overcapitalization, and that it was due mostly to the firm and sector level variation in factor inputs. Given this insight, subsequent reallocation of the resources required shifting of inputs not only between firms, but also between sectors: a process which is relatively more prone to frictions due to specialization and information. When analyzing the link to the rate of growth once market mechanisms were reinstated, we find that regions with more misaligned firms (especially in terms of undercapitalization) experienced lower subsequent economic growth. This result proves highly robust, even three decades since the market mechanisms were reinstated.


    This paper utilizes our novel dataset on survival of all state manufacturing plants from 1988, details here. The full replication package is available here.


    In this paper, we received wonderful research assistance from Peter Szewczyk.

    Joanna
    Tyrowicz
    Jan
    Hagemejer
  • Structural change and misallocation. Firm-level evidence from Poland | Economics of Transition

    Early transition literature linked large number of firm failures with the inability to overcome the pre-transition misallocation of resources, i.e. the inadequate capital-labor ratio. We look at the link between misallocation and firm survival using a rich firm-level dataset of over 1600 manufacturing plants established in a centrally planned economy after 1945. Our duration models include the standard Olley-Pakes misallocation measures as well as firm-level counterfactual level of capital that takes into account the present day market allocation and productivity. We show that i) misallocation was rather a firm-level than sector-level phenomenon and more importantly ii) it did not have a sizeable effect on the actual firm survival. Moreover, privatization tends to be negatively related to firm survival. This may imply both inappropriate self-selection into privatization programs and possibly inadequate implementation of the privatization.


    This paper utilizes our novel dataset on survival of all state manufacturing plants from 1988, details here.

    Joanna
    Tyrowicz
    Jan
    Hagemejer
  • A new instrument for measuring the local causal effect of privatization on firm performance | Gospodarka Narodowa

    Despite an apparent consensus in the literature that privatization leads universally to an increase in firm performance, the problem of endogeneity bias is profound and has been emphasized in a number of meta-analyses. We propose a new instrument to address the endogeneity bias and apply it Polish medium and large firms over 1995-2008. We find that improvement in firm performance is not universal, in particular, we find no improvement among manufacturing firms privatized to domestic investors. 

    Joanna
    Tyrowicz
    Jan
    Hagemejer

W toku | Work in progress

What was the fate of state-owned enterprises that operated in your region in the 1990s? See our research findings visualized on various maps to find out. Additionally, this page also contains our unique SOE dataset, together with a description of variables

 

SOE Map #1 - Grouped by Survival

In the map below, please find the complete list of firms, for which we were able to retrieve data, visualized according to their final fate. Please click on the specific plant to find out more info about it, including a link to its entry into our SOE-pedia.

SOE Map #2 - Grouped by Privatization Status

This map takes the firms in the dataset and visualizes whether they were privatized or not. Please click on the specific plant to find out more info about it, including a link to its entry into our SOE-pedia.

 

SOE Map #3 - Grouped by Foreign Direct Investment

Looking more granularly at privatizations, we explore the role of foreign investors in the process. Here we show those privatized firms sold primarily to foreign investors. Please click on the specific plant to find out more info about it, including a link to its entry into our SOE-pedia.

 

SOE Map #4 - Grouped by Capital-Labor Ratio

One of the key areas of our research in this project was the degree of capital and labor misallocation in the Polish economy in 1988. () . More details on the sectoral and geographical distribution of misallocation can be found in the working paper.