The Scale and Financial Performance of State-Owned Enterprises in the CEE Region

Piotr Matuszak , Katarzyna Szarzec


The paper aims to analyse state-owned enterprises (SOEs) in 11 post-socialist Central-Eastern European (CEE) countries. Based on the individual data of large non-financial companies, we estimated the real state share in the years 2014 and 2015. We consider both direct and indirect state ownership and apply an explicit classification of companies as majority and minority state-owned, which is neglected in a lot of research. The countries with the highest values of the ‘Country SOE index’ were Slovenia and Latvia, while the lowest were Lithuania and Hungary. State ownership is dominant in transportation and storage and energy supply. The lower return on assets (ROA), return on equity (ROE) and return on capital employed (ROCE) ratios of SOEs imply that capital in this group of companies is used less efficiently. Furthermore, they are characterised by higher wage costs. At the same time, SOEs have higher earnings before interest, taxes, depreciation and amortization (EBITDA) margins and better ability to turn operating revenue into cash than their privately-owned counterparts.
Author Piotr Matuszak (WE / KMiBR)
Piotr Matuszak,,
, Katarzyna Szarzec (WE / KMiBR)
Katarzyna Szarzec,,
Journal seriesActa Oeconomica, ISSN 0001-6373, e-ISSN 1588-2659, (N/A 40 pkt)
Issue year2019
Publication size in sheets1.05
Keywords in Polishprzedsiębiorstwa państwowe, Europa Środkowo-Wschodnia, kraje postsocjalistyczne, wyniki finansowe
Keywords in Englishstate-owned enterprises, Central and Eastern Europe, post-socialist countries, financial performance
ASJC Classification2002 Economics and Econometrics
Languageen angielski
Score (nominal)40
Score sourcejournalList
ScoreMinisterial score = 40.0, 15-04-2020, ArticleFromJournal
Publication indicators WoS Citations = 0; Scopus SNIP (Source Normalised Impact per Paper): 2018 = 0.778; WoS Impact Factor: 2017 = 0.402 (2) - 2017=0.417 (5)
Citation count*4 (2020-08-14)
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* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.
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