Suchergebnisse

This study is a natural continuation of the author's earlier book on privatization in Hungary, covering the developments between 1989 and 2009 on 1700 pages. As it is well-known, the right wing FIDESZ government, which came to power with a 2/3 supermajority in Parliament, has embarked upon a totally new economic policy as from mid-2010. Within this setting, illiberal constitutional changes and unortodox economic policies were implemented. Renationalization was a significant (but not the most important) building block of this. As we analysed the individual transactions, it turned out that actually many of them were initiated by the previous, Socialist led government. In other words, there are interesting elements of continuity here, especially in the energy sector. Another interesting finding is, that almost without exceptions, the renationalization deals were not implemented by force, the Hungarian state paid quite generously to the sellers. In the case of the largest deals, there is even reason to speak of sweetheart deals through which the Hungarian government tried to make favour to German and US businesses. So far, the renationalization affected more than 200 firms (including banks) for which some HUF 1600 bn (≈ 5bn €) state money was used. This figure, just as the sums involved in the individual transactions are somewhat misleading, if compared to the privatization revenues generated by previous governments prior to 2010. However, if all transactions – i.e. asset sales and asset purchases – are expressed as a percentage of Hungary's annual GDP, it becomes clear that the post 2010 nationalization deals were much smaller than the 1990-2000 privatization deals.

In a series of studies I analyze the past and present of Chinese higher education. The topic may be justified by the fact that up to now no comprehensive study has been published in Hungary about the long way China went along from the darkest years of communism to nowadays' education. In this second paper I summarize the four main phenomena of the reforms after the Mao-era: decentralization, marketization, privatization and internationalization. In the frame of decentralization, the external and internal governance of the universities changed resulting in a power shift from the central level to regional and institutional level. Marketization brought about significant change in the funding of higher education: instead of the state private actors pay for education. Privatization let private actors in the higher education arena, while internationalization means opening up China for foreign institutions and students and letting Chinese students to study abroad. I build my analysis on international literature and statistical data.

The corporate governance as a regulatory system has started a journey towards independence for a while, and sooner or later it will turn into a self-standing field of science. This process is facilitated not only by its transdisciplinary nature, which combines legal science with economic science, within the civil law, the corporate law, business economics, management and organizational science, but also, in the case of state-owned companies, with public administration and proceedings law. The timeliness of the topic is illustrated by the prolonged transition to market economy following the 1989 regime change, the controversial application of company law, the scandals around certain privatization processes, the bankruptcy of many important state-owned enterprises, all of these bringing about a willingness to establish a regulatory framework. Taking into consideration the above short presentation, the subject of our analysis is very complex; this article intends to limit the examination to the Bucharest Stock Exchange Corporate Governance Code, investigating it in comparison to the provisions of the Romanian legal system. At the same time, it sets as an objective to make use of a concrete example (the most important Romanian state-owned joint stock company listed at the Bucharest Stock Exchange), Romgaz, in order to present the reader the ways and circumstances of the implementation of the general principles and provisions to comply with , as included in the Code.