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Business valuation and the privatization process in Eastern Europe: challenges, issues and solutions

Author: Young, S. David INSEAD Area: Accounting and ControlIn: Journal of Multinational Financial Management, vol. 1, no. 4, 1991 Language: EnglishDescription: p. 47-65.Type of document: INSEAD ArticleNote: Please ask the Library for this articleAbstract: Much of the controversy in Eastern European privatization programmes centres on public perceptions of underpricing in the sale of state-owned enterprises. Recent scandals have focused attention on the topic of business valuation. This paper examines the valuation controversy in Eastern Europe and is intended for anyone with a professional interest in valuation or in the evolution of post-communist societies. Valuing a business in Eastern Europe is similar, at least in theory, to the valuation of a closely-held business in the West. However, most historical data are of little practical use in Eastern Europe. Accounting numbers are notoriously unreliable, and most enterprises have operated profitably only because of government subsidies and protection. Therefore, current financial statements may give no indication of future performance..
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Much of the controversy in Eastern European privatization programmes centres on public perceptions of underpricing in the sale of state-owned enterprises. Recent scandals have focused attention on the topic of business valuation. This paper examines the valuation controversy in Eastern Europe and is intended for anyone with a professional interest in valuation or in the evolution of post-communist societies. Valuing a business in Eastern Europe is similar, at least in theory, to the valuation of a closely-held business in the West. However, most historical data are of little practical use in Eastern Europe. Accounting numbers are notoriously unreliable, and most enterprises have operated profitably only because of government subsidies and protection. Therefore, current financial statements may give no indication of future performance..

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