The differentiation of economic efficiency within employee-owned companies




ownership transformations, direct privatisation, giving a state-owned enterprise for use against payment, sales revenue, ownership concentration


Background: The empirical research on the differentiation of economic efficiency within em­ployee-owned companies as measured in terms of sales revenue while minimizing the degree of ownership concentration thematically applies toward evaluating the effectiveness of the direct privatisation method implemented by giving a state-owned enterprise for use against payment.

Research purpose: The main goal of this article is to empirically verify the research hypothesis, stating that the degree of ownership concentration significantly differentiates the economic effi­ciency of employee-owned companies in terms of sales revenue.

Methods: The empirical verification of this hypothesis was carried out using the method of Data Envelopment Analysis (DEA), which measures the relative technical efficiency of a given deci­sion-making unit (DMU). Empirical studies were conducted on a group of 13 employee-owned companies from the Mazowieckie Province, which concluded agreements with the State Treasury between the years 2000–2005 and covered a 10-year research period. The analysis of sales reve­nue and the degree of ownership concentration was made on the basis of hand-collected data from documents submitted by surveyed employee-owned companies in the National Court Register in the years between 2002–2017.

Conclusions: Presented results of the empirical research do not allow for full confirmation of the research hypothesis because employee-owned companies, in which DEA efficiency measures were lower than the average measure for all surveyed companies were characterized by the differ­ent average annual degree of ownership concentration.


Download data is not yet available.


The Act of 30 August 1996 on commercialisation and privatisation (Journal of Laws 2002/171/1379).

The Act of 5 December 2002 amending the act on principles of exercising rights due to the State Treasury, the act on commercialisation and privatisation of state-owned enterprises and some other acts (Journal of Laws 2002/240/2055) with subsequent amendments.

The Act of 12 May 2006 amending the act on commercialisation and privatisation of state-owned enterprises and some other acts (Journal of Laws 2006/107/721).

The Communication from the Commission of 19 January 2008 on the revision of the method for setting the reference and discount rates (Official Journal of European Union 2008, C 14/02).

The Ordinance of the Council of Ministers of 16 October 1997 on specific rules for determining the amount due for the use of the enterprise, the method of securing the unpaid part of the debt and the interest rate of the unpaid payment (Journal of Laws 1997/130/855).

The Ordinance of the Council of Ministers of 14 December 2004 on terms of payment for amounts due on the use of the enterprise (Journal of Laws 2004/269/2667).

Akimova I., Schwödiauer G., Ownership structure, corporate governance and enterprise performance: empirical results for Ukraine, International Advances in Economic Research 2004/10, Issue 1, pp. 28–42.

Banker R.D., Charnes A., Cooper W.W., Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis, Management Science 1984/30, Issue 9, pp. 1078–1092.

Bojar E., Sosińska-Wit M., Żminda Z., Employee leasing and restructuring of enterprises, Lublin University of Technology, Lublin 2003.

Bukowska-Piestrzyńska A., Leasing of property of the State Treasury in workers’ companies, Economics and Organization of Enterprise 2002/5, pp. 44–51.

Charnes A., Cooper W.W., Golany B., Seiford L.M., Stutz J., Fundations of DEA for Pareto-Koopmans Efficient Empirical Production Function, Journal of Economics 1985/30, Issues 1–2, pp. 91–107.

Chodakowska E., Efficiency evaluation of education sector organizations using data envelopment analysis, Management Issues 2009/7, Quantitative methods in management 4 (26), pp. 91–112.

Conte M.A., Svejnar J., Productivity effects of worker participation in management, profit-sharing, worker ownership of assets and unionization in U.S. Firms, International Journal of Industrial Organization 1988/6, Issue 1, pp. 139–151.

Debreu G., The Coefficient of Recourse Utilization, Econometrica, July 1951/19/3, pp. 273–292.

Fäare R., Grosskopf S., Lovell K.C.A., The Measurement of Efficiency of Production, Kluwer Academic Publishers, Boston 1985.

Faleye O., Mehrotra V., Morck R., When labour has a voice in corporate governance, Journal of Financial and Quantitative Analysis 2006/41, Issue 3, pp. 489–510.

Farell M.J., The Measurement of Productive Efficiency, Journal of the Royal Statistical Society 1957, Series A/120/3, pp. 253–290.

Fazlzadeh A., Hendi A.T., Mahboubi K., The examination of the effect of ownership structure on firm performance in listed firms of Tehran Stock Exchange based on the type of the industry, International Journal of Business and Management 2011/6/3, pp. 249–266.

Feruś A., The application of the DEA method to define the level of company credit risk, Bank & Credit 2006/7, pp. 44–59.

Goszka W., The structure of ownership and power in employees’ partnerships, Economics and Organization of Enterprise 2001/5, pp. 55–61.

Helta M., Application of DEA method to compile the efficiency ranking of agricultural property agency’s companies in 2006, Annals of Agricultural Sciences 2009, Series G/96/3, pp. 107–111.

Jarosz M., Kozak M., Economic and social condition of employee-owned companies in the years 1991–1994. Conclusions, in: M. Jarosz (ed.), Lights and shadows of employee-owned companies in the years 1991–1994, Institute of Political Studies of the Polish Academy of Sciences, Warsaw 1995, pp. 117–125.

Kapopoulos P., Lazaretetou S., Corporate ownership structure and firm performance: evidence from Greek firms, Bank of Greece. Economic Research Department-Social Studies Division, “Working Paper” 2006/37, pp. 1–33.

Karpińska-Mizielińska W., Smuga T., Changes of ownership relations and their impact on the improvement of long-term economic efficiency, Institute for Development and Strategic Studies, Warsaw 1997.

Kozarzewski P., Direct privatisation: the legal status, in: M. Jarosz (ed.), Direct privatisation. Investors. Managers. Employees, Institute of Political Studies of the Polish Academy of Sciences, Warsaw 1998, pp. 19–31.

Kozarzewski P., Ownership supervision, control and management, in: M. Jarosz (ed.), Privatisation traps, Institute of Political Studies of the Polish Academy of Sciences, Warsaw 2003, pp. 161–198.

Kozarzewski P., Woodward R., Secondary privatization in Poland (Part I): Evolution of ownership structure and company performance in firms privatized by employee buyouts, “Case Reports”, No. 47, Center for Social and Economic Research, Warsaw 2001.

Krajewski S., Privatisation, restructuring, competitiveness of Polish enterprises, PWE, Warsaw 2009.

Kruse D.L., Blasi J.R., Freeman R.B., Does linking worker pay to firm performance help the best firms do even better?, NBER Working Paper 2012/17745, pp. 1–30.

Kucharski A., DEA method in the evaluation of economic efficiency, Publisher of the University of Lodz, Lodz 2014.

Lee S., Ownership structure and financial performance: evidence from panel data of South Korea, University of Utah, Department of Economics “Working Paper” 2008/17, pp. 1–25.

Matuszewska-Pierzynka A., The debt of companies using assets of state–owned enterprises for a consideration towards the State Treasury, Publisher of the University of Lodz, Lodz 2015.

Matuszewska-Pierzynka A., Productivity effects of the ownership concentration in Polish employee-owned companies, Quarterly Journal of Economics and Economic Policy “Equili¬brium” 2018/13, Issue 4, pp. 781–798.

Nazarko J., Chrabołowska J., Application benchmarking techniques to efficiency assessing of Polish distribution utilities, Research Papers of Wrocław University of Economics “Taxo¬nomy 12” 2005/1076, pp. 38–47.

Nowak M., Borowiec A., The application of DEA method in the study of efficiency of scienti¬fic and technological parks, Scientific Journals of Poznan University of Technology series of “Organization and Management” 2013/61, pp. 109–119.

Pawłowski J., The privatization lease vs. participation in a public company, in: R. Borowiec¬ki (ed.), Development challenges and restructuring of enterprises, Cracow University of Economics, TNOiK, European Council of Management-CECIOS, Warsaw–Cracow 1999, pp. 429–436.

Privatisation of state-owned companies in 1999, CSO, Warsaw 2000.

Privatisation of state-owned companies in 2005, CSO, Warsaw 2006.

Privatisation of state-owned companies in 2011, CSO, Warsaw 2012.

Sajnóg A., Comparative Analysis of Economic Efficiency of Polish and German Listed Companies, Oeconomia Copernicana 2015/6, Issue 2, pp. 67–87.

Sajnóg A., Sosnowski T., Efficiency of private equity funds’ divestment process on the Warsaw Stock Exchange, Studies and Works College of Management and Finance 2015/143, pp. 55–76.

Sanchez-Ballesta J.P., Garcia-Meca E., A meta analytic vision of the effect of ownership structure on firm performance, Corporate Governance 2007/15, Issue 5, pp. 879–893.

Silva Portela M.C.A., Value and quantity data in economic and technical efficiency measure¬ment, Economics Letters 2014/124, Issue 1, pp. 108–112.

Sobolewski H., Determinants and procedures of ownership transformations of state-owned enterprises. Two decades of privatisation, Publisher of Poznan University of Economics and Business, Poznan 2011.

Sosnowski T., Time to the full exit from the investment of private equity funds on the Warsaw Stock Exchange, Annales Universitatis Mariae Curie-Skłodowska 2015, Sectio H/49/4, pp. 527–538.

Wrońska E.M., Financial strategies of employee-owned companies, Publisher of Maria Curie-Skłodowska University, Lublin 2004.




How to Cite

Matuszewska-Pierzynka, A. (2020). The differentiation of economic efficiency within employee-owned companies. Studia Prawno-Ekonomiczne, 114, 313–332.