“Consolidation of Ownership and Market Consolidation:The Role of Relational Investors on the Polish Beer Market1990 –1999”

This paper presents a case study based on a full dataset related to 31 companies operating in thePolish beer industry during the 1990’s. It discusses the impact of privatisation and of secondaryownership transfers on market outcomes. It confirms the critical role played by foreign relationalinvestors in the process of industrial restructuring, and two parallel evolutions: a strong trendtowards concentrated ownership and towards market concentration. Companies, which were notinitially privatised to relational investors, were typically taken over by them in the later stage.However, the delay led to a postponed restructuring process and a loss of market share....