Ekonomski pregled, Vol. 77 No. 4, 2026.
Stručni rad
https://doi.org/10.32910/ep.77.4.4
The Impact of Special Spin-Off Privatization: The Case of Stone Castle Vineyard and Winery
Aferdita Dervishi
Qëndresa Berisha Dedushi
Sažetak
This paper examines the post-privatization performance of an enterprise privatized through the Special Spin-Off model in Kosovo, focusing on the case of Stone Castle Vineyard and Winery. The study addresses a significant gap in the literature concerning structured privatization mechanisms in post-conflict transition economies. While previous research on Kosovo’s privatization process has primarily emphasized compliance with contractual obligations across multiple enterprises, this paper provides an in-depth firm-level institutional analysis of how binding investment and employment commitments interact with a weak regulatory environment. The study adopts a qualitative case study design, integrating semi-structured interviews with managerial representatives, questionnaire data, audit reports, and official documentation from the Privatization Agency of Kosovo. The findings demonstrate that the enterprise fulfilled its contractual commitments related to capital investment and employment, expanded production capacity, strengthened export orientation, and implemented technological modernization. At the same time, the enterprise faced institutional obstacles, including bureaucratic delays, legal uncertainty, and limited state support for export development. The analysis suggests that the effectiveness of the Special Spin-Off model operates through a conditional mechanism: enforceable contractual commitments can stimulate productive restructuring and reduce opportunistic behavior, but long-term success depends on complementary institutional capacity. The paper contributes to the broader literature on privatization in transition economies by providing firm-level evidence from a post-conflict context and by highlighting the interaction between contractual design and institutional constraints. Limitations in the research are difficulties to ensure audit reports and deficit of literature related to Special Spin-Off method.
Ključne riječi
Privatization; special spin-off; enterprise performance; transition economy; institutional framework; wine industry.
Hrčak ID:
347625
URI
Datum izdavanja:
7.6.2026.
Posjeta: 0 *