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Channels of restructuring in privatized Czech companies

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  • Jana P. Fidrmuc
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    Abstract

    The main contribution of this paper to the literature on restructuring in the transition economies of Central and Eastern Europe is the analysis of productivity-growth effects for different channels of restructuring. It examines a panel of 737 voucher-privatized Czech companies in the first years after the transfer of ownership (between 1993 and 1998). The results indicate that asset sales and employee incentives serve as restructuring channels through which productivity of the privatized companies increases. The analysis also indicates that capital expenditures, labour shedding and CEO replacements are not significantly correlated to productivity growth. Furthermore, the analysis suggests that the availability of bank loans is positively associated with productivity growth, but not for less profitable firms. This provides some evidence in support of soft budget constraints accommodated via bank lending. Copyright (c) 2007 The Author Journal compilation (c) 2007 The European Bank for Reconstruction and Development .

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    Bibliographic Info

    Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

    Volume (Year): 15 (2007)
    Issue (Month): 2 (04)
    Pages: 309-339

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    Handle: RePEc:bla:etrans:v:15:y:2007:i:2:p:309-339

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    Cited by:
    1. Gehringer, Agnieszka & Krenz, Astrid, 2014. "European market integration and the determinants of firm localization: The case of Poland," Center for European, Governance and Economic Development Research Discussion Papers 190, University of Goettingen, Department of Economics.
    2. Iwasaki, Ichiro, 2014. "Global financial crisis, corporate governance, and firm survival:," Journal of Comparative Economics, Elsevier, vol. 42(1), pages 178-211.

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