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Firm performance and the political economy of corporate governance: survey evidence for Bulgaria, Hungary, Slovakia and Slovenia

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  • Walsh, Patrick Paul
  • Whelan, Ciara

Abstract

Using survey data for 220 traditional manufacturing firms over 7 years of transition and 4 CEE countries we show that firms which produced for the EU market under planning consistently outperform those that traditionally produced for the CMEA market. A gradualist selection process to outside privatisation of previously CMEA oriented firms induces outside ownership to outperform insider/state owned firms. A resistance to outside privatisation in firms inheriting EU markets ensures that ownership structure has no effect on firm performance. Conditioning our analysis on initial demand conditions helps unravel puzzling empirical outcomes in relation to issues of corporate governance during transition.

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Bibliographic Info

Article provided by Elsevier in its journal Economic Systems.

Volume (Year): 25 (2001)
Issue (Month): 2 (June)
Pages: 85-112

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Handle: RePEc:eee:ecosys:v:25:y:2001:i:2:p:85-112

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References

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Citations

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Cited by:
  1. Bang, James T., 2007. "Determinants of the method of sale in privatization," Economic Systems, Elsevier, vol. 31(3), pages 272-291, September.
  2. Faggio, Giulia & Konings, Jozef, 2003. "Job creation, job destruction and employment growth in transition countries in the 90s," Economic Systems, Elsevier, vol. 27(2), pages 129-154, June.
  3. Sergei Guriev & Barry W. Ickes, 2000. "Microeconomic Aspects of Economic Growth in Eastern Europe and the Former Soviet Union, 1950-2000," William Davidson Institute Working Papers Series 348, William Davidson Institute at the University of Michigan.
  4. Schnytzer, Adi & Andreyeva, Tatiana, 2002. "Company performance in Ukraine: is this a market economy?," Economic Systems, Elsevier, vol. 26(2), pages 83-98, June.
  5. Saul Estrin & Alan A. Bevan & Boris Kuznetsov & Mark E. Schaffer & Manuela Angelucci & Julian Fennema & Giovanni Mangiarotti, 2001. "The Determinants of Privatised Enterprise Performance in Russia," William Davidson Institute Working Papers Series 452, William Davidson Institute at the University of Michigan.
  6. Richard B. Goud Jr., 2002. "Ownership and Firm Performance: Evidence from 25 Countries in Central and Eastern Europe and the Former Soviet Union," Development and Comp Systems 0207002, EconWPA.
  7. Stefan Bojnec & Ana Xavier, 2004. "Entry and exit in transition economies: the Slovenian manufacturing sector," Post-Communist Economies, Taylor & Francis Journals, vol. 16(2), pages 191-214.
  8. Bhaumik, Sumon Kumar & Dimova, Ralitza & Nugent, Jeffrey B., 2011. "Off-farm labor supply and labor markets in rapidly changing circumstances: Bulgaria during transition," Economic Systems, Elsevier, vol. 35(3), pages 378-389, September.

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