On the Role of Banks in Enterprise Restructuring: The Polish Example
AbstractGovernments throughout Eastern Europe have been singularly unsuccessful in dealing with large loss-making SOEs. A more promising approach would create an incentive framework and legal environment where the SOE's major non-government creditor can take the lead in initiating restructuring and the design of a new, viable capital structure. Such a lead bank is much more likely to gain access to the inside knowledge that gives the firm its surplus value as a going concern. The details of such an environment are laid out using the recent Polish attempt to launch a wholesale cleanup of the loss-making SOEs along lines promoted in this paper.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Comparative Economics.
Volume (Year): 24 (1997)
Issue (Month): 1 (February)
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Other versions of this item:
- van Wijnbergen, Sweder, 1994. "On the Role of Banks in Enterprise Restructuring: The Polish Example," CEPR Discussion Papers 898, C.E.P.R. Discussion Papers.
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- G3 - Financial Economics - - Corporate Finance and Governance
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