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Firms facing new institutions: transactional governance in Romania

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  • Murrell, Peter

Abstract

How quickly do firms respond to new institutions? Romanian survey data permits investigation of this question, using variables summarizing firms' strategies on transactional governance. These variables are regressed on the factors that should determine efficient behavior according to standard agency and transaction-cost theories. The results suggest that transactional strategies do not currently reflect efficiency considerations. Instead, behavior reflects peculiarities of transition: history, ownership, and state-relations are more important in determining responses to new institutions. Firms use institutions but do not evidence efficient responses to them. Appropriate institutional reform deploys information on how firms adjust to institutions before the long-run.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 31 (2003)
Issue (Month): 4 (December)
Pages: 695-714

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Handle: RePEc:eee:jcecon:v:31:y:2003:i:4:p:695-714

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Web page: http://www.elsevier.com/locate/inca/622864

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  1. John S. Earle & Almos Telegdy, 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Upjohn Working Papers and Journal Articles 02-81, W.E. Upjohn Institute for Employment Research.
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  8. Peter Murrell, 2003. "Institutions and Firms in Transition Economies," Electronic Working Papers 03-004, University of Maryland, Department of Economics.
  9. J. Earle & S. Estrin & L. Leshchenko, 1996. "Ownership structures, patterns of control and enterprise behavior in Russia," LSE Research Online Documents on Economics 20642, London School of Economics and Political Science, LSE Library.
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  16. Peter Murrell, 2003. "The Relative Levels and the Character of Institutional Development in Transition Economies," Electronic Working Papers 03-003, University of Maryland, Department of Economics.
  17. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
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Cited by:
  1. Andrei Shleifer & Simeon Djankov & Edward L. Glaeser & Rafael La Porta & Florencio Lopez de Silanes, 2003. "The New Comparative Economics," Yale School of Management Working Papers ysm355, Yale School of Management.
  2. Pyle, William, 2006. "Resolutions, recoveries and relationships: The evolution of payment disputes in Central and Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 34(2), pages 317-337, June.

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