Restructuring of firms in transition: ownership, institutions and openness to trade

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Restructuring of firms in transition: ownership, institutions and openness to trade

Author Info

Polona Domadenik (Faculty of Economics and Institute for South-East Europe, University of Ljubljana, Slovenia)
Janez Prašnikar (Faculty of Economics and Institute for South-East Europe, University of Ljubljana, Slovenia)
Jan Svejnar (Gerald R. Ford School of Public Policy, University of Michigan, Ann Arbor, USA)

Abstract

We develop a theoretical framework for defensive and strategic restructuring, and provide estimates of restructuring in privatized firms in an advanced transition economy: Slovenia. Our rich data point to both types of restructuring, as well credit rationing and bargaining with respect to investment. Privatized firms display profit-maximizing behavior, and a firm's export orientation and institutional features, such as insider vs outsider privatization, employee ownership, and employee control, do not affect the firm's employment and investment behavior. The results suggest that a major exposure to world competition induces similar economic behavior in firms with different structural and institutional characteristics. Journal of International Business Studies (2008) 39, 725–746. doi:10.1057/palgrave.jibs.8400379

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Article provided by Palgrave Macmillan Journals in its journal Journal of International Business Studies.

Volume (Year): 39 (2008)
Issue (Month): 4 (June)
Pages: 725-746
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Handle: RePEc:pal:jintbs:v:39:y:2008:i:4:p:725-746

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