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

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  • 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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Bibliographic Info

Article provided by Palgrave Macmillan 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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Cited by:
  1. Curtiss, Jarmila & Ratinger, Tomas & Medonos, Tomas, 2012. "Ownership and Investment Behaviour in Transition Countries: A Case Study of Collective and Corporate Farms in the Czech Republic," Working Papers, Factor Markets, Centre for European Policy Studies 122841, Factor Markets, Centre for European Policy Studies.
  2. Evžen Kočenda & Jan Hanousek, 2010. "Divide and Privatize : Firms Break-up and Performance," Working Papers, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies) 291, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  3. Bersant Hobdari & Aleksandra Gregoric & Evis Sinani, 2011. "The role of firm ownership on internationalization: evidence from two transition economies," Journal of Management and Governance, Springer, Springer, vol. 15(3), pages 393-413, August.
  4. Curtiss, Jarmila & Ratinger, Tomáš & Medonos, Tomáš, 2012. "Ownership and Investment Behaviour in Transition Countries: A Case Study of Collective and Corporate Farms in the Czech Republic," Factor Markets Working Papers, Centre for European Policy Studies 121, Centre for European Policy Studies.
  5. Cok, Mitja & Domadenik, Polona & Redek, Tjasa & Verbic, Miroslav, 2008. "Labour Market Reforms in the Context of Political Power Theory: The Case of Slovenia," MPRA Paper 25524, University Library of Munich, Germany.
  6. Domadenik, Polona & Prašnikar, Janez & Svejnar, Jan, 2014. "Legal Corruption, Politically Connected Corporate Governance and Firm Performance," IZA Discussion Papers 8321, Institute for the Study of Labor (IZA).
  7. Domadenik, Polona & Farčnik, DaÅ¡a & Pastore, Francesco, 2013. "Horizontal Mismatch in the Labour Market of Graduates: The Role of Signalling," IZA Discussion Papers 7527, Institute for the Study of Labor (IZA).
  8. Koman, Matjaž & Lakičević, Milan & Prašnikar, Janez & Svejnar, Jan, 2013. "Asset Stripping, Rule of Law and Firm Survival: The Hoff-Stiglitz Model and Mass Privatization in Montenegro," IZA Discussion Papers 7821, Institute for the Study of Labor (IZA).
  9. David Hillier & Julio Pindado & Valdoceu de Queiroz & Chabela de la Torre, 2011. "The impact of country-level corporate governance on research and development," Journal of International Business Studies, Palgrave Macmillan, vol. 42(1), pages 76-98, January.
  10. Iraj Hashi & Nebojša Stojčić, 2013. "Knowledge Spillovers, Innovation Activities, And Competitiveness Of Industries In Eu Member And Candidate Countries," Economic Annals, Faculty of Economics, University of Belgrade, vol. 58(198), pages 7-34, July - Se.

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