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Transitional Adjustment of Large Companies in Slovenia and Economic Policy

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  • Maks Tajnikar
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    Abstract

    This article analyses transition crisis in large companies using the case of Slovenia. According to the accounting data for 1991 and 1997 a great part of the transition crisis was centred in large companies. In Slovenia, in general crisis conditions in large companies arose because of a very high or very low capital/labour ratio and the inability of management to cope with redundant capital or labour. Only recently have unfavourable market and financial positions become more important, but they are still not the most important factor. Companies which oriented themselves to foreign markets and invested, succeeded in making profits in spite of increased debts and an unfavourable debt/equity ratio. Large companies in state ownership have preserved soft budget constraints. Many companies shrank drastically; they have survived, but their efficiency is low.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/14631370120074867
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

    Volume (Year): 13 (2001)
    Issue (Month): 3 ()
    Pages: 331-344

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    Handle: RePEc:taf:pocoec:v:13:y:2001:i:3:p:331-344

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    1. Kornai, Janos, 1986. "The Soft Budget Constraint," Kyklos, Wiley Blackwell, vol. 39(1), pages 3-30.
    2. You, Jong-Il, 1995. "Small Firms in Economic Theory," Cambridge Journal of Economics, Oxford University Press, vol. 19(3), pages 441-62, June.
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    Cited by:
    1. Pavel Ciaian, 2004. "Credit rationing with heterogeneous borrowers in transition economies: evidence from Slovakia," Post-Communist Economies, Taylor & Francis Journals, vol. 16(1), pages 39-46.

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