The empirical transition literature on the comparison of restructuring prior to privatization is quite limited. Macedonia is a specific case among transition economies where a large number of break-ups occurred at the beginning of privatization. Using firm-level data, we estimate the effects of the break-ups of enterprises on the subsequent performance of the “master enterprises” and spun off divisions during the period of privatization. We estimate the performance effects by comparing the performance of enterprises that remained intact to the performance of enterprises that experienced spin-offs and the newly established subsidiaries. The goal is to provide empirical evidence on the issue of the effect of pre-privatization restructuring. Our results suggest that the breakups were not guided by efficiency or performance goals but rather managerial self-interests.
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Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number
wp216.
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Find related papers by JEL classification: D21 - Microeconomics - - Production and Organizations - - - Firm Behavior D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform
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