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The Enterprise Isolation Programme in Romania

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  • Djankov, Simeon

Abstract

We provide comprehensive analysis of the isolation program for financially distressed firms in Romania. The results indicate that the isolation program did not deliver any tangible improvements in operational performance, nor did it enhance the process of privatization or liquidation of large loss-making enterprises. Firms included in the program faced softer budget constraints than their comparators outside the program, and few management changes in poorly performing firms took place. These findings question the feasibility of creating successful programs for enterprise restructuring under government auspices.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2131.

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Date of creation: Apr 1999
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Handle: RePEc:cpr:ceprdp:2131

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Related research

Keywords: Financial Distress; Isolation Programme; Romania;

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References

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  1. Carlin, Wendy & Mayer, Colin, 1992. "Restructuring Enterprises in Eastern Europe," CEPR Discussion Papers 700, C.E.P.R. Discussion Papers.
  2. Shleifer, Andrei & Vishny, Robert W, 1994. "Politicians and Firms," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 995-1025, November.
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Cited by:
  1. Clarke, George R.G. & Cull, Robert & Shirley, Mary M., 2005. "Bank privatization in developing countries: A summary of lessons and findings," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1905-1930, August.
  2. Rudiger Ahrend & Joaquim Oliveira Martins, 2003. "Creative Destruction or Destructive Perpetuation: The Role of Large State-owned Enterprises and SMEs in Romania During Transition," Post-Communist Economies, Taylor and Francis Journals, vol. 15(3), pages 331-356.
  3. Coricelli, Fabrizio & Djankov, Simeon, 2001. "Hardened Budgets and Enterprise Restructuring: Theory and an Application to Romania," CEPR Discussion Papers 2950, C.E.P.R. Discussion Papers.
  4. John Bonin & Bozena Leven, 2001. "Can State-owned Banks Promote Enterprise Restructuring? Evidence from One Polish Bank's Experience," Post-Communist Economies, Taylor and Francis Journals, vol. 13(4), pages 431-443.
  5. Lin, Xiaochi & Zhang, Yi, 2009. "Bank ownership reform and bank performance in China," Journal of Banking & Finance, Elsevier, vol. 33(1), pages 20-29, January.

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