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Enterprise Restructuring and Transition

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  • Juan Zalduendo
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    Abstract

    This paper reviews developments in corporate performance in the FYR Macedonia during the 1990s. The paper finds substantial differences in performance between surviving old firms and nimbler new ones. The paper reviews factors that facilitated restructuring among surviving firms, and concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance. The paper also shows that the predominance of insider privatization and the resulting low ownership concentration is one of the reasons for the poor performance of surviving firms.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16621
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/136.

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    Length: 18
    Date of creation: 01 Jun 2003
    Date of revision:
    Handle: RePEc:imf:imfwpa:03/136

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    Related research

    Keywords: Transition economies; Privatization; enterprise restructuring; corporate performance; ownership concentration; private ownership; firm size; enterprise sector; ownership structure; small firms; corporate governance; privatization process; privatizations; large enterprise; state ownership; large enterprises; mixed ownership; privatization agency; privatization enterprise restructuring; framework for privatization; economics of transition;

    References

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    1. Claessens, Stijn & Djankov, Simeon, 1999. "Ownership Concentration and Corporate Performance in the Czech Republic," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 498-513, September.
    2. Manuela Angelucci & Saul Estrin & Jozef Konings & Zbigniew Zolkiewski, 2002. "The Effect of Ownership and Competitive Pressure on Firm Performance in Transition Countries: Micro Evidence from Bulgaria, Romania and Poland," William Davidson Institute Working Papers Series 434, William Davidson Institute at the University of Michigan.
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    Citations

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    Cited by:
    1. Möllers, Judith, 2006. "Außerlandwirtschaftliche Diversifikation im Transformationsprozzess: Diversifikationsentscheidungen und -strategien ländlicher Haushalte in Slowenien und Mazedonien," Studies on the Agricultural and Food Sector in Central and Eastern Europe, Leib­niz Institute of Agricultural Development in Central and Eastern Europe (IAMO), volume 35, number 92495.
    2. World Bank, 2003. "FYR Macedonia : Country Economic Memorandum Tackling Unemployment," World Bank Other Operational Studies 14636, The World Bank.

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