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Enterprise Restructuring in Belarus

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Author Info

  • Bakanova, Marina

    ()
    (World Bank)

  • Estrin, Saul

    ()
    (London School of Economics)

  • Pelipas, Igor

    ()
    (Institute of Privatisation and Management)

  • Pukovich, Sergei

    ()
    (Institute of Privatisation and Management)

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    Abstract

    We explore the impact of privatization and the entry of new firms on enterprise performance in Belarus, a transition economy in which reform and market-orientated institutional development has been limited. We hypothesize that private ownership will enhance company performance, measured in a variety of ways including profitability and capacity to export to the West, and that newly created firms will perform better than state-owned ones. Our work is based on a large enterprise level survey which includes state-owned firms, privatized companies and newly created enterprises. The data refute both hypotheses. We conclude that this is probably because the institutional environment has not evolved sufficiently from the socialist era to permit free competition and effective governance by new owners.

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    Bibliographic Info

    Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 2148.

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    Length: 33 pages
    Date of creation: May 2006
    Date of revision:
    Publication status: published in Saul Estrin, Grzegorz Kolodko and Milica Uvalic (eds.), Transition and Beyond: A Tribute to Mario Nuti, Basingstoke: Palgrave Macmillan, 2007
    Handle: RePEc:iza:izadps:dp2148

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    Related research

    Keywords: privatization; enterprise restructuring; transition; Belarus;

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    References

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    1. Simon Johnson & John McMillan & Christopher Woodruff, 2000. "Entrepreneurs and the Ordering of Institutional Reform: Poland, Slovakia, Romania, Russia and Ukraine Compared," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 8(1), pages 1-36, March.
    2. Claessens, Stijn & Djankov, Simeon, 1999. "Enterprise performance and management turnover in the Czech Republic," European Economic Review, Elsevier, Elsevier, vol. 43(4-6), pages 1115-1124, April.
    3. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 40(3), pages 739-792, September.
    4. John McMillan & Christopher Woodruff, 2002. "The Central Role of Entrepreneurs in Transition Economies," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 16(3), pages 153-170, Summer.
    5. S Estrin & M Schaffer & I.J. Singh, 1995. "The Provision of Social Benefits in State Owned," CEP Discussion Papers, Centre for Economic Performance, LSE dp0223, Centre for Economic Performance, LSE.
    6. Susan J Linz & Gary Krueger, 1998. "Enterprise Restructuring in Russia's Transition Economy: Formal and Informal Mechanisms," Comparative Economic Studies, Palgrave Macmillan, Palgrave Macmillan, vol. 40(2), pages 5-52, July.
    7. Andrew Savchenko, 2002. "Toward Capitalism or Away from Russia?: Early Stage of Post-Soviet Economic Reforms in Belarus and the Baltics," American Journal of Economics and Sociology, Wiley Blackwell, Wiley Blackwell, vol. 61(1), pages 233-257, 01.
    8. Brian Pinto & Marek Belka & Stefan Krajewski, 1993. "Transforming State Enterprises in Poland: Evidence on Adjustment by Manufacturing Firms," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 213-270.
    9. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 39(2), pages 321-389, June.
    10. John Bennett & Saul Estrin & James Maw & Giovanni Urga, 2004. "Privatisation Methods and Economic Growth in Transition Economies," Working Papers, Fondazione Eni Enrico Mattei 2004.105, Fondazione Eni Enrico Mattei.
    11. Peter, Klara Sabirianova & Svejnar, Jan & Terrell, Katherine, 2005. "Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?," IZA Discussion Papers 1457, Institute for the Study of Labor (IZA).
    12. A. Richter & M.E. Schaffer, 1996. "The Performance of De Novo Private Firms in Russian Manufacturing," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 9610, Centre for Economic Reform and Transformation, Heriot Watt University.
    13. Paul G. Hare & Junior R. Davis, 2006. "Institutions and Development: What We (Think We) Know, What We Would Like to Know," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 0603, Centre for Economic Reform and Transformation, Heriot Watt University.
    14. Maxim Boycko & Andrei Shleifer & Robert W. Vishny, 1993. "Privatizing Russia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 139-192.
    15. E, S & G, A & S, I, 1995. "Shocks and Adjustment by Firms in Transition: A Comparative Study," Journal of Comparative Economics, Elsevier, vol. 21(2), pages 131-153, October.
    16. Estrin, Saul & Wright, Mike, 1999. "Corporate Governance in the Former Soviet Union," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 395-397, September.
    17. Roman Frydman & Cheryl Gray & Marek Hessel & Andrzej Rapaczynski, 1999. "When Does Privatization Work? The Impact Of Private Ownership On Corporate Performance In The Transition Economies," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 114(4), pages 1153-1191, November.
    18. J Earle & S Estrin & L Leshchenko, 1996. "Ownership Structures," CEP Discussion Papers, Centre for Economic Performance, LSE dp0315, Centre for Economic Performance, LSE.
    19. Sergei Guriev & Andrei Rachinsky, 2005. "The Role of Oligarchs in Russian Capitalism," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 19(1), pages 131-150, Winter.
    20. Grosfeld, Irena & Tressel, Thierry, 2001. "Competition, Corporate Governance: Substitutes or Complements? Evidence from the Warsaw Stock Exchange," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2888, C.E.P.R. Discussion Papers.
    21. M Belka & S Estrin & M Schaffer & I.J. Singh, 1995. "Enterprise Adjustment in Poland: Evidence from a Survey of 200 Private," CEP Discussion Papers, Centre for Economic Performance, LSE dp0233, Centre for Economic Performance, LSE.
    22. Perotti, Enrico C. & Gelfer, Stanislav, 2001. "Red barons or robber barons? Governance and investment in Russian financial-industrial groups," European Economic Review, Elsevier, Elsevier, vol. 45(9), pages 1601-1617, October.
    23. Rein,Martin & Friedman,Barry L. & Wörgötter,Andreas (ed.), 1997. "Enterprise and Social Benefits after Communism," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521584036.
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