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Politicians and firms in seven central and eastern European countries Author info | Abstract | Publisher info | Download info | Related research | Statistics Claessens, Stijn
Djankov, Simeon
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The authors test several propositions derived by Shleifer and Vishny (1994, 1996) about how privatization and stabilization (hard budget constraints) affect enterprise behavior. They document the changes in financing, employment, and operating efficiency that have occurred in more than 6300 manufacturing enterprises in seven Central and Eastern European countries (Bulgaria, Czech Republic, Hungary, Poland, Romania, Slovak Republic, and Slovenia). They then compare the relative performance of privatized and state-owned enterprises. Controlling for institutional differences and the endogeneity of privatization choices, they find that privatization is associated with significant improvements in total factor productivity and reductions in employment. Reductions in soft financing are associated with further productivity gains. State-owned enterprises employ more workers, have lower productivity, receive more financing and direct subsidies, and have higher variable costs than privatized firms, particularly firms privatized for more than three years. Privatized firms also consistently outperform state enterprises in productivity growth. Over time, the role of politicians in allocating bank financing and subsidies appears to have declined, however, and banks have played a greater role in (efficiently) allocating resources. And the institutional environment appears to have improved in most countries, suggesting that the influence of corruption has declined over time. The results--which provide significant support for the Shleifer-Vishny model--demonstrate the beneficial effects of privatization in the presence of stabilization and decreasing corruption.
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Paper provided by The World Bank in its series Policy Research Working Paper Series with number
1954.
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Date of creation: 31 Aug 1998Date of revision:
Handle: RePEc:wbk:wbrwps:1954Contact details of provider: Postal: 1818 H Street, N.W., Washington, DC 20433 Email: Web page: http://www.worldbank.org/ More information through EDIRC
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Keywords: Banks&Banking Reform Economic Theory&Research Environmental Economics&Policies Municipal Financial Management Financial Crisis Management&Restructuring Banks&Banking Reform Environmental Economics&Policies Municipal Financial Management Economic Theory&Research Financial Crisis Management&Restructuring Other versions of this item:
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Marko Simoneti & Aleksandra Gregoric, 2004.
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366, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
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Enrico C. Perotti & Pieter van Oijen, 1999.
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Other versions:
Enrico C. Perotti & Pieter van Oijen, 1999.
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