Advanced Search
MyIDEAS: Login to save this paper or follow this series

Restructuring of insider-dominated firms

Contents:

Author Info

  • Djankov, Simeon

Abstract

Using enterprise survey data for 1995-97, the author studies and compares how different modes of privatizing to insiders affect enterprise restructuring in two former Soviet republics, Georgia and Moldova. Restructuring in companies in which incumbent managers received significant ownership stakes for free was similar to that in companies that were still state-owned. By contrast, restructuring was faster in companies bought by their managers. The author interprets these results as suggesting that managers'incentives to restructure decrease when they regard their newly acquired ownership as a windfall gain.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2000/02/24/000094946_99031911113366/Rendered/PDF/multi_page.pdf
Download Restriction: no

Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2046.

as in new window
Length:
Date of creation: 31 Jan 1999
Date of revision:
Handle: RePEc:wbk:wbrwps:2046

Contact details of provider:
Postal: 1818 H Street, N.W., Washington, DC 20433
Phone: (202) 477-1234
Email:
Web page: http://www.worldbank.org/
More information through EDIRC

Related research

Keywords: Microfinance; Small and Medium Size Enterprises; Banks&Banking Reform; Small Scale Enterprise; Financial Crisis Management&Restructuring; Private Participation in Infrastructure; Microfinance; Small Scale Enterprise; Financial Crisis Management&Restructuring; Banks&Banking Reform;

References

References listed on IDEAS
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.:
as in new window
  1. Earle, John S & Estrin, Saul, 1997. "After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1736, C.E.P.R. Discussion Papers.
  2. Blanchard, O. & Aghion, P., 1996. "On insider privatization," European Economic Review, Elsevier, Elsevier, vol. 40(3-5), pages 759-766, April.
  3. Wilcox, David W, 1989. "Social Security Benefits, Consumption Expenditure, and the Life Cycle Hypothesis," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(2), pages 288-304, April.
  4. Stephen Nickell, 1993. "Competition and Corporate Performance," CEP Discussion Papers dp0182, Centre for Economic Performance, LSE.
  5. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, American Finance Association, vol. 49(2), pages 403-52, June.
  6. Susan J. Linz & Gary Krueger, 1998. "Enterprise Restructuring in Russia's Transition Economy: Formal and Informal Mechanisms," William Davidson Institute Working Papers Series 152, William Davidson Institute at the University of Michigan.
  7. Pohl, G. & Anderson, R.E. & Claessens, S. & Djankov, S., 1997. "Privatization and Restructuring in Central and Eastern Europe: Evidence and Policy Options," Papers, World Bank - Technical Papers 368, World Bank - Technical Papers.
  8. Wendy Carlin & John Van Reenen & Toby Wolfe, 1995. "Enterprise restructuring in early transition: the case study evidence from Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 3(4), pages 427-458, December.
  9. Djankov, Simeon & Hoekman, Bernard, 1997. "Trade reorientation and productivity growth in Bulgarian enterprises," Policy Research Working Paper Series 1707, The World Bank.
  10. Frydman, Roman & Gray, Cheryl W. & Hessel, Marek & Rapaczynski, Andrzej, 1997. "Private ownership and corporate performance : some lessons from transition economies," Policy Research Working Paper Series 1830, The World Bank.
  11. Smith, Stephen C. & Cin, Beom-Cheol & Vodopivec, Milan, 1997. "Privatization Incidence, Ownership Forms, and Firm Performance: Evidence from Slovenia," Journal of Comparative Economics, Elsevier, vol. 25(2), pages 158-179, October.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Jana Fidrmucova, 2000. "Channels of Restructuring in Privatized Czech Companies," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 1358, Econometric Society.
  2. Carlin, Wendy & Fries, Steven & Schaffer, Mark E & Seabright, Paul, 2001. "Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2840, C.E.P.R. Discussion Papers.
  3. Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001. "Competition and Enterprise Performance in Transition Economies from a Cross-Country Survey," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 0101, Centre for Economic Reform and Transformation, Heriot Watt University.
  4. Susan Linz, 2000. "Restructuring with What Success? A Case Study of Russian Firms," William Davidson Institute Working Papers Series 324, William Davidson Institute at the University of Michigan.
  5. Tran Thi, Que Giang, 2008. "The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam," Economics Papers from University Paris Dauphine 123456789/3860, Paris Dauphine University.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wbk:wbrwps:2046. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roula I. Yazigi).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.