Restructuring of insider-dominated firms
AbstractUsing 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.
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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 2046.
Date of creation: 31 Jan 1999
Date of revision:
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;
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