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Finance, Restructuring and Performance in Privatised Russian Enterprises

Author

Listed:
  • Alan A Bevan

    (Office of the Chief Economist, European Bank for Reconstruction and Development, One Exchange Square, London EC2A 2JN, UK.)

  • Julian Fennema

    (Centre for Economic Reform and Transformation, School of Management, Heriot-Watt University, Riccarton, Edinburgh EH14 4AS, UK.)

Abstract

This paper assesses the results of a major survey of privatised enterprises in Russia, examining the financial environment in which firms operate. We find that the three sources of finance analysed (the domestic banking sector, the state and equity markets) are strongly influenced by the industry, size and region of the firm and that of these short-term bank lending is the dominant source of external finance. We find evidence to suggest that the observed financial constraints do not impede restructuring activity but do have a negative impact on the level of investment and the use of monetary surrogates. We conclude that further development of the financial sector is critical to long-term investment and the maintenance of economic growth in Russia. Comparative Economic Studies (2003) 45, 117–147. doi:10.1057/palgrave.ces.8100012

Suggested Citation

  • Alan A Bevan & Julian Fennema, 2003. "Finance, Restructuring and Performance in Privatised Russian Enterprises," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 45(2), pages 117-147, June.
    • Handle: RePEc:pal:compes:v:45:y:2003:i:2:p:117-147
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    Cited by:

    1. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
    2. Leppänen, Simo & Linden, Mikael & Solanko, Laura, 2009. "Firm behavior under production uncertainty: Evidence from Russia," BOFIT Discussion Papers 16/2009, Bank of Finland Institute for Emerging Economies (BOFIT).
    3. Olivier Blanchard & Michael Kremer, 1997. "Disorganization," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(4), pages 1091-1126.
    4. Leppänen, Simo & Linden, Mikael & Solanko, Laura, 2009. "Firm behavior under production uncertainty : Evidence from Russia," BOFIT Discussion Papers 16/2009, Bank of Finland, Institute for Economies in Transition.
    5. repec:zbw:bofitp:2009_016 is not listed on IDEAS

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