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Debt Workout and Enterprise Performance in Bulgaria:

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  • R. Dobrinsky
  • N. Dochev
  • B. Nikolov

Abstract

This paper examines one specific aspect of the Bulgarian debt workout, namely its impact on the behaviour and performance of the enterprises which were covered in the program. In pursuing this goal we have followed two main lines of research. First, an attempt is made to evaluate the overall effect of the program on enterprise performance on the basis of a comprehensive data base containing individual enterprise balance sheet data for the public sector of the Bulgarian economy. By comparing the financial results of the enterprises covered in the program to the results of other enterprises (not included in the program) we seek to reveal whether granting financial relief to a selected category of state-owned enterprises (SOEs) resulted in positive changes in their performance. Second, a special survey was designed and carried out among the enterprises covered in the debt workout program. The survey made it possible to obtain a more in-depth insight of the impact of the debt workout on the behaviour and performance of individual enterprises as well as of the perception of enterprise managers on its efficiency.

Suggested Citation

  • R. Dobrinsky & N. Dochev & B. Nikolov, 1997. "Debt Workout and Enterprise Performance in Bulgaria:," CERT Discussion Papers 9715, Centre for Economic Reform and Transformation, Heriot Watt University.
  • Handle: RePEc:hwe:certdp:9715
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    References listed on IDEAS

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    1. M. Dewatripont & E. Maskin, 1995. "Credit and Efficiency in Centralized and Decentralized Economies," Review of Economic Studies, Oxford University Press, vol. 62(4), pages 541-555.
    2. David Begg & Richard Portes, 1993. "Enterprise debt and economic transformation (Financial restructuring of the state sector in Central and Eastern Europe)," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 1(1), pages 116-117, January.
    3. Székely, Istvan P., 1993. "Economic Transformation and the Reform of the Financial System in Central and Eastern Europe," CEPR Discussion Papers 816, C.E.P.R. Discussion Papers.
    4. Schaffer, Mark E, 1995. "Government Subsidies to Enterprises in Central and Eastern Europe: Budgetary Subsidies and Tax Arrears," CEPR Discussion Papers 1144, C.E.P.R. Discussion Papers.
    5. M Belka & S Estrin & M Schaffer & I.J. Singh, 1995. "Enterprise Adjustment in Poland: Evidence from a Survey of 200 Private," CEP Discussion Papers dp0233, Centre for Economic Performance, LSE.
    6. 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.
    7. Dittus Peter, 1994. "Bank Reform and Behavior in Central Europe," Journal of Comparative Economics, Elsevier, vol. 19(3), pages 335-361, December.
    8. Rumen Dobrinsky, 1996. "Enterprise restructuring and adjustment in the transition to market economy: lessons from the experience of Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 389-410, October.
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