EconPapers    
Economics at your fingertips  
 

The restructuring of insider‐dominated firms: A comparative analysis

Simeon Djankov ()

The Economics of Transition, 1999, vol. 7, issue 2, 467-479

Abstract: We study the effects of different modalities of privatization to insiders on the restructuring process in two former Soviet republics ‐ Georgia and Moldova ‐using enterprise survey data for 1995‐97. Enterprise restructuring was similar in companies where incumbent managers received significant ownership stakes for free and in state‐owned companies. In contrast, the restructuring process was faster in companies bought by their managers. We interpret these results to suggest that managers' incentives to restructure decrease when they perceive their newly acquired ownership as a windfall gain.

Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed

Downloads: (external link)
https://doi.org/10.1111/1468-0351.00021

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:etrans:v:7:y:1999:i:2:p:467-479

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0967-0750

Access Statistics for this article

The Economics of Transition is currently edited by Philippe Aghion and Wendy Carlin

More articles in The Economics of Transition from The European Bank for Reconstruction and Development Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().

 
Page updated 2019-10-12
Handle: RePEc:bla:etrans:v:7:y:1999:i:2:p:467-479