Employee Buyouts and the Transformation of Russian Industry

Trevor Buck, Igor Filatotchev and Mike Wright

Comparative Economic Studies, 1994, vol. 36, issue 2, 15 pages

Abstract: Employee buyout, the main privatization vehicle for large Russian industrial enterprises, has been widely critized because it provides no new funds for investment, produces sub-optimal decisions in terms of operations and strategy, and results in faulty corporate governance. While our study confirms these features, our analysis suggests that employee buyout offers a major advantage as a versatile structure that can change over time to produce a genuine industrial transformation.

Date: 1994
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