Effect of Enterpise Break-Ups on Performance: Case of Former Yugoslav Republic of Macedonia
Lubomir Lizal and
Marko Pahor ()
CERGE-EI Working Papers from The Center for Economic Research and Graduate Education - Economics Institute, Prague
The empirical transition literature on the comparison of restructuring prior to privatization is quite limited. Macedonia is a specific case among transition economies where a large number of break-ups occurred at the beginning of privatization. Using firm-level data, we estimate the effects of the break-ups of enterprises on the subsequent performance of the “master enterprises” and spun off divisions during the period of privatization. We estimate the performance effects by comparing the performance of enterprises that remained intact to the performance of enterprises that experienced spin-offs and the newly established subsidiaries. The goal is to provide empirical evidence on the issue of the effect of pre-privatization restructuring. Our results suggest that the breakups were not guided by efficiency or performance goals but rather managerial self-interests.
JEL-codes: D21 D24 L11 P11 (search for similar items in EconPapers)
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Journal Article: The Effect of Enterprise Break-Ups on Performance. The Case of the Former Yugoslav Republic of Macedonia (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:cer:papers:wp216
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