Ownership structure and enterprise restructuring in six newly independent states
Simeon Djankov ()
No 2047, Policy Research Working Paper Series from The World Bank
The author investigates the relationship between ownership structure and enterprise restructuring in six newly independent states: Georgia, Kazakstan, the Kyrgyz Republic, Moldova, Russia, and Ukraine. He documents the changing pattern of ownership in 960 privatized manufacturing companies from 1995-97. There are large differences in ownership structure across countries, differences that seem to be determined by the method of privatization pursued. Enterprises in countries where the privatization programs favored incumbent managers (Georgia and Ukraine) ended with heavy ownership by managers (an average 53.6 percent and 46.2 percent respectively). Countries that used mainly the mass privatization approach (Kazakstan and the Kyrgyz Republic had the highest proportion of ownership shares held be outside investors (37 percent and 21.2 percent respectively). Foreign ownership is positively associated with enterprise restructuring at high ownership levels (above 30 percent of shares). By contrast, the relationship between management ownership by outside local investors or the state is not significantly correlated with restructuring.
Keywords: Financial Crisis Management&Restructuring; Economic Theory&Research; Banks&Banking Reform; Small and Medium Size Enterprises; International Terrorism&Counterterrorism; International Terrorism&Counterterrorism; Banks&Banking Reform; Municipal Financial Management; Financial Crisis Management&Restructuring; Economic Theory&Research (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (45) Track citations by RSS feed
Downloads: (external link)
http://www-wds.worldbank.org/external/default/WDSC ... d/PDF/multi_page.pdf (application/pdf)
Journal Article: Ownership Structure and Enterprise Restructuring in Six Newly Independent States (1999)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbrwps:2047
Access Statistics for this paper
More papers in Policy Research Working Paper Series from The World Bank 1818 H Street, N.W., Washington, DC 20433. Contact information at EDIRC.
Bibliographic data for series maintained by Roula I. Yazigi ().