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Are oligarchs productive? Theory and evidence

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Author Info
Gorodnichenko, Yuriy
Grygorenko, Yegor

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Abstract

This paper develops a partial equilibrium model to account for stylized facts about the behavior of oligarchs, politically and economically strong conglomerates, in transition and developing countries. The model predicts that oligarchs are more likely than other owners to invest in productivity enhancing projects and to vertically integrate firms to capture the gains from possible synergies and, thus, oligarchs can be productive. Using a unique data set comprising almost 2000 Ukrainian open joint stock companies, the paper tests empirical implications of the model. In contrast to commonly held views, econometric results suggest that, after controlling for endogeneity of ownership, oligarchs can improve the performance of the firms they own relative to other firms. Journal of Comparative Economics 36 (1) (2008) 17-42.

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Publisher Info
Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 36 (2008)
Issue (Month): 1 (March)
Pages: 17-42
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Handle: RePEc:eee:jcecon:v:36:y:2008:i:1:p:17-42

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Web page: http://www.elsevier.com/locate/inca/622864

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Guriev, Sergei & Rachinsky, Andrei, 2006. "The Evolution of Personal Wealth in the Former Soviet Union and Central and Eastern Europe," Working Papers RP2006/120, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
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