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Restructuring outcomes and the evolution of ownership patterns in Central and Eastern Europe

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  • Wendy Carlin
  • Philippe Aghion

Abstract

This paper begins from the proposition that ‘deep restructuring’ requires both finance and managerial expertise. It addresses the question of how this second stage of enterprise restructuring will come about in the majority of state‐owned or former state‐owned firms that are not owned by foreigners. In particular, it seeks to identify how the initial post‐privatization ownership and control structure impinges on the likelihood that deep restructuring takes place. Conclusions for the design of privatization policy are drawn. The initial post‐privatization ownership structures in the Visegrad countries and Russia are surveyed along with evidence of the transfer of ownership from insiders to outsiders.

Suggested Citation

  • Wendy Carlin & Philippe Aghion, 1996. "Restructuring outcomes and the evolution of ownership patterns in Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 371-388, October.
    • Handle: RePEc:bla:etrans:v:4:y:1996:i:2:p:371-388
    DOI: 10.1111/j.1468-0351.1996.tb00178.x
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    References listed on IDEAS

    as
    1. Marcincin, Anton & van Wijnbergen, Sweder, 1995. "Voucher Privatization, Corporate Control and the Cost of Capital: An Analysis of the Czech Privatization Programme," CEPR Discussion Papers 1215, C.E.P.R. Discussion Papers.
    2. Aghion, Philippe & Tirole, Jean, 1997. "Formal and Real Authority in Organizations," Journal of Political Economy, University of Chicago Press, vol. 105(1), pages 1-29, February.
    3. repec:ner:ucllon:http://discovery.ucl.ac.uk/17678/ is not listed on IDEAS
    4. Aghion, P. & Bolton, P. & Fries, S., 1996. "Financial Restructuring in Transition Economies," Discussion Paper 1996-111, Tilburg University, Center for Economic Research.
    5. Carlin Wendy & Mayer Colin, 1995. "Structure and Ownership of East German Enterprises," Journal of the Japanese and International Economies, Elsevier, vol. 9(4), pages 426-453, December.
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