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The restructuring of insider‐dominated firms: A comparative analysis

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  • Simeon Djankov

Abstract

We study the effects of different modalities of privatization to insiders on the restructuring process in two former Soviet republics ‐ Georgia and Moldova ‐using enterprise survey data for 1995‐97. Enterprise restructuring was similar in companies where incumbent managers received significant ownership stakes for free and in state‐owned companies. In contrast, the restructuring process was faster in companies bought by their managers. We interpret these results to suggest that managers' incentives to restructure decrease when they perceive their newly acquired ownership as a windfall gain.

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  • Simeon Djankov, 1999. "The restructuring of insider‐dominated firms: A comparative analysis," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(2), pages 467-479, July.
    • Handle: RePEc:bla:etrans:v:7:y:1999:i:2:p:467-479
    DOI: 10.1111/1468-0351.00021
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    1. repec:dau:papers:123456789/3860 is not listed on IDEAS
    2. Bersant Hobdari & Aleksandra Gregoric & Evis Sinani, 2011. "The role of firm ownership on internationalization: evidence from two transition economies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(3), pages 393-413, August.
    3. Bersant Hobdari, 2008. "Insider Ownership and Capital Constraints: An Empirical Investigation of the Credit Rationing Hypothesis in Estonia," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(6), pages 536-549, November.
    4. Balázs Égert & Antoine Goujard, 2014. "Strengthening Competition in Poland," OECD Economics Department Working Papers 1125, OECD Publishing.
    5. Ichiro IWASAKI & Satoshi MIZOBATA, 2018. "Post-Privatization Ownership And Firm Performance: A Large Meta-Analysis Of The Transition Literature," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(2), pages 263-322, June.
    6. Evgeni Peev, 2001. "Corporate Governance Transformation in Transition Economies: Evidence from Bulgaria," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(2), pages 289-300.
    7. Victoria Golikova & Boris Kuznetsov, 2017. "Suboptimal Size: Factors Preventing the Growth of Russian Small and Medium-Sized Enterprises," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 11(3), pages 83-93.
    8. Jiménez, Alfredo & Lupton, Nathaniel C., 2021. "Terrorism hazard and infrastructure projects: The moderating role of home experience and institutions," Journal of Business Research, Elsevier, vol. 135(C), pages 721-730.
    9. Nebojsa Stojcic, 2012. "Patterns And Determinants Of Enterprise Restructuring In Central And East European Countries," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 21(2), pages 429-456, december.

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