Restructuring of firms in transition : ownership, institutions and openness to trade (CROSBI ID 151651)
Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Domadenik, Polona ; Prašnikar, Janez ; Svejnar, Jan
engleski
Restructuring of firms in transition : ownership, institutions and openness to trade
We develop a theoretical framework for defensive and strategic restructuring, and provide estimates of restructuring in privatized firms in an advanced transition economy: Slovenia. Our rich data point to both types of restructuring, as well credit rationing and bargaining with respect to investment. Privatized firms display profit-maximizing behavior, and a firm's export orientation and institutional features, such as insider vs outsider privatization, employee ownership, and employee control, do not affect the firm's employment and investment behavior. The results suggest that a major exposure to world competition induces similar economic behavior in firms with different structural and institutional characteristics.
transition; R&D investment; firms in transition; employee ownership and control; institutions; openness
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