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. Journal of International Business Studies (2008) 39, 725–746. doi:10.1057/palgrave.jibs.8400379
Year of publication: |
2008
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Authors: | Domadenik, Polona ; Prašnikar, Janez ; Svejnar, Jan |
Published in: |
Journal of International Business Studies. - Palgrave Macmillan, ISSN 0047-2506. - Vol. 39.2008, 4, p. 725-746
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Publisher: |
Palgrave Macmillan |
Saved in:
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