This paper analyses the ownership structure emerging from the Russian privatization process, using information from a … of owners: the state, workers, managers, and outside investors (of which we consider several types). Our empirical … privatization methods for ownership structure, on the incidence of non-voting and voting shares, and on the extent of concentration …

how deregulation affects corporate structure. In the benchmark case where the government maximizes privatization proceeds … concentration. When political objectives are added to the analysis, it is shown that lobbying with managers induces levels of …

We present evidence of major adjustment efforts in the State sector in Poland well before privatization. Extensive … survey evidence is used both to establish this point and to find an answer to the question why managers instigated such …

performance after privatization in the Czech Republic. We find weak evidence for the presence of managerial incentives: only in … 1997, three to four years after privatization, does poor performance significantly increase the probability of managerial …

. Contrary to initial expectations, managers of SOEs have engaged in significant adjustment activities. We argue that such …

Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership …

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …