During the transition from plan to market, managers and politicians succeeded in maintaining control of large parts of … ability to influence law enforcement. Our econometric results, for about 950 firms in five transition economies, provide …

loans compared to the social optimum. Finally, we analyse how bank competition affects the firms' restructuring effort. We … find that restructuring has positive externalities that give rise to multiple equilibria, with either much or little … restructuring activity. …

Banks play a central role in financing and monitoring firms in transition economies. This study examines how bank … competition affects the efficiency of credit allocation; monitoring of firms; and the firms' restructuring effort. In our model … though it lowers its expected profits. Furthermore, competition has a positive impact on the firms restructuring efforts …

Several studies stressed that contrary to initial expectations, state-owned firms at the beginning of transition … transition can be interpreted as a signal directed to the banking sector in order to obtain more favourable financing conditions … for the subsequent process of restructuring. The conclusions are strongly supported by Polish firm level empirical …

This Paper examines the restructuring of state assets in markets deregulated by privatizations and investment … acquiring firm: A restructuring firm only takes into account how much its own profit will increase. The government internalizes … that restructuring increases the sales price not only due to the increase in the acquirer's profit, but also due to a …

Given the concern about restructuring and the role of insiders during the transition, we analyse the determinants of … restructuring. The models, however, underestimate the power of (elite) managers to restrain worker demands and overestimate this …

sector and capital market development, on economic growth in transition economies. Mass privatization is found to be the only …

The behaviour of an oligopolistic industry in a transition economy is analysed, assuming that the firms are labour …

adjustments have become more sensitive to adjustment costs during the transition, but worker and manager ownership are associated …