Frydman, R.; Gray, C.; Hessel, M.; Rapaczynski, A. - C.V. Starr Center for Applied Economics, Department of … - 2000
This paper argues that the imposition of financial discipline is not sufficient to remedy ownership and governance …-related deficiencies of corporate performance. Using evidence from the postcommunist transition economies, the paper shows that a policy of … hard budget constraints falters when state firms, because of inferior revenue performance and lesser willingness to meet …