We examine financial constraints and forms of finance used for investment, byanalysing survey data on 157 large privatised companies in Hungary and Poland for theperiod 1998 – 2000. The Bayesian analysis using Gibbs sampling is carried out toobtain inferences about the sample companies’...

This paper examines the determinants of short-term wage dynamics, using asample of large Hungarian companies for the period of 1996-1999. We test thebasic implications of an efficient contract model of bargaining between theincumbent employees and the managers, which we are unable to reject....

Using panel data on large Polish firms this paper examines the relationship between corporatecontrol structures, sales growth and the determinants of employment change during the period 1996-2002. We find that privatised and de novo firms are the main drivers of employment growth andthat, in the...

This paper presents a case study based on a full dataset related to 31 companies operating in thePolish beer industry during the 1990’s. It discusses the impact of privatisation and of secondaryownership transfers on market outcomes. It confirms the critical role played by foreign...

We extend agency theory to propose that structural reform positively impacts firm profitability indeveloping countries because the improvements in external monitoring that accompany structuralreform decrease the agency costs faced by firms. However, we also argue that not all firmsbenefit...

This paper uses a unique data set containing detailed micro-information on organisations, managers, workers and volunteers belonging to public, private forprofit and private nonprofit institutions delivering social services in Italy. The analysis aims to estimate the determinants of wages across...

Financial constraints are frictions that prevent firms from funding all desired investments, which might affect firm value and aggregate economic activity. We investigate whether and how bank governance, especially private vs. non-private bank ownership, affects financial constraints of small...

One-shot interaction and repeated interaction often co-exist in the real world. We study possible behavioral effects of this co-existence in a principal-agent setting, in which a principal simultaneously employs a permanent and a temporary agent. Our experimental results indicate that there is...