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Divestitures, privatization and corporate performance in emerging markets

Hanousek, Jan; Kočenda, Evžen; Svejnar, Jan - 2009

We use new firm-level data to examine the effects of firm divestitures and privatization on corporate performance in a … rapidly emerging market economy. Unlike the existing literature, we control for accompanying ownership changes and the fact …'s profitability but do not alter its scale of operations, while the effect of privatization depends on the resulting ownership …

Persistent link: https://www.econbiz.de/10009477561

Spinoffs, Privatization and Corporate Performance in Emerging Markets

Hanousek, Jan; Kocenda, Evzen; Svejnar, Jan - EconWPA - 2004

We use new firm-level data to examine the effects of spinoffs and privatization on corporate performance in a rapidly … control for accompanying ownership changes and the fact that spinoffs and ownership are endogenous variables. We find that … spinoffs increase the firmâ€™s profitability but do not alter its scale of operations, while the effect of privatization …

Persistent link: https://www.econbiz.de/10005077066

Do Institutions, Ownership, Exporting and Competition Explain Firm Performance? Evidence from 26 Transition Countries

Commander, Simon; Svejnar, Jan - Institute for the Study of Labor (IZA) - 2007

We analyze a large stratified random sample of firms that provide us with measures of performance and each firm’s top manager’s perception of the severity of business environment constraints faced by his/her firm. Unlike most existing studies that rely on external and aggregated proxy...

Persistent link: https://www.econbiz.de/10005822639

Investment, Credit Rationing, and the Soft Budget Constraint : Evidence from Czech Panel Data

Svejnar, Jan - 2002

Strategic restructuring of firms through investment is key to a transition from plan to market. Using data on industrial firms in the Czech Republic during 1992-98, we find that (a) foreign owned companies invest the most and cooperatives the least, (b) private firms do not invest more than...

Persistent link: https://www.econbiz.de/10012787425

Investment, Credit Rationing, and the Soft Budget Constraint : Evidence from Czech Panel Data

Svejnar, Jan - 2001

Persistent link: https://www.econbiz.de/10012742601

Financial Conditions and Investment During the Transition : Evidence from Czech Firms

Lizal, Lubomir - 2000

In this paper, we examine net investment during the early stages of transition using micro data on the population of medium and large industrial firms in the Czech Republic during the 1992-95 period. We examine the relevance of alternative models of investment and test if investment behavior...

Persistent link: https://www.econbiz.de/10012743182

Legal Corruption, Politically Connected Corporate Governance and Firm Performance

Domadenik, Polona; Prašnikar, Janez; Svejnar, Jan - Institute for the Study of Labor (IZA) - 2014

In this paper we present and test a theory of how political corruption, found in many transition and emerging market economies, affects corporate governance and productive efficiency of firms. Our model predicts that underdeveloped democratic institutions that do not punish political corruption...

Persistent link: https://www.econbiz.de/10010884312

Self-Fulfilling Credit Market Freezes

Bebchuk, Lucian; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2010

This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain...

Persistent link: https://www.econbiz.de/10008635935

Regulatory Agencies: Impact on Firm Performance and Social Welfare

Estache, Antonio; A. Rossi, Martin - European Centre for Advanced Research in Economics and … - 2009

We explore the relation between the establishment of a regulatory agency and the performance of the electricity sector. We exploit a dataset comprising firmlevel information on a representative sample of 220 electric utilities from 51 development countries for the period 1985 to 2005. Our...

Persistent link: https://www.econbiz.de/10005827110

Bidders' Entry and Auctioneers' Rejection: Applying a Double Selection Model to Road Procurement Auctions

Estache, Antonio; Iimi, A. - European Centre for Advanced Research in Economics and … - 2009

Limited competition has been a serious concern in infrastructure procurement. Importantly, however, there are normally a number of potential bidders initially showing interest in proposed projects. This paper focuses on tackling the question why these initially interested bidders fade out. An...

Persistent link: https://www.econbiz.de/10005827114