Privatization in Estonia has produced varied ownership configurations. This enables hypotheses on the productivity effects of different ownership forms to be tested. Findings are based on fixed-effects production function models and are estimated using a large, random sample of firms. Depending...

Rich panel data for a large and representative sample of Estonian firms are used to estimate the sensitivity of access to capital to differing ownership structures. This is done through explicitly modelling firm investment behaviour in a dynamic setting in the presence of adjustment costs,...