Worlwide, evidence is increasing that privatization improves firm performance. But in some institutionally-weak transition economies, ownership change has so far not delivered on its promise. Why? Mass and rapid privatization shcmes turned over mediocre assets to people lacking the incentives,...

The study reported here concentrates on a particular form of international corporate entry into developing countries : cross-border joint ventures (JVs). Although offering a variety of positive incentives, ranging in principle from the reduction of financial exposure to the acquisition of...

Hyper-inflation can have a severe distortionary effect of the pattern of corporate finance which is apparent from comparny accounts. A simple algorithm, based upon the method of inflation accounting applied in Brazil, is developed and applied to the accounts of Turkish listed companies for the...

The development of the small and medium enterprise sector is believed to be crucial for economic growth and poverty alleviation. Those who seek to develop the sector must consent with the general perception that small- and medium-scale enterprises are at a disadvantage compared with larger...

This paper investigates the economic rationale for intervention in support of small- and medium-scale enterprises, on both theoretical and empirical grounds. It argues that the justification for SME interventions lies in market and institutional failures that bias the size distribution of firms,...