Restructuring of firms in transition: ownership, institutions and openness to trade

• 成果类型: Article
• 署名作者: Domadenik, Polona; Prasnikar, Janez; Svejnar, Jan
• 署名单位: University of Michigan System; University of Michigan; University of Ljubljana; University of Ljubljana
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/palgrave.jibs.8400379
• 发表日期: 2008
• 页码: 725-746
• 关键词: transition; R&D investment; firms in transition; employee ownership and control; institutions; openness

摘要

We develop a theoretical framework for defensive and strategic restructuring, and provide estimates of restructuring in privatized firms in an advanced transition economy: Slovenia. Our rich data point to both types of restructuring, as well credit rationing and bargaining with respect to investment. Privatized firms display profit-maximizing behavior, and a firm's export orientation and institutional features, such as insider vs outsider privatization, employee ownership, and employee control, do not affect the firm's employment and investment behavior. The results suggest that a major exposure to world competition induces similar economic behavior in firms with different structural and institutional characteristics.