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Channels of restructuring in privatized Czech companies
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Fidrmuc, Jana P. (2007) Channels of restructuring in privatized Czech companies. Economics of Transition, Volume 15 (Number 2). pp. 309-339. doi:10.1111/j.1468-0351.2007.00287.x ISSN 0967-0750.
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Official URL: http://dx.doi.org/10.1111/j.1468-0351.2007.00287.x
Abstract
The main contribution of this paper to the literature on restructuring in the transition economies of Central and Eastern Europe is the analysis of productivity-growth effects for different channels of restructuring. It examines a panel of 737 voucher-privatized Czech companies in the first years after the transfer of ownership (between 1993 and 1998). The results indicate that asset sales and employee incentives serve as restructuring channels through which productivity of the privatized companies increases. The analysis also indicates that capital expenditures, labour shedding and CEO replacements are not significantly correlated to productivity growth. Furthermore, the analysis suggests that the availability of bank loans is positively associated with productivity growth, but not for less profitable firms. This provides some evidence in support of soft budget constraints accommodated via bank lending.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Economics of Transition | ||||
Publisher: | Blackwell Publishing | ||||
ISSN: | 0967-0750 | ||||
Official Date: | April 2007 | ||||
Dates: |
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Volume: | Volume 15 | ||||
Number: | Number 2 | ||||
Number of Pages: | 31 | ||||
Page Range: | pp. 309-339 | ||||
DOI: | 10.1111/j.1468-0351.2007.00287.x | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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