Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia
IMF Working Papers, June 1, 2003
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- Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia
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Bibliographic details
- Authors: Juan Zalduendo
- Published: June 1, 2003
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451855838.001
Summary and key findings
- Reviews developments in corporate performance in the FYR Macedonia during the 1990s.
- Finds substantial differences in performance between surviving old firms and nimbler new ones.
- Concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance.
- Shows that the predominance of insider privatization and the resulting low ownership concentration is one of the reasons for the poor performance of surviving firms.
Factors facilitating restructuring among surviving firms
- Private sector ownership.
- Hard budget constraints.
- Market-based economic institutions.
Performance contrast
- Surviving old firms vs. new firms: substantial differences in corporate performance (surviving old firms performed worse; new firms described as nimbler).
Subjects and keywords covered
- Subjects: Arrears, Competition, Economic sectors, Employment, External debt, Financial markets, Labor, Labor productivity, Privatization, Production.
- Keywords: Arrears, Competition, corporate performance, Employment, enterprise performance, enterprise restructuring, enterprise sector, firm, firm size, label, Labor productivity, ownership concentration, ownership structure, Privatization, privatized firm, sector development, transition economies, Type A firm, type B firm, utility company, WP.