The transition literature on the comparison of restructuring prior to privatization has been
theoretically well-researched, yet the empirical evidence is quite limited. Macedonia is a unique
case among transition economies, as a large number of break-ups occurred at the beginning of
privatization and virtually no study has dealt with the Macedonian economy at all. Using firmlevel
data, we estimate the effects of the break-ups of enterprises on the subsequent performance
of the “master enterprises” and spun-off divisions during the period of privatization. We
estimate the performance effects by comparing the performance of enterprises that remained
intact to the performance of enterprises that experienced spin-offs and the newly established
subsidiaries. The goal is to provide empirical evidence of the effect of pre-privatization
restructuring. Our results suggest that the break-ups were not guided by efficiency or
performance goals but rather managerial self-interest.
Ključne reči :
Tematska oblast:
Uvodni rad:
Da
Datum:
14.06.2011.
Br. otvaranja:
634
