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eKonferencije.com: Effect of Enterprise Break-ups on Performance: Case of Former Yugoslav Republic of Macedonia

Effect of Enterprise Break-ups on Performance: Case of Former Yugoslav Republic of Macedonia

1. Lubomir Lizal

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.

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Уводни рад: Да

Датум: 14.06.2011.

Бр. отварања: 634

REDETE 2011


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