Ownership structure and enterprise restructuring in six newly independent states

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Ownership structure and enterprise restructuring in six newly independent states, Volume 1

Author:	Djankov, Simeon;	Collection Title:	Policy, Research working paper ; no. WPS 2047
Country:	Moldova; Georgia; Kazakhstan; Ukraine; Kyrgyz Republic; Russian Federation;	Date Stored:	2001/04/25
Document Date:	1999/02/28	Document Type:	Policy Research Working Paper
Language:	English	Major Sector:	(Historic)Private Sector Development
Region:	Europe and Central Asia	Report Number:	WPS2047
Sub Sectors:	Privatization-DV	SubTopics:	International Terrorism & Counterterrorism; Financial Crisis Management & Restructuring; Economic Theory & Research; Banks & Banking Reform; Small and Medium Size Enterprises; Municipal Financial Management
Volume No:	1

Summary: The author investigates the relationship between ownership structure and enterprise restructuring in six newly independent states: Georgia, Kazakstan, the Kyrgyz Republic, Moldova, Russia, and Ukraine. He documents the changing pattern of ownership in 960 privatized manufacturing companies from 1995-97. There are large differences in ownership structure across countries, differences that seem to be determined by the method of privatization pursued. Enterprises in countries where the privatization programs favored incumbent managers (Georgia and Ukraine) ended with heavy ownership by managers (an average 53.6 percent and 46.2 percent respectively). Countries that used mainly the mass privatization approach (Kazakstan and the Kyrgyz Republic had the highest proportion of ownership shares held be outside investors (37 percent and 21.2 percent respectively). Foreign ownership is positively associated with enterprise restructuring at high ownership levels (above 30 percent of shares). By contrast, the relationship between management ownership by outside local investors or the state is not significantly correlated with restructuring.


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File Type		Description	File Size (mb)

	PDF 24 pages	Official version*	1.68 (approx.)
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	PDF 20 pages	WPS2047	0.06

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