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Ownership structure and enterprise restructuring in six newly independent states, Volume 1
Author:Djankov, Simeon; Country:Moldova; Georgia; Kazakhstan; Ukraine; Kyrgyz Republic; Russian Federation;
Date Stored:2001/04/25Document Date:1999/02/28
Document Type:Policy Research Working PaperSubTopics:International Terrorism & Counterterrorism; Financial Crisis Management & Restructuring; Economic Theory & Research; Banks & Banking Reform; Small and Medium Size Enterprises; Municipal Financial Management
Language:EnglishMajor Sector:(Historic)Private Sector Development
Region:Europe and Central AsiaReport Number:WPS2047
Sub Sectors:Privatization-DVCollection Title:Policy, Research working paper ; no. WPS 2047
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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