Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia

June 1, 2003

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper reviews developments in corporate performance in the FYR Macedonia during the 1990s. The paper finds substantial differences in performance between surviving old firms and nimbler new ones. The paper reviews factors that facilitated restructuring among surviving firms, and concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance. The paper also 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.

Subject: 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

Pages:
18
Volume:
2003
DOI:
https://doi.org/10.5089/9781451855838.001
Issue:
136
Series:
Working Paper No. 2003/136
Stock No:
WPIEA1362003
ISBN:
9781451855838
ISSN:
1018-5941

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