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

_IMF Working Papers, June 1, 2003_

## Source details

**Canonical URL:** [Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia](https://www.imf.org/en/publications/wp/issues/2016/12/30/enterprise-restructuring-and-transition-evidence-from-the-former-yugoslav-republic-of-16621)

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## Bibliographic details
- Authors: Juan Zalduendo
- Published: June 1, 2003
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451855838.001

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### Summary and key findings
- Reviews developments in corporate performance in the FYR Macedonia during the 1990s.
- Finds substantial differences in performance between surviving old firms and nimbler new ones.
- Concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance.
- 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.

### Factors facilitating restructuring among surviving firms
- Private sector ownership.
- Hard budget constraints.
- Market-based economic institutions.

### Performance contrast
- Surviving old firms vs. new firms: substantial differences in corporate performance (surviving old firms performed worse; new firms described as nimbler).

### Subjects and keywords covered
- Subjects: 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.

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/enterprise-restructuring-and-transition-evidence-from-the-former-yugoslav-republic-of-16621_