Download or read book Restructuring of Insider dominated Firms written by Simeon Djankov and published by World Bank Publications. This book was released on 1999 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of different modalities of privatization to insiders on the restructuring process in two former Soviet republics - Georgia and Moldova - using enterprise survey data for 1995-97. Enterprise restructuring was similar in companies where incumbent managers received significant ownership stakes for free and in state-owned companies. In contrast, the restructuring process was faster in companies bought by their managers. We interpret these results to suggest that managers' incentives to restructure decrease when they perceive their newly acquired ownership as a windfall gain.
Download or read book Restructuring of Insider Dominated Firms written by Simeon Djankov and published by . This book was released on 2016 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: In two former Soviet republics, restructuring was faster in privatized companies that were bought by their managers than it was in companies in which managers received significant ownership stakes for free. Managers' incentives to restructure decrease when they regard their newly acquired ownership as a windfall gain. Using enterprise survey data for 1995-97, Djankov studies and compares how different modes of privatizing to insiders affect enterprise restructuring in two former Soviet republics, Georgia and Moldova.Restructuring in companies in which incumbent managers received significant ownership stakes for free was similar to that in companies that were still state-owned. By contrast, restructuring was faster in companies bought by their managers. Djankov interprets these results as suggesting that managers' incentives to restructure decrease when they regard their newly acquired ownership as a windfall gain.This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study the restructuring process in transition economies.
Download or read book Enterprise Restructuring and Unemployment in Models of Transition written by Simon Commander and published by World Bank Publications. This book was released on 1998-01-01 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is primarily concerned with the first key component of transition: restructuringthe changing behavior of firms and their complex interaction with the labor market, most particularly with unemployment. Chapter 1 gives an overview of firm behavior, restructuring, and the labor market in the transition. Chapter 2 focuses on the effect of output, ownership, and legal form on employment and wages in Central European firms. Chapter 3 explores employment and wage setting in three stages of Hungary's labor market transition. Chapter 4 considers enterprises in the Polish transition. Chapter 5 explains labor market flows in the midst of structural change. Chapter 6 explores the role of unemployment and restructuring in the transition, and chapter 7 presents a numerical model of transition. Emphasis is placed on the Czech and Slovak Republics, Bulgaria, Hungary, Poland, and Russia.
Download or read book Corporate Governance Lessons from Transition Economy Reforms written by Merritt B. Fox and published by Princeton University Press. This book was released on 2021-04-13 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Lessons from Transition Economy Reforms explores a timely topic at the intersection of economics, law, and policy reform. To date, most sophisticated theoretical work on corporate governance has focused on advanced market economies. In post-socialist countries, corporate finance and transition economics scholars have often done little more than convey the received theory to transition policymakers. This volume focuses, for the first time, on the reverse concern: what, if anything, do the reform experiences of transition countries teach about corporate governance theory more generally? To investigate this question, Merritt Fox and Michael Heller have assembled a stellar group of corporate governance theorists. The answers are startling. The principal essays approach the problem from three complementary perspectives that form the organizing themes of the book. The first part refines core corporate theory terms. The second presents important empirical work that explores the channels through which "good corporate governance" may link to the real economy. The final part links corporate governance theory to practical reforms. After fifteen years of experience, practice can now inform theory. Together, these essays present a comprehensive new view on a provocative theme. Written in an accessible style, they will be of interest to a broad range of scholars, commentators, and policymakers.
Download or read book Privatization in Competitive Sectors written by Sunita Kikeri and published by World Bank Publications. This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Financial Economics of Privatization written by William L. Megginson and published by Oxford University Press. This book was released on 2005-01-13 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.
Download or read book Corporate Governance written by Kevin Keasey and published by John Wiley & Sons. This book was released on 2005-05-05 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decade since the publication of the Cadbury Report in1992 has seen growing interest in corporate governance. This growth has recently become an explosion with major corporate scandals such as WorldCom and Enron in the US, the international diffusion of corporate governance codes and wider interest in researching corporate governance in different institutional contexts and through different subject lenses. In view of these developments, this book will be a rigorous update and development of the editor’s earlier work, Corporate Governance: Economic, Management and Financial Issues. Each chapter, written by an expert in the subject offers a high level review of the topic, embracing material from financial accounting, strategy and economic perspectives.
Download or read book Transition and Beyond written by S. Estrin and published by Springer. This book was released on 2007-08-10 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers a wide variety of aspects of transition in Central and Southeast Europe and the CIS, including the socialist legacy, privatization and growth, skills, and banking reforms. It also covers the evolution of the global economy beyond transition, looking at complexity, risk management, the optimal transition path, and globalization.
Download or read book The Oxford Handbook of International Business written by Alan M. Rugman and published by Oxford University Press, USA. This book was released on 2003 with total page 902 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook synthesises some literature of the last 40 years in 28 chapters. The coverage is split into the following areas : the history and theory of the multinational enterprise; the political and policy environment of international business.
Download or read book Annual World Bank Conference on Development Economics Regional 2007 written by François Bourguignon and published by World Bank Publications. This book was released on 2007-01-01 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Development Finance (GDF), is the World Bank's annual review of recent trends in and prospects for financial flows to developing countries. It is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. Vol I: Analysis and Outlook reviews recent trends in financial flows to developing countries. Also available as a two volume set, Vol II. Summary and Country Tables* includes comprehensive data for 138 countries, as well as summary data for regions and income groups.
Download or read book Structural Adjustment in the Transition written by Paul Siegelbaum and published by World Bank Publications. This book was released on 2002-01-01 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation The study reviews the transition efforts of four countries - Albania, Azerbaijan, Kyrgyz Republic, and Moldova, to develop recommendations, which may benefit countries in future transition efforts. These countries have been unable to overcome obstacles to achieve any sustainable success in terms of growth or poverty reduction.
Download or read book Too Few Women at the Top written by Kumiko Nemoto and published by Cornell University Press. This book was released on 2016-08-03 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number of women in positions of power and authority in Japanese companies has remained small despite the increase in the number of educated women and the passage of legislation on gender equality. In Too Few Women at the Top, Kumiko Nemoto draws on theoretical insights regarding Japan’s coordinated capitalism and institutional stasis to challenge claims that the surge in women’s education and employment will logically lead to the decline of gender inequality and eventually improve women’s status in the Japanese workplace. Nemoto’s interviews with diverse groups of workers at three Japanese financial companies and two cosmetics companies in Tokyo reveal the persistence of vertical sex segregation as a cost-saving measure by Japanese companies. Women’s advancement is impeded by customs including seniority pay and promotion, track-based hiring of women, long working hours, and the absence of women leaders. Nemoto contends that an improvement in gender equality in the corporate system will require that Japan fundamentally depart from its postwar methods of business management. Only when the static labor market is revitalized through adoption of new systems of cost savings, employee hiring, and rewards will Japanese women advance in their chosen professions. Comparison with the situation in the United States makes the author’s analysis of the Japanese case relevant for understanding the dynamics of the glass ceiling in U.S. workplaces as well.
Download or read book Fostering Sustainable Growth in Ukraine written by Stephan von Cramon-Taubadel and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: by Anatoliy Kinakh, Prime Minister ofUkraine After a deep and long-lasting recession, the Ukrainian economy has for the past two years demonstrated some very positive dynamics in its quantitative development indicators. This is essentially the result of reforms, which still require to be consolidated in order to engage the factors and mechanisms capable of ensuring long-term qualitative and sustainable development in our economy. How do we ensure sustainable growth, and realise the improvements in the main macroeconomic indicators together with serious and complex improvements at the micro-level, which would allow us to achieve the urgently needed shifts in the social sphere? These actual problems are the main priorities of macroeconomic policy. Furthermore, the search for solutions to these problems of our transitional economy requires profound scientific analysis. The following presentations made at the Conference on "Factors of Economic Growth in Ukraine" are serious scientific contributions by prominent economists in this field.
Download or read book Power Culture and Economic Change in Russia written by Jeffrey Hass and published by Taylor & Francis. This book was released on 2011-04-20 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advancing cutting-edge sociological theory and using unique data on everyday economic life, this book examines the centrality of power, culture, and practice in Russian post-socialist change - and provides a framework for addressing general economic change. The book is aimed to faculty and students in sociology, political science, economics, and area studies.
Download or read book Restructuring and Taxation in Transition Economies written by and published by World Bank Publications. This book was released on with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Transition the First Ten Years written by Pradeep Mitra and published by World Bank Publications. This book was released on 2002 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: The wide variation in transition economies raises questions about differences in economic growth, the applicability of transition policies, and the advantages of economic reform. This report seeks to answer these questions.
Download or read book Time to Rethink Privatization in Transition Economies written by John R. Nellis and published by World Bank Publications. This book was released on 1999-01-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Discussion Paper No. 38.QUOTEIt is now universally acknowledged that ownership matters; that private ownership in and of itself is a major determinant of good performance in firms... Decent economic policy and well-functioning legal and administrative institutions... matter greatly as well.QUOTEThis paper looks at what happens when the shift to private ownership gets far out in front of the effort to build the institutional underpinnings of a capitalist economy. The emphasis is on what went wrong and why and what, if anything, can be done to be correct it. Proposals include renationalization and/or postponement of further privatization, both to be accompanied by measures to strengthen the managerial capacities of the state. Neither approach seems likely to produce short-term improvements. The regrettable fact is that governments that botch privatization are equally likely to botch the management of state-owned firms. In a number of Central European transition countries, privatization is living up to expectations; and there is no need for such measures. For institutionally-weak countries, the less dramatic but reasonable short-term course of action is to push ahead more slowly with case- by-case and tender privatization in cooperation with the international assistance community in hopes of producing some success stories that will lead by example.
