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Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia
Author:
Mr. Juan Zalduendo null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2003: Issue 136
Language:
English
Publication Date:
01 Jun 2003
DOI:
https://doi.org/10.5089/9781451855838.001
ISBN:
9781451855838
ISSN:
1018-5941
Pages:
18
Keywords:
WP; firm; label; enterprise restructuring; ownership structure; Type A firm; corporate performance; ownership concentration; transition economies; type B firm; sector development; utility company; enterprise sector; enterprise performance; privatized firm; firm size; Privatization; Arrears; Employment; Labor productivity; Competition
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund