Enterprise Isolation Programs in Transition Economies PDF Download

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Enterprise Isolation Programs in Transition Economies

Enterprise Isolation Programs in Transition Economies PDF Author: Simeon Djankov
Publisher: World Bank Publications
ISBN:
Category : Bankruptcy
Languages : en
Pages : 21

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Book Description
I provide the first comprehensive analysis of isolation programs for financially distressed firms in transition economies. The study is based on empirical evidence from the Romanian program. The results indicate that the isolation program did not deliver any tangible improvements in operational performance, nor did it enhance the process of privatization or liquidation of large loss-making enterprises. I also show that firms included in the program faced softer budget constraints than their comparators outside the program. These findings question the feasibility of creating special programs for enterprise restructuring and privatization under government auspices.