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Synopsis

The most intensive area of empirical research on transition countries has been the examination of enterprise-level data to ascertain whether enterprises have responded productively to changes in ownership. The authors identify more than 125 empirical studies that examine the determinants of enterprise restructuring using sound methodologies applied to data generated at the enterprise level. This report provides an overall assessment of the evidence generated by these studies. The authors adopt a relatively informal approach to presenting statistical results. The report is presented as follows: Section 2 discusses the general context of the studies included in the assessment and defines terms used throughout the report. Section 3 assesses the evidence on whether state-owned or privatized firms undertake more economic restructuring. Section 4 studies the effects of restructuring of different types of owners (such as foreigners or workers). Section 5 focuses on the role of managers, analyzing whether the strengthening of managerial incentives is sufficient to produce turnaround or whether management turnover is required. Section 6 analyzes the effect of greater discipline in the government ' s reaction to enterprises in distress (usually referred to as the hardening of soft-budget restraints). Section 7 examines how variations in product market competition affect enterprise restructuring. Section 8 examines the role of the institutional and legal framework. Section 9 is a summary.

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