Hardened Budgets and Enterprise Restructuring: Theory and an Application to Romania
Author
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Coricelli, Fabrizio & Djankov, Simeon, 2001. "Hardened Budgets and Enterprise Restructuring: Theory and an Application to Romania," Journal of Comparative Economics, Elsevier, vol. 29(4), pages 749-763, December.
References listed on IDEAS
- Simeon Djankov & Peter Murrell, 2002.
"Enterprise Restructuring in Transition: A Quantitative Survey,"
Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
- Djankov, Simeon & Murrell, Peter, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," CEPR Discussion Papers 3319, C.E.P.R. Discussion Papers.
- Kornai, Janos, 1998. "The Concept of the Soft Budget Constraint Syndrome in Economic Theory," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 11-17, March.
- Schaffer, Mark E., 1998.
"Do Firms in Transition Economies Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence,"
Journal of Comparative Economics, Elsevier, vol. 26(1), pages 80-103, March.
- Mark E. Schaffer, 1997. "Do Firms in Transition Economies have Soft Budget Constraints? A Reconsideration of the Concepts and Evidence," CERT Discussion Papers 9720, Centre for Economic Reform and Transformation, Heriot Watt University.
- Anderson, James H. & Korsun, Georges & Murrell, Peter, 2000.
"Which Enterprises (Believe They) Have Soft Budgets? Evidence on the Effects of Ownership and Decentralization in Mongolia,"
Journal of Comparative Economics, Elsevier, vol. 28(2), pages 219-246, June.
- James H. Anderson & Georges Korsun & Peter Murrell, 1998. "Which Enterprises (Believe They) Have Soft Budgets? Evidence on the Effects of Ownership and Decentralization in Mongolia," Electronic Working Papers 98-002, University of Maryland, Department of Economics.
- Li, David D. & Liang, Minsong, 1998. "Causes of the Soft Budget Constraint: Evidence on Three Explanations," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 104-116, March.
- Eric S. Maskin, 1999. "Recent Theoretical Work on the Soft Budget Constraint," American Economic Review, American Economic Association, vol. 89(2), pages 421-425, May.
- Enrico C. Perotti & Octavian Carare, 1996.
"The Evolution of Bank Credit Qulity in Transition: Theory and Evidence from Romania,"
William Davidson Institute Working Papers Series
49, William Davidson Institute at the University of Michigan.
- E.C. Perotti & O. Carare, 1997. "The Evolution of Bank Credit Quality in Transition: Theory and Evidence from Romania," CERT Discussion Papers 9702, Centre for Economic Reform and Transformation, Heriot Watt University.
- Roman Frydman & Cheryl Gray & Marek Hessel & Andrzej Rapaczynski, 1999. "When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in the Transition Economies," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(4), pages 1153-1191.
- Djankov, Simeon, 1999.
"The Enterprise Isolation Program in Romania,"
Journal of Comparative Economics, Elsevier, vol. 27(2), pages 281-293, June.
- Djankov, Simeon, 1999. "The Enterprise Isolation Programme in Romania," CEPR Discussion Papers 2131, C.E.P.R. Discussion Papers.
- Claessens,Constantijn A. & Djankov, Simeon, 1998. "Politicians and firms in seven central and eastern European countries," Policy Research Working Paper Series 1954, The World Bank.
- Andrei Shleifer & Robert W. Vishny, 1994. "Politicians and Firms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(4), pages 995-1025.
- Claessens, Stijn & Djankov, Simeon, 1999. "Enterprise performance and management turnover in the Czech Republic," European Economic Review, Elsevier, vol. 43(4-6), pages 1115-1124, April.
- Groves, Theodore & Yongmiao Hong & John McMillan & Barry Naughton, 1995. "China's Evolving Managerial Labor Market," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 873-892, August.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Kornai, János & Maskin, Eric & Roland, Gérard, 2022.
"A puha költségvetési korlát - I [The soft budget constraint I],"
Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 75-93.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2004. "A puha költségvetési korlát I [The soft budget constraint I]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 608-624.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2022. "A puha költségvetési korlát - II [The soft budget constraint II]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 94-132.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2004. "A puha költségvetési korlát - II [The soft budget constraint II]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 777-809.
- Brucker, Herbert & Schroder, Philipp J.H. & Weise, Christian, 2005.
"Can EU conditionality remedy soft budget constraints in transition countries?,"
Journal of Comparative Economics, Elsevier, vol. 33(2), pages 371-386, June.
- Herbert Brücker & Philipp J. H. Schröder & Christian Weise, 2003. "Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?," Discussion Papers of DIW Berlin 375, DIW Berlin, German Institute for Economic Research.
- Herbert Bruecker & Philipp Schroder & Christian Weise, 2004. "Can EU Conditionality Remedy Soft Budget Constraints In Transition Countries?," Royal Economic Society Annual Conference 2004 126, Royal Economic Society.
- Grosman, Anna & Leiponen, Aija, 2018. "Organizational transparency and power in firm ownership networks," Journal of Comparative Economics, Elsevier, vol. 46(4), pages 1158-1177.
- Céline Bignebat & Fabian Gouret, 2008.
"Determinants and consequences of soft budget constraints. An empirical analysis using enterprise-level data in transition countries,"
Post-Print
halshs-00308719, HAL.
- Céline Bignebat & Fabian Gouret, 2008. "Determinants and consequences of soft budget constraints. An empirical analysis using enterprise-level data in transition countries," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00308719, HAL.
- Megginson, William L., 2005. "The economics of bank privatization," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 1931-1980, August.
- Druk-Gal, Bat-Sheva & Yaari, Varda, 2006. "Incumbent employees' resistance to implementing privatization policy," Journal of Economic Behavior & Organization, Elsevier, vol. 59(3), pages 374-405, March.
- Mr. Juan Zalduendo, 2003. "Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia," IMF Working Papers 2003/136, International Monetary Fund.
- Sinani, Evis & Meyer, Klaus E., 2004. "Spillovers of technology transfer from FDI: the case of Estonia," Journal of Comparative Economics, Elsevier, vol. 32(3), pages 445-466, September.
- Changlin Luo, 2014. "Questioning the Soft Budget Constraint," Annals of Economics and Finance, Society for AEF, vol. 15(1), pages 403-412, May.
- Rizov, Marian, 2005. "Transition and enterprise restructuring: the role of budget constraints and bankruptcy costs," Economics Letters, Elsevier, vol. 86(1), pages 129-134, January.
- Toyofuku, Kenta, 2013. "Stability or restructuring? Macroeconomic dynamics under soft budget constraint problems," Economic Systems, Elsevier, vol. 37(4), pages 625-649.
- Bignebat, C. & Gouret, F., 2006. "Which Firms Have a Soft Loan ? Managers' Believes in a Cross-Country Survey in Transition Economies," Working Papers MoISA 200603, UMR MoISA : Montpellier Interdisciplinary center on Sustainable Agri-food systems (social and nutritional sciences): CIHEAM-IAMM, CIRAD, INRAE, L'Institut Agro, Montpellier SupAgro, IRD - Montpellier, France.
- Murrell, Peter, 2003.
"Firms facing new institutions: transactional governance in Romania,"
Journal of Comparative Economics, Elsevier, vol. 31(4), pages 695-714, December.
- Peter Murrell, 2003. "Firms Facing New Institutions: Transactional Governance in Romania," Electronic Working Papers 03-001, University of Maryland, Department of Economics.
- Marian Rizov, 2004. "Firm investment in transition," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(4), pages 721-746, December.
- Asaftei, Gabriel & Kumbhakar, Subal C. & Mantescu, Dorin, 2008. "Ownership, business environment and productivity change," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 498-509, September.
- Megginson, William L. & Ullah, Barkat & Wei, Zuobao, 2014. "State ownership, soft-budget constraints, and cash holdings: Evidence from China’s privatized firms," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 276-291.
- Desai, Raj M. & Olofsgard, Anders, 2006. "The political advantage of soft budget constraints," European Journal of Political Economy, Elsevier, vol. 22(2), pages 370-387, June.
- J. Kornai & E. Maskin & G. Roland, 2004.
"Understanding the Soft Budget Constraint,"
Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
- János Kornai & Eric Maskin & Gérard Roland, 2003. "Understanding the Soft Budget Constraint," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1095-1136, December.
- Janos Kornai & Eric Maskin & Gerard Roland, 2002. "Understanding the Soft Budget Constraint," Economics Working Papers 0019, Institute for Advanced Study, School of Social Science.
- Rizov, Marian, 2004. "Shift To Individual Farming And The Productivity Growth Of Transition Agriculture," 2004 Annual meeting, August 1-4, Denver, CO 20116, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Rizov, Marian, 2008. "Institutions, reform policies, and productivity growth in agriculture: Evidence from former communist countries," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 55(4), pages 307-323.
- Nebojsa Stojcic, 2012. "Patterns And Determinants Of Enterprise Restructuring In Central And East European Countries," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 21(2), pages 429-456, december.
- Wendong Shi & Jingwei Sun, 2016. "The impact of privatization on efficiency and profitability," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 24(3), pages 393-420, July.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Kornai, János & Maskin, Eric & Roland, Gérard, 2022.
"A puha költségvetési korlát - II [The soft budget constraint II],"
Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 94-132.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2004. "A puha költségvetési korlát I [The soft budget constraint I]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 608-624.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2022. "A puha költségvetési korlát - I [The soft budget constraint I]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 75-93.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2004. "A puha költségvetési korlát - II [The soft budget constraint II]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 777-809.
- J. Kornai & E. Maskin & G. Roland, 2004.
"Understanding the Soft Budget Constraint,"
Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
- János Kornai & Eric Maskin & Gérard Roland, 2003. "Understanding the Soft Budget Constraint," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1095-1136, December.
- Janos Kornai & Eric Maskin & Gerard Roland, 2002. "Understanding the Soft Budget Constraint," Economics Working Papers 0019, Institute for Advanced Study, School of Social Science.
- Li, Lixing, 2008. "Employment burden, government ownership and soft budget constraints: Evidence from a Chinese enterprise survey," China Economic Review, Elsevier, vol. 19(2), pages 215-229, June.
- Kornai, János, 2000. "A költségvetési korlát megkeményítése a posztszocialista országokban [Hardening of the budget constraint in the post-socialist countries]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-22.
- Céline Bignebat & Fabian Gouret, 2008.
"Determinants and consequences of soft budget constraints. An empirical analysis using enterprise-level data in transition countries,"
Post-Print
halshs-00308719, HAL.
- Céline Bignebat & Fabian Gouret, 2008. "Determinants and consequences of soft budget constraints. An empirical analysis using enterprise-level data in transition countries," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00308719, HAL.
- Sangeetha Gunasekar & Jayati Sarkar, 2014. "Does autonomy matter in state owned enterprises? Evidence from performance contracts in India," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2014-034, Indira Gandhi Institute of Development Research, Mumbai, India.
- Bhaumik, Sumon Kumar & Estrin, Saul, 2007.
"How transition paths differ: Enterprise performance in Russia and China,"
Journal of Development Economics, Elsevier, vol. 82(2), pages 374-392, March.
- Bhaumik, Sumon K. & Estrin, Saul, 2005. "How Transition Paths Differ: Enterprise Performance in Russia and China," IZA Discussion Papers 1484, Institute of Labor Economics (IZA).
- Estrin, Saul & Bhaumik, Sumon Kumar, 2005. "How Transition Paths Differ: Enterprise Performance in Russia and China," CEPR Discussion Papers 4937, C.E.P.R. Discussion Papers.
- Sumon Bhaumik & Saul Estrin, 2005. "How Transition Paths Differ: Enterprise Performance in Russia and China," William Davidson Institute Working Papers Series wp744, William Davidson Institute at the University of Michigan.
- Brucker, Herbert & Schroder, Philipp J.H. & Weise, Christian, 2005.
"Can EU conditionality remedy soft budget constraints in transition countries?,"
Journal of Comparative Economics, Elsevier, vol. 33(2), pages 371-386, June.
- Herbert Brücker & Philipp J. H. Schröder & Christian Weise, 2003. "Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?," Discussion Papers of DIW Berlin 375, DIW Berlin, German Institute for Economic Research.
- Herbert Bruecker & Philipp Schroder & Christian Weise, 2004. "Can EU Conditionality Remedy Soft Budget Constraints In Transition Countries?," Royal Economic Society Annual Conference 2004 126, Royal Economic Society.
- Bai, Chong-En & Lu, Jiangyong & Tao, Zhigang, 2009.
"How does privatization work in China?,"
Journal of Comparative Economics, Elsevier, vol. 37(3), pages 453-470, September.
- Bai, Chong-En & Lu, Jiangyong & Tao, Zhigang, 2007. "How Does Privatization Work in China?," MPRA Paper 6599, University Library of Munich, Germany.
- Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001.
"Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey,"
William Davidson Institute Working Papers Series
376, William Davidson Institute at the University of Michigan.
- Carlin, Wendy & Fries, Steven & Schaffer, Mark & Seabright, Paul, 2001. "Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey," CEPR Discussion Papers 2840, C.E.P.R. Discussion Papers.
- Anderson, James H. & Korsun, Georges & Murrell, Peter, 2000.
"Which Enterprises (Believe They) Have Soft Budgets? Evidence on the Effects of Ownership and Decentralization in Mongolia,"
Journal of Comparative Economics, Elsevier, vol. 28(2), pages 219-246, June.
- James H. Anderson & Georges Korsun & Peter Murrell, 1998. "Which Enterprises (Believe They) Have Soft Budgets? Evidence on the Effects of Ownership and Decentralization in Mongolia," Electronic Working Papers 98-002, University of Maryland, Department of Economics.
- Frydman, R. & Gray, C. & Hessel, M. & Rapaczynski, A., 2000. "The Limits of Discipline: Ownership and Hard Budget Constraints in the Transition Economies," Working Papers 00-02, C.V. Starr Center for Applied Economics, New York University.
- Sumon Bhaumik & Saul Estrin, 2003. "Why Transition Paths Differ: Russian and Chinese Enterprise Performance Compared," William Davidson Institute Working Papers Series 525, William Davidson Institute at the University of Michigan.
- Bignebat, C. & Gouret, F., 2006. "Which Firms Have a Soft Loan ? Managers' Believes in a Cross-Country Survey in Transition Economies," Working Papers MoISA 200603, UMR MoISA : Montpellier Interdisciplinary center on Sustainable Agri-food systems (social and nutritional sciences): CIHEAM-IAMM, CIRAD, INRAE, L'Institut Agro, Montpellier SupAgro, IRD - Montpellier, France.
- Megginson, William L. & Ullah, Barkat & Wei, Zuobao, 2014. "State ownership, soft-budget constraints, and cash holdings: Evidence from China’s privatized firms," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 276-291.
- Warzynski, Frederic, 2003. "Managerial change, competition, and privatization in Ukraine," Journal of Comparative Economics, Elsevier, vol. 31(2), pages 297-314, June.
- Ichiro IWASAKI & Satoshi MIZOBATA, 2018.
"Post-Privatization Ownership And Firm Performance: A Large Meta-Analysis Of The Transition Literature,"
Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(2), pages 263-322, June.
- Ichiro Iwasaki & Satoshi Mizobata, 2017. "Post-Privatization Ownership and Firm Performance: A Large Meta-Analysis of the Transition Literature," KIER Working Papers 966, Kyoto University, Institute of Economic Research.
- Iwasaki, Ichiro & Mizobata, Satoshi, 2017. "Post-Privatization Ownership and Firm Performance: A Large Meta-Analysis of the Transition Literature," CEI Working Paper Series 2016-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Mehrdad Vahabi, 2001.
"The Soft Budget Constraint: A Theoretical Clarification,"
Post-Print
hal-00629160, HAL.
- Mehrdad VAHABI, 2001. "The Soft Budget Constraint : A Theoretical Clarification," Discussion Papers (REL - Recherches Economiques de Louvain) 2001024, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Tor Eriksson, 2005.
"Managerial pay and executive turnover in the Czech and Slovak Republics,"
The Economics of Transition, The European Bank for Reconstruction and Development, vol. 13(4), pages 659-677, October.
- Eriksson, Tor, 2003. "Managerial Pay and Executive Turnover in the Czech and Slovak Republics," Working Papers 03-3, University of Aarhus, Aarhus School of Business, Department of Economics.
- O'Toole, Conor M. & Morgenroth, Edgar L.W. & Ha, Thuy T., 2016.
"Investment efficiency, state-owned enterprises and privatisation: Evidence from Viet Nam in Transition,"
Journal of Corporate Finance, Elsevier, vol. 37(C), pages 93-108.
- O'Toole, Conor & Morgenroth, Edgar & Ha, Thi Thu Thuy, 2015. "Investment Efficiency, State-Owned Enterprises and Privatisation: Evidence from Vietnam in Transition," Papers WP498, Economic and Social Research Institute (ESRI).
More about this item
Keywords
Romania; Soft budgets;JEL classification:
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:2950. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://www.cepr.org .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.