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ResearchPaper
2016
Continuity under a different name, the outcome of privatisation in Serbia
Continuity under a different name, the outcome of privatisation in Serbia
Abstract (English)
Normally, privatisation is seen as beneficial. In the case of Serbia, the results are disappointing. This paper considers the failure of privatisation in Serbia – a latecomer in the matter – where privatisation was partly a result of exogenous pressures. In Serbia, a sizeable number of privatised firms were bought by bureaucrats and politicians and all firms were subjected to a period of supervision. We argue that this process of privatisation was designed to allow rentseekers to conserve their privileges through asset stripping and that this explains the failure. In order to do so, we perform empirical analysis of the determinants of liquidation, merger and bankruptcy of privatised firms from 2002 to 2015. We construct a novel data set from primary sources, free of the ‘survivorship bias’ and containing proxies for various types of owners, indirect signs of asset stripping strategy and a broad range of controls. Our results indicate that firms owned by politicians face significantly higher risks of bankruptcy, especially after the end of supervision.
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Publication license
Publication series
Hohenheim discussion papers in business, economics and social sciences; 2016,10
Published in
Faculty
Faculty of Business, Economics and Social Sciences
Institute
Institute of Economics
Examination date
Supervisor
Edition / version
Citation
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DOI
ISSN
ISBN
Language
English
Publisher
Publisher place
Classification (DDC)
330 Economics
Original object
Free keywords
Standardized keywords (GND)
Sustainable Development Goals
BibTeX
@techreport{Geloso2016,
url = {https://hohpublica.uni-hohenheim.de/handle/123456789/6055},
author = {Geloso, Vincent and Ivanovic, Vladan and Kufenko, Vadim et al.},
title = {Continuity under a different name, the outcome of privatisation in Serbia},
year = {2016},
school = {Universität Hohenheim},
series = {Hohenheim discussion papers in business, economics and social sciences},
}