Continuity under a different name, the outcome of privatisation in Serbia

Geloso, Vincent; Ivanovic, Vladan; Kufenko, Vadim; Begovic, Boris; Stanisic, Nenad

Continuity under a different name, the outcome of privatisation in Serbia

dc.contributor.author	Geloso, Vincent	de
dc.contributor.author	Ivanovic, Vladan	de
dc.contributor.author	Kufenko, Vadim	de
dc.contributor.author	Begovic, Boris	de
dc.contributor.author	Stanisic, Nenad	de
dc.date.accessioned	2024-04-08T08:53:10Z
dc.date.available	2024-04-08T08:53:10Z
dc.date.created	2016-08-11
dc.date.issued	2016
dc.description.abstract	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.	en
dc.identifier.swb	47588907X
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/6055
dc.identifier.urn	urn:nbn:de:bsz:100-opus-12545
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheim discussion papers in business, economics and social sciences; 2016,10
dc.rights.license	publ-mit-pod	en
dc.rights.license	publ-mit-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_mit_pod.php
dc.subject	Privatisation	en
dc.subject	Asset stripping	en
dc.subject	Logistic regression	en
dc.subject	Survival analysis	en
dc.subject.ddc	330
dc.subject.gnd	Privatisierung	de
dc.subject.gnd	Serbien	de
dc.title	Continuity under a different name, the outcome of privatisation in Serbia	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.faculty.number	3	de
local.institute.number	520	de
local.opus.number	1254
local.series.issueNumber	2016,10
local.series.title	Hohenheim discussion papers in business, economics and social sciences
local.university	Universität Hohenheim	de
local.university.faculty	Faculty of Business, Economics and Social Sciences	en
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institute for Economics	en
local.university.institute	Institut für Volkswirtschaftslehre	de

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