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

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dc.contributor.authorGeloso, Vincentde
dc.contributor.authorIvanovic, Vladande
dc.contributor.authorKufenko, Vadimde
dc.contributor.authorBegovic, Borisde
dc.contributor.authorStanisic, Nenadde
dc.date.accessioned2024-04-08T08:53:10Z
dc.date.available2024-04-08T08:53:10Z
dc.date.created2016-08-11
dc.date.issued2016
dc.description.abstractNormally, 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.swb47588907X
dc.identifier.urihttps://hohpublica.uni-hohenheim.de/handle/123456789/6055
dc.identifier.urnurn:nbn:de:bsz:100-opus-12545
dc.language.isoeng
dc.relation.ispartofseriesHohenheim discussion papers in business, economics and social sciences; 2016,10
dc.rights.licensepubl-mit-poden
dc.rights.licensepubl-mit-podde
dc.rights.urihttp://opus.uni-hohenheim.de/doku/lic_mit_pod.php
dc.subjectPrivatizationen
dc.subjectAsset strippingen
dc.subjectLogistic regressionen
dc.subjectSurvival analysisen
dc.subject.ddc330
dc.subject.gndPrivatisierungde
dc.subject.gndSerbiende
dc.titleContinuity under a different name, the outcome of privatisation in Serbiade
dc.type.dcmiTextde
dc.type.diniWorkingPaperde
local.accessuneingeschränkter Zugriffen
local.accessuneingeschränkter Zugriffde
local.bibliographicCitation.publisherPlaceUniversität Hohenheimde
local.export.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}, }
local.export.bibtexAuthorGeloso, Vincent and Ivanovic, Vladan and Kufenko, Vadim et al.
local.export.bibtexKeyGeloso2016
local.export.bibtexType@techreport
local.faculty.number3de
local.institute.number520de
local.opus.number1254
local.series.issueNumber2016,10
local.series.titleHohenheim discussion papers in business, economics and social sciences
local.universityUniversität Hohenheimde
local.university.facultyFaculty of Business, Economics and Social Sciencesen
local.university.facultyFakultät Wirtschafts- und Sozialwissenschaftende
local.university.instituteInstitute for Economicsen
local.university.instituteInstitut für Volkswirtschaftslehrede

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