How Does Privatization Work? Evidence from the Russian Shops / Nicholas Barberis, Maxim Boycko, Andrei Shleifer, Natalia Tsukanova.

By:

Barberis, Nicholas

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w5136.Publication details: Cambridge, Mass. National Bureau of Economic Research 1995.Description: 1 online resource: illustrations (black and white)Online resources:

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Abstract: We use a survey of 452 Russian shops, most of which were privatized between 1992 and 1993, to measure the importance of alternative channels through which privatization promotes restructuring. Restructuring is measured as capital renovation, change in suppliers, increase in hours that stores stay open, and layoffs. There is strong evidence that the presence of new owners and new managers raises the likelihood of restructuring. In contrast, there is no evidence that equity incentives of old managers promote restructuring. The evidence points to the critical role that new human capital plays in economic transformation.

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Previous	nber w5133 Measuring Gross Worker and Job Flows /	nber w5134 The Relationship between State and Federal Tax Audits /	nber w5135 Factor Mobility and Income Growth: Two Convergence Hypotheses /	nber w5136 How Does Privatization Work? Evidence from the Russian Shops /	nber w5137 Do Labor Rents Justify Strategic Trade and Industrial Policy? /	nber w5138 How Much Better is Bigger, Faster & Cheaper? Buyer Benefits from Innovation in Mainframe Computers in the 1980s /	nber w5139 Investment, Pass-Through and Exchange Rates: A Cross-Country Comparison /	Next

May 1995.

We use a survey of 452 Russian shops, most of which were privatized between 1992 and 1993, to measure the importance of alternative channels through which privatization promotes restructuring. Restructuring is measured as capital renovation, change in suppliers, increase in hours that stores stay open, and layoffs. There is strong evidence that the presence of new owners and new managers raises the likelihood of restructuring. In contrast, there is no evidence that equity incentives of old managers promote restructuring. The evidence points to the critical role that new human capital plays in economic transformation.