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| Author: | Frydman, R. Pistor, K. Rapaczynski, A. |
| Title: | Exit and voice after mass privatization: The case of Russia |
| Journal: | European Economic Review
1996 : APR, VOL: 40:3-5, p. 581-588 |
| Index terms: | COSTS PRIVATIZATION COMPANIES RUSSIA |
| Language: | eng |
| Abstract: | Mass privatization programs try to effect a global transformation of the economic and political environment. Since specific designs of such programs are shaped by the necessity to generate ex ante political support for massive ownership transformations, they may result in allocating control rights to agents who have incentives to oppose, rather than to effect reallocation of resources across and within firms. The Russian mass privatization program gave to enterprise insiders majority ownership in as many as 70% of Russian companies. In the paper, an attempt is made to shed light on the corporate governance role and strategies of the group of outside investors. Two particular strategies of funds' activities, shareholder activism ( voice ) and trading ( exit ) , are focused on. The econometric analysis is based on data collected in an empirical survey. |
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