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| Tekijä: | Makhija, M.V. |
| Otsikko: | The value of restructuring in emerging economies: The case of the Czech Republic |
| Lehti: | Strategic Management Journal
2004 : MAR, VOL. 25:3, p. 243-267 |
| Asiasana: | Company value Restructuring Privatization Czech Republic Developed economies Internal markets Communism |
| Kieli: | eng |
| Tiivistelmä: | This study examines the issue of restructuring in the newly emerging economy of the Czech Republic. Several hypotheses relating to internal and external markets in emerging institutional environments are developed and tested using a large database of original and restructured Czech firms undergoing privatization. After controlling for factors such as size and performance, the author found that restructuring significantly reduced the value of firms, despite the general belief that Czech firms emerging from the communist era were highly overdiversified. This finding nonetheless supports the notion that sizeable internal markets play an enhanced role in undereveloped institutional environments. |
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