Corporate restructuring in Russian privatizations: implications for U.S. investors

Article Abstract:

In a short period of time, the privatization of Russian enterprises has been extensive. The process has been successful in meeting important political objectives to establish an irreversible base of individual share ownership through the rapid transfer of vast numbers of enterprises to the private sector. However, major questions remain with regard to the impact of privatization on efficiency and the successful transition to economically viable enterprises. This article investigates governance and managerial characteristics of 171 Russian buy-out firms both before and after the privatization program that occurred between 1992 and 1994. The program has resulted in significantly lower employment levels, increased training, little investment, but increased equity ownership. These changes may enable managers to effect some additional changes, but more recalcitrant organizations will have to await the development of more robust competition and improved systems of corporate governance. (Reprinted by permission of the publisher.)

Foreign investments, Corporations, Corporate reorganizations, Corporations, Russian

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Corporate entrepreneurs and privatized firms in Russia, Ukraine, and Belarus

Article Abstract:

An examination of corporate entrepreneurship in Russia, Ukraine and Belarus reveals that hostile environments in these countries have encouraged restructuring and retrenchment activities such as cash flow control and capacity reduction. Among the three countries, the evidence suggests that Russian privatized firms have lower insider stakes, greater outside ownership and greater managerial control power within the firm compared to their counterparts in the Ukraine and Belarus.

Economic Programs, Administration of Economic Programs, Economic aspects, Economic policy, Eastern Europe, Ukraine, Entrepreneurship, Belarus

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Revitalizing privatized Russian enterprises

Article Abstract:

A study to determine the market orientation plans developed for privatized Russian enterprises was undertaken. It involved 300 directors from six major Russian industrial regions. The results indicate that revitalization plans entail short-term cost cutting, organizational restructuring and measures to sustain long-term growth. However, these efforts are hampered by constraints such as employee influence, financing and resistance to outside investors.

Business, Business enterprises

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