Gorodnichenko, Yuriy; Grygorenko, Yegor - Institute for the Study of Labor (IZA) - 2008
, politically and economically strong conglomerates in transition and developing countries. The model predicts that oligarchs are … more likely than other owners to invest in productivity enhancing projects and to vertically integrate firms to capture the …,000 Ukrainian open joint stock companies, the paper tests empirical implications of the model. In contrast to commonly held views …