Ownership Structures and Firm Performance in South Eastern Europe

The paper presents the results of study of 300 state, private and privatized firms from Bulgaria, Romania and Albania. There is shown the connection between the ownership structure and firm performance, measured by 8 indexes - sales, employment, productivity, profit/sales ratio, export/sales ratio, age of capital, level of technology and economic position. Also used is the general performance index which aims to neutralize the influence of the undeveloped environment in which the enterprises function. The comparative analysis shows the similarities and differences in the revealing of the connection between the ownership structure and firm performance in the three countries. There is made an attempt the differences to be explained with the specifics of the economic system and the way of executing its transformation in each of the studied countries.