Roland, Gérard; Sekkat, Khalid - C.E.P.R. Discussion Papers - 1996
under the socialist economy, even under reforms coming short of privatization. The introduction of a managerial labour … market, through privatization, introduces competition for managers and eliminates the ratchet effect, thereby inducing … managers to restructure. Prospects of privatization also provide incentives to restructure even when managerial skills are …