Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...

This paper shows that the traditional New Institutional argument can be inverted. The specificity and the monitoring characteristics of the resources (agency cost characteristics of resources) influence property rights and organizational form but, in a world of positive transaction costs, also...

We construct and analyze a unique database with 1992-99 information on privatization transactions and labor productivity for the entire surviving population of initially state-owned industrial corporations in Romania. The data permit us to describe the post-privatization ownership structure and...

This paper investigates the impact of ownership structure on the productivity performance of Russian industrial enterprises. The analysis compares the effects of several types of new private owners - insiders (managers and other employees) and outsiders (individual and institutional investors) -...