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dc.contributor.authorKöke, Jensen_US
dc.contributor.authorSalem, Tanjaen_US
dc.coverage.temporal1993-1998en_US
dc.date.accessioned2009-02-16T14:54:47Z-
dc.date.available2009-02-16T14:54:47Z-
dc.date.issued2000en_US
dc.identifier.urihttp://hdl.handle.net/10419/24368-
dc.description.abstractAfter the end of communism enterprises in Central and Eastern Europe (CEE) were marked by low levels of labor productivity, mainly because of too high employment levels. According to economic theory, the corporate capital structure can be an important element in the restructuring process. But both, empirical evidence on corporate finance in CEE countries and its relation to employment is still sparse. This study describes the patterns of the corporate capital structure for ten CEE countries over the years 1993-1998, taking two major Western economies as a benchmark. An impressive rise in total indebtedness suggests that there is room for creditors to fulfill their role in corporate governance. On the other hand, investment is predominantly financed internally in CEE firms, making creditor and shareholder governance more difficult. But a regression analysis shows that inefficient CEE firms are forced to downsize employment when they finance themselves largely externally, but less so for those firms with high levels of debt. However, downsizing is limited by soft budget constraints.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheim-
dc.relation.ispartofseriesZEW Discussion Papers 00-21en_US
dc.subject.jelO12en_US
dc.subject.jelG31en_US
dc.subject.jelG34en_US
dc.subject.ddc330en_US
dc.subject.keywordCentral and Eastern Europeen_US
dc.subject.keywordcorporate financeen_US
dc.subject.keywordindustry restructuringen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwReorganisationen_US
dc.subject.stwBudgetrestriktionen_US
dc.subject.stwCorporate Governanceen_US
dc.subject.stwSchätzungen_US
dc.subject.stwOsteuropaen_US
dc.subject.stwDownsizingen_US
dc.titleCorporate finance and restructuring: evidence from Central and Eastern Europeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn314809449en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:5306-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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