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dc.contributor.authorKöke, Jensen
dc.contributor.authorSalem, Tanjaen
dc.date.accessioned2009-02-16T14:54:47Z-
dc.date.available2009-02-16T14:54:47Z-
dc.date.issued2000-
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
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x00-21en
dc.subject.jelO12en
dc.subject.jelG31en
dc.subject.jelG34en
dc.subject.ddc330en
dc.subject.keywordCentral and Eastern Europeen
dc.subject.keywordcorporate financeen
dc.subject.keywordindustry restructuringen
dc.subject.stwKapitalstrukturen
dc.subject.stwReorganisationen
dc.subject.stwBudgetrestriktionen
dc.subject.stwCorporate Governanceen
dc.subject.stwSchätzungen
dc.subject.stwOsteuropaen
dc.subject.stwDownsizingen
dc.titleCorporate finance and restructuring: evidence from Central and Eastern Europe-
dc.typeWorking Paperen
dc.identifier.ppn855365765en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:5306en

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