Please use this identifier to cite or link to this item: https://scidar.kg.ac.rs/handle/123456789/8348
Title: Continuity Under a Different Name: The Outcome of Privatisation in Serbia
Authors: Ivanović, Vladan
Kufenko V.
Begović B.
Stanišić, Nenad
Geloso V.
Journal: New Political Economy
Issue Date: 4-Mar-2019
Abstract: © 2018, © 2018 Informa UK Limited, trading as Taylor & Francis Group. Normally, privatisation is seen as beneficial. This paper considers the case of Serbia–a latecomer in the matter–where privatisation was partly a result of exogenous pressures and where the process has been deemed a failure. In Serbia, a sizeable number of privatised firms were bought by bureaucrats and politicians and all firms were subjected to a period of supervision. We argue that the design of this process allowed rent-seekers to conserve their privileges through asset-stripping, which explains the failure. In order to do so, we perform an empirical analysis of the determinants of liquidation, merger and bankruptcy of privatised firms from 2002 to 2015. We construct a novel data set from primary sources, free of the ‘survivorship bias’ and containing proxies for various types of owners, indirect signs of asset-stripping strategy and a broad range of controls. Our results indicate that firms owned by politicians faced significantly higher risks of bankruptcy, especially after the end of supervision.
URI: https://scidar.kg.ac.rs/handle/123456789/8348
Type: Article
DOI: 10.1080/13563467.2018.1426563
ISSN: 13563467
SCOPUS: 85041619971
Appears in Collections:Faculty of Economics, Kragujevac
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