Restructuring as a signal: a simple formalization

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2 Citazioni (Scopus)


Several studies have stressed that, contrary to initial expectations, state-owned firms at the beginning of the transition undertook painful measures to adjust to the new economic environment. This paper investigates this behaviour in a simple game theoretic framework. It is argued that the massive amount of lay-offs created by state-owned firms during the initial phase of the transition can be interpreted as a signal directed to the banking sector in order to obtain more favourable financing conditions for the subsequent process of restructuring. The conclusions are strongly supported by Polish firm-level empirical evidence.
Lingua originaleEnglish
pagine (da-a)119-142
Numero di pagine24
RivistaEconomics of Transition
Stato di pubblicazionePubblicato - 2002


  • transitional economy, restructuring, signaling


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