Enterprise performance and corporate governance in Ukraine

Data from a random survey of 150 Ukrainian enterprises in 1997 are used to test hypotheses on the effects of privatization on enterprise performance and restructuring, the latter being measured qualitatively. We also explore whether particular types of ownership, i.e., insider, outsider, manager, worker, have yielded differentiated enterprise performance, especially given the weak legal and institutional setting. We find no evidence that private ownership, or any particular dominant private owner, is associated with improved economic performance at the enterprise level. However, private ownership is related to several of the qualitative restructuring indices, though it is insider rather than outsider ownership that leads to greater restructuring activity, notably with respect to products and inputs. (C) 1999 Academic Press.