Three measures of corporate restructuring in a transition economy: the case of newly privatised Romanian companies

This article analyses the restructuring of newly privatised Romanian firms by focusing on three microeconomic variables. Changes in the number of pers onnel, the volume of fixed assets and the level of research and development are analysed in connection with measures of ownership structure and concen tration. Overall, the evidence presented suggests that institutional (possi bly foreign) outside stakeholders are more likely to foster restructuring a nd increase the likelihood of survival of newly privatised firms in Eastern Europe.