Abstract
Privatisation was expected to play a key role in facilitating the restructuring of the former state-owned sector in Eastern Europe after 1989. However, empirical studies show mixed results. This study investigates whether privatised companies are more advanced than State-Owned Enterprises (SOEs) in the restructuring process. It compares the experiences of four large companies in the chemical sector in Romania, two of which have been privatised and two SOEs. It focuses on ownership changes, the modifications of the decision making processes, the mechanisms of resource allocation and the market success of these companies. The findings suggest that privatisation does not necessarily lead to a deeper restructuring and a separation of profitable and non-profitable businesses.
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