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This study is dedicated to an important aspect of the long-run performance of   firms, namely their survival under rapidly changing conditions in a   transition economy. The analysis is focused on the question of whether   privatization and ownership structure have affected the likelihood of   liquidation and bankruptcy of firms in Russia. We use a sample of 497   privatized and non-privatized firms that were surveyed in 1999-2000, and for   which information was collected about their survival status and reasons for   exit, such as bankruptcy, mergers and court decisions. More than 38% of the   sample firms were liquidated over the period 1999 to 2013. We find that   privatization and the choice of privatization option have no effect on the   long-term survival of firms in Russia, but that managerial ownership lowers   the likelihood of both liquidation and bankruptcy. Other transition-specific   predictors of bankruptcy, such as the extent of price controls and the amount   of wage arrears, affect firm exit in a significant way

Privatization and survival: Evidence from a Russian firm survey