Institutional reforms, productivity and profitability: from rents to competition?
This paper explores the divergent effects of institutional reforms on firm's productivity and
profits. To assess this empirically, we investigate the impact of various components of
economic liberalisation on the performance of firms from Central and Eastern European
countries from 1998 to 2006. The impact of reforms on profitability vis-à-vis productivity
differs, which we interpret as an indication that profitability is an ambiguous measure of
performance: one needs to distinguish between unproductive rents and productivity-based …
profits. To assess this empirically, we investigate the impact of various components of
economic liberalisation on the performance of firms from Central and Eastern European
countries from 1998 to 2006. The impact of reforms on profitability vis-à-vis productivity
differs, which we interpret as an indication that profitability is an ambiguous measure of
performance: one needs to distinguish between unproductive rents and productivity-based …
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