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Journal Article

Behavior of Participatory Firms in Yugoslavia: Lessons for Transforming Economies

Janez Prasnikar, Jan Svejnar, Dubravko Mihaljek and Vesna Prasnikar
The Review of Economics and Statistics
Vol. 76, No. 4 (Nov., 1994), pp. 728-741
Published by: The MIT Press
DOI: 10.2307/2109774
Stable URL: http://www.jstor.org/stable/2109774
Page Count: 14
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Behavior of Participatory Firms in Yugoslavia: Lessons for Transforming Economies
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Abstract

The paper develops a multi-party model of enterprise behavior, with the management, workers and government authorities being the decisionmakers. The model captures the behavior of Yugoslav enterprises in the 1970s and 1980s, enterprises in transitional economies, and public sector bargaining in western countries. Estimating the model on Yugoslav firm-level data from the 1970s and 1980s indicates that the perverse behavior predicted by the Ward-Domar-Vanek model of labor-managed firms is not supported by the data as firms place emphasis on both wages and employment. A direct test shows that the employment response to output price changes is insignificant.

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