DOWNSIZING IN PRIVATIZED FIRMS IN RUSSIA, UKRAINE, AND BELARUS.
研究了俄罗斯、乌克兰和白俄罗斯私有化企业的裁员策略，发现行业因素和外部股东持股促进裁员，而管理层持股则阻碍裁员。
Combinig an agency perspective and downsizing research, in this study we examined two influences on employment-downsizing strategies in privatized firms in Russia, Belarus, and Ukraine: corporate governance and institutional change initiated by business crisis, in turn attributable to industry and country factors. In line with theoretical predictions, the study shows that downsizing is strongly influenced by industry-specific factors, and it is positively associated with outside, noninstitutional shareholding. However, a firm's ability to downsize is negatively associated with the extent of managerial shareholding, a finding consistent with managerial entrenchment.