The Importance of Family Enterprises in Transition Economies
Family enterprises are important to many established market economies; however, little empirical research has been conducted to identify the importance and distinctiveness of family enterprises in postsocialist transition economies. Our exploratory study examines how family ownership and management influence the performance and internalization of family businesses in transition economies and estimates their importance for these economies, based on the case of Slovenia as one of the most developed European transition countries. Our proposals and conclusions could be useful for policymakers and family business owners and managers in other transition countries.
This study examines the relationship between specifications for long-run output patterns and specifications for business cycle dynamics. In an application to US GDP, it is found that inferences about the nature of the trend in output are not robust to changes in the specification for short-run fluctuations. Similarly, the choice of which model best describes the transitory movements in output depends on the way in which the trend is specified. The empirical analysis makes use of Bayesian methods to compare time series models for US GDP. Inspection of the predictive densities for the individual data points suggests that the information contained in the data is largely limited to the observations associated with business cycle turning points (c) 1997 John Wiley & Sons, Ltd.