Early transition literature linked a large number of firm failures with the inability to overcome the pre‐transition misallocation of resources, that is, the inadequate capital–labour ratio. We look at the link between misallocation and firm survival using a rich firm‐level dataset of over 1,600 manufacturing plants established in a centrally planned economy after 1945. Our duration models include the standard Olley–Pakes misallocation measures as well as a firm‐level measure of the counterfactual level of capital that takes into account the present‐day market allocation and productivity. We show that while privatization is positively related to firm survival, misallocation (a) was more of a firm‐level than sector‐level phenomenon and, more importantly, (b) it, in general, did not have a sizeable effect on the actual firm survival nor it had an impact on the outcome of privatization.

中文翻译：

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结构变化和分配不当：来自波兰的公司级证据*

早期过渡时期的文献将大量公司倒闭与无法克服过渡前的资源分配不当（即资本劳动比率不足）联系在一起。我们使用1945年后在中央计划经济中建立的1,600多家制造厂的丰富公司级数据集，研究了错误分配与公司生存之间的联系。我们的工期模型包括标准的Olley-Pakes错误分配措施以及公司级措施考虑到当前市场分配和生产力的反事实资本水平。我们表明，尽管私有化与企业生存成正相关，但配置不当（a）更多的是公司层面而非部门层面的现象，更重要的是，（b）总体而言，