Performance of substantial vs symbolic restructuring in emerging economies

[Extract] Corporate restructuring involves firms making changes to their portfolios and their organizational and financial structures, and is often conducted through a sequence of asset divestment, asset acquisition, asset swapping, and ownership restructuring. It is one of the most important aspects of transitional economies because the extent of the restructuring and its effect on firm performance is a fundamental determinant of economic growth (Djankov & Murrell, 2002)