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What impact did privatization have on employment in Russian industry? Utilizes data collected from a panel of 6,205 civilian manufacturing firms in the Central, Volga, North Caucasus, Northern and Western Siberian regions of Russia to explore in more detail the relationship between changes in ownership and employment in Russian industry between 1992 and 1995. In particular investigates whether change in ownership structure is relatively more important than industry, region, or the competitive position of the firm in explaining variation in the employment response to changing output conditions during the initial stage of Russia’s transition from plan to market.