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Shareholder Democracy in the Czech Republic (in Czech)

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Author Info
Jiří Havel () (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague)
Abstract

Joint-stock companies are among the most fundamental components of a market economy. “Voucher privatization” in the Czech Republic saw an abrupt mushrooming of joint-stock companies where none had appeared for over a generation. This occurred in an environment lacking in guiding institutional frameworks, offering only minimal protection for both minority and majority shareholders, which handicapped the country’s capital-market development. Beginning in 1996, several improvements of the institutional framework were implemented. Now Czech commercial law is largely harmonized with European standards. Weaknesses still persist in enforcement, however, and as such, both foreign and domestic investors prefer simpler forms of organization to limited-liability companies.

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Publisher Info
Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 55 (2005)
Issue (Month): 9-10 (September)
Pages: 441-459
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Handle: RePEc:fau:fauart:v:55:y:2005:i:9-10:p:441-459

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Related research
Keywords: corruption; evolution; institutions; joint-stock company; legal framework; privatization; transition;

Find related papers by JEL classification:
B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
K11 - Law and Economics - - Basic Areas of Law - - - Property Law
K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform

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This page was last updated on 2009-12-20.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.