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Známý versus neznámý vlastník: vazby mezi transparentním vlastnictvím a firemním rozhodováním
[Known Versus Anonymous Ownership: Exploring Links Between Ownership Transparency and Firms' Decisions]

Author

Listed:
  • Jan Hanousek
  • Jan Hanousek

Abstract

The paper extends existing research on the effects of ownership structures on company performance by including a dimension of transparency in the ownership structure. We analyse the effect of an unknown owner and pyramidal structure on company profitability, capital structure and investment. We conduct this research in accordance with existing theories on a panel of private companies within the cultural and political alliance of four Central European countries, called the Visegrad Group. The total population includes over 111,000 firm-level panel data observations between 2001 and 2015. Lack of transparency in the ownership structure leads to lower investment and profitability, both for the case of an anonymous owner and for companies in a corporate pyramid. The capital structure of the company is not influenced by the presence of an anonymous owner; however, the existence of the ownership pyramid leads, ceteris paribus, to a larger debt for the firm.

Suggested Citation

  • Jan Hanousek & Jan Hanousek, 2020. "Známý versus neznámý vlastník: vazby mezi transparentním vlastnictvím a firemním rozhodováním [Known Versus Anonymous Ownership: Exploring Links Between Ownership Transparency and Firms' Decisions]," Politická ekonomie, Prague University of Economics and Business, vol. 2020(5), pages 515-533.
    • Handle: RePEc:prg:jnlpol:v:2020:y:2020:i:5:id:1294:p:515-533
    DOI: 10.18267/j.polek.1294
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    More about this item

    Keywords

    anonymous ownership; capital structure; investment; profit; ownership; private firms; Visegrad countries; signalling;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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