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Performance of Czech Companies by Ownership Structure

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  • Andrew Weiss
  • Georgiy Nikitin

Abstract

Our main finding is that ownership concentration in the Czech Republic is associated with improvements in the performance of operating companies, but only if ownership is concentrated in hands other than investment funds. We assessed the effects of ownership structure on economic performance by measuring the relationship between changes in performance and the composition of ownership shares at the beginning of the period. Other studies measured the association between levels of performance and the composition of ownership. We used robust estimation techniques, in addition to OLS estimation, since we were able to strongly reject normality. Since the data comes from surveys and since accounting standards during this period were far from uniform, it is not surprising that the data would be subject to large measurement errors. These measurement errors may have generated the results observed in other studies.

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Bibliographic Info

Paper provided by Boston University, Institute for Economic Development in its series Boston University - Institute for Economic Development with number 85.

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Date of creation: May 1998
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Handle: RePEc:fth:bosecd:85

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Cited by:
  1. Grygorenko, Galyna & Lutz, Stefan, 2004. "Firm performance and privatization in Ukraine," ZEI Working Papers B 27-2004, ZEI - Center for European Integration Studies, University of Bonn.
  2. Irena Grosfeld & Iraj Hashi, 2001. "The Evolution of Ownership Structure in Firms Privatized through Wholesale Schemes in the Czech Republic and Poland," CASE Network Reports 0049, CASE-Center for Social and Economic Research.
  3. Claessens, Stijn & Djankov, Simeon, 1999. "Ownership Concentration and Corporate Performance in the Czech Republic," CEPR Discussion Papers 2145, C.E.P.R. Discussion Papers.
  4. Alan Bevan & Saul Estrin & Mark E. Schaffer, 1999. "Determinants of Enterprise Performance during Transition," CERT Discussion Papers 9903, Centre for Economic Reform and Transformation, Heriot Watt University.
  5. Polona Domadenik & Lubomir Lizal & Marko Pahor, 2003. "Effect of Enterpise Break-Ups on Performance: Case of Former Yugoslav Republic of Macedonia," CERGE-EI Working Papers wp216, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  6. Randall K. Filer & Jan Hanousek, 2001. "Data Watch: Research Data from Transition Economies," William Davidson Institute Working Papers Series 416, William Davidson Institute at the University of Michigan.
  7. John Bonin & Bozena Leven, 2001. "Can State-owned Banks Promote Enterprise Restructuring? Evidence from One Polish Bank's Experience," Post-Communist Economies, Taylor & Francis Journals, vol. 13(4), pages 431-443.
  8. Cincibuch, Martin & Vávra, David, 2000. "Towards the EMU: A Need For Exchange Rate Flexibility?," Transition Economics Series 17, Institute for Advanced Studies.
  9. Cull, Robert & Matesova, Jana & Shirley, Mary, 2001. "Ownership structure and the temptation to loot : evidence from privatized firms in the Czech Republic," Policy Research Working Paper Series 2568, The World Bank.
  10. Kornai, Janos, 2001. "Hardening the budget constraint: The experience of the post-socialist countries," European Economic Review, Elsevier, vol. 45(9), pages 1573-1599, October.
  11. Cabeza-García, Laura & Gómez-Ansón, Silvia, 2011. "Post-privatisation ownership concentration: Determinants and influence on firm efficiency," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 412-430, September.
  12. Alexander Pivovarsky, 2001. "How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine," IMF Working Papers 01/42, International Monetary Fund.

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