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Ownership Concentration and Corporate Performance in the Czech Republic

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  • Stijn Claessens
  • Simeon Djankov

Abstract

The relationship between ownership structure and corporate performance has been the subject of intense research in both transition and market economies. The Czech Republic's mass-privatization program provides an unique opportunity to investigate this relationship. It changed the ownership of firms in a short period of time, and firm characteristics had only a limited influence on the resulting ownership structure. For a cross-section of 706 Czech firms over the period 1992 through 1997, we find that the more concentrated ownership, the higher firm profitability and labor productivity. These findings are weakly robust to the inclusion of control variables for the type of ownership, or to a correction for the endogeneity of ownership concentration.

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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 227.

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Length: pages
Date of creation: 01 Apr 1999
Date of revision:
Handle: RePEc:wdi:papers:1999-227

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  1. Claessens, Stijn, 1995. "Corporate governance and equity prices : evidence from the Czech and Slovak Republics," Policy Research Working Paper Series 1427, The World Bank.
  2. Hingorani, Archana & Lehn, Kenneth & Makhija, Anil K., 1997. "Investor behavior in mass privatization: The case of the Czech voucher scheme," Journal of Financial Economics, Elsevier, vol. 44(3), pages 349-396, June.
  3. Zingales, Luigi, 1995. "What Determines the Value of Corporate Votes?," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1047-73, November.
  4. Nicolas Barberis & Maxin Boycho & Andrei Shleifer & Natalia Tsukanova, 1995. "How Does Privatization Work? Evidence from the Russian Shops," Harvard Institute of Economic Research Working Papers 1721, Harvard - Institute of Economic Research.
  5. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
  6. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
  7. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
  8. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
  9. Cable, John R, 1985. "Capital Market Information and Industrial Performance: The Role of West German Banks," Economic Journal, Royal Economic Society, vol. 95(377), pages 118-32, March.
  10. J.S. Earle & S. Estrin, 1996. "Privatization Versus Competition: Changing Enterprise Behavior in Russia," Working Papers wp96049, International Institute for Applied Systems Analysis.
  11. Andrew Weiss & Georgiy Nikitin, 1998. "Performance of Czech Companies by Ownership Structure," Boston University - Institute for Economic Development 85, Boston University, Institute for Economic Development.
  12. Blanchard, O. & Aghion, P., 1996. "On insider privatization," European Economic Review, Elsevier, vol. 40(3-5), pages 759-766, April.
  13. Xiaonian Xu & Yan Wang, 1997. "Ownership structure, corporate governance, and corporate performance : the case of Chinese stock companies," Policy Research Working Paper Series 1794, The World Bank.
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