Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatization
AbstractThis paper works with a broad data sample of Czech voucher-privatized firms during 1996 - 1999. It analyzes the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest owner was found to be a decisive shareholder. Industrial companies have been the most stable shareholder and recorded the largest ownership gains. Ownership concentration alone does not explain a change in a firm’s performance and no industry sector was found to have a specific effect on it. We found evidence that several types of owners have an effect on certain performance measures. However, there does not exist support that type of owner has an effect on a firm's performance in general.
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Bibliographic InfoPaper provided by EconWPA in its series Econometrics with number 0203002.
Length: 30 pages
Date of creation: 02 Mar 2002
Date of revision:
Note: Type of Document - Acrobat PDF; pages: 30 ; figures: included
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Ownership structure; firm's performance; voucher privatization; type of owner; panel data;
Other versions of this item:
- Evzen Kocenda, 2001. "Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatization," CERGE-EI Working Papers wp188, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
- Kocenda, Evzen, 2002. "Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation," CEPR Discussion Papers 3139, C.E.P.R. Discussion Papers.
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-06-13 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Juliet D'souza & William L. Megginson, 1999. "The Financial and Operating Performance of Privatized Firms during the 1990s," Journal of Finance, American Finance Association, vol. 54(4), pages 1397-1438, 08.
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