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The Evolution of Corporate Governance and Firm Performance in Transition Economies: The Case of Sellier and Bellot in the Czech Republic

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  • Tomas Jandik
  • Craig G. Rennie

Abstract

"This paper investigates the evolution of corporate governance and firm performance in transition economies. It focuses on barriers that impeded adoption of optimal corporate governance at Czech ammunition manufacturer Sellier and Bellot (S&B) following voucher privatisation in 1993. Exogenously imposed diffuse ownership, combined with legal, capital market, and accounting deficiencies, contributed to poor corporate governance and weak firm performance. This study shows how legal, capital market, and accounting deficiencies hinder corporate governance evolution; it demonstrates monitoring and incentive mechanisms can create value in transition economies; it suggests effective privatisation not only involves rapid ownership transfer but careful accounting and securities regulation and legal protection." Copyright (c) 2007 The Authors Journal compilation (c) 2007 Blackwell Publishing Ltd.

Suggested Citation

  • Tomas Jandik & Craig G. Rennie, 2008. "The Evolution of Corporate Governance and Firm Performance in Transition Economies: The Case of Sellier and Bellot in the Czech Republic," European Financial Management, European Financial Management Association, vol. 14(4), pages 747-791.
  • Handle: RePEc:bla:eufman:v:14:y:2008:i:4:p:747-791
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-036X.2007.00407.x
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    Cited by:

    1. Hanousek, Jan & Kočenda, Evžen & Mašika, Michal, 2012. "Firm efficiency: Domestic owners, coalitions, and FDI," Economic Systems, Elsevier, vol. 36(4), pages 471-486.
    2. Jan Hanousek & Evžen Kočenda & Michal Mašika, 2012. "Firemní efektivita: vliv vlastnických struktur a finančních ukazatelů
      [Corporate Efficiency: Effect of Ownership Structures and Financial Indicators]
      ," Politická ekonomie, University of Economics, Prague, vol. 2012(4), pages 459-483.

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