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Shareholder Democracy in the Czech Republic (in Czech)


  • Jiøí Havel

    () (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague)


Joint-stock companies are among the most fundamental components of a market economy. “Voucher privatization” in the Czech Republic saw an abrupt mushrooming of joint-stock companies where none had appeared for over a generation. This occurred in an environment lacking in guiding institutional frameworks, offering only minimal protection for both minority and majority shareholders, which handicapped the country’s capital-market development. Beginning in 1996, several improvements of the institutional framework were implemented. Now Czech commercial law is largely harmonized with European standards. Weaknesses still persist in enforcement, however, and as such, both foreign and domestic investors prefer simpler forms of organization to limited-liability companies.

Suggested Citation

  • Jiøí Havel, 2005. "Shareholder Democracy in the Czech Republic (in Czech)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 55(9-10), pages 441-459, September.
  • Handle: RePEc:fau:fauart:v:55:y:2005:i:9-10:p:441-459

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    References listed on IDEAS

    1. Paul Louis Ceriel Hilbers & Matthew T Jones & Graham L Slack, 2004. "Stress Testing Financial Systems; What to Do When the Governor Calls," IMF Working Papers 04/127, International Monetary Fund.
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    More about this item


    corruption; evolution; institutions; joint-stock company; legal framework; privatization; transition;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform


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