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Performance of czech voucher-privatized firms

Author

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  • Evžen Kočenda

Abstract

This paper works with a broad data sample of Czech voucher-privatized firms. The period of 1996 - 1999 enables to capture true post-privatization effects. It analyzes the effect of ownership structure on corporate performance and firm's characteristics. Results show that overall ownership concentration cannot be associated with improving corporate performance. Further, particular types of domestic owners do not affect firm's performance but they do affect firm's characteristics. Effect of foreign owners is limited. No clear or unambiguous effect of changes in ownership structure on corporate performance emerged.

Suggested Citation

  • Evžen Kočenda, 2003. "Performance of czech voucher-privatized firms," Prague Economic Papers, University of Economics, Prague, vol. 2003(2).
  • Handle: RePEc:prg:jnlpep:v:2003:y:2003:i:2:id:209
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    File URL: http://www.vse.cz/pep/209
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    Cited by:

    1. repec:eee:ecosys:v:41:y:2017:i:4:p:537-568 is not listed on IDEAS
    2. Iwasaki, Ichiro & Kočenda, Evžen, 2017. "Are some owners better than others in Czech privatized firms? Even meta-analysis can’t make us perfectly sure," Economic Systems, Elsevier, vol. 41(4), pages 537-568.
    3. Iwasaki, Ichiro & Mizobata, Satoshi, 2017. "Post-Privatization Ownership and Firm Performance: A Large Meta-Analysis of the Transition Literature," CEI Working Paper Series 2016-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

    More about this item

    Keywords

    voucher privatization; ownership structure; type of owner; panel data; firm's performance;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • 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

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