Vliv rozdělení českých podniků na ziskovost a produktivitu
[Effect of the Czech Firms Break-Up on their Profitability and Productivity]
In this article we analyze medium- and long-term effects of firm break-up (and subsequent change in ownership) on its profitability and productivity. We use an extensive data-set of the Czech firms for the period 1996-2005. We employ the propensity score based matching methodology to account for potential endogeneity. Our results show that initial effects of the firm break-up are positive but they vanish in five to seven years after the break-up. Hence, the break-up of large and less efficient companies delivers a positive effect on corporate performance for a period of time. The effect is not permanent, though. Subsequent development in profitability and productivity is likely affected by ownership structure, corporate governance and other micro-level factors.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 2011 (2011)
Issue (Month): 5 ()
|Contact details of provider:|| Postal: nam. W. Churchilla 4, 130 67 Praha 3|
Phone: (02) 24 09 51 11
Fax: (02) 24 22 06 57
Web page: http://www.vse.cz/
More information through EDIRC
|Order Information:|| Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3|
Web: http://www.vse.cz/polek/ Email:
References listed on IDEAS
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.:
- Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1994.
Journal of Financial Economics,
Elsevier, vol. 35(2), pages 249-266, April.
- Maxim Boycko & Andrei Shlelfer & Robert Vishny, 1993. "Voucher Privatization," University of Chicago - George G. Stigler Center for Study of Economy and State 85, Chicago - Center for Study of Economy and State.
- Rajeev H. Dehejia & Sadek Wahba, 1998.
"Propensity Score Matching Methods for Non-experimental Causal Studies,"
NBER Working Papers
6829, National Bureau of Economic Research, Inc.
- Rajeev H. Dehejia & Sadek Wahba, 2002. "Propensity Score-Matching Methods For Nonexperimental Causal Studies," The Review of Economics and Statistics, MIT Press, vol. 84(1), pages 151-161, February.
- Shin, G. Hwan, 2008. "The profitability of asset sales as an explanation of asset divestitures," Pacific-Basin Finance Journal, Elsevier, vol. 16(5), pages 555-571, November.
- Stepan Jurajda & Juraj Stancik, 2009.
"Foreign Ownership and Corporate Performance: The Czech Republic at EU Entry,"
CERGE-EI Working Papers
wp389, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
- Stepan Jurajda & Juraj Stancik, 2012. "Foreign Ownership and Corporate Performance: The Czech Republic at EU Entry," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 62(4), pages 306-324, August.
- Krishna B. Kumar & Raghuram G. Rajan & Luigi Zingales, 1999.
"What Determines Firm Size?,"
NBER Working Papers
7208, National Bureau of Economic Research, Inc.
- Kumar, Krishna B & Rajan, Raghuram G & Zingales, Luigi, 1999. "What Determines Firm Size?," CEPR Discussion Papers 2211, C.E.P.R. Discussion Papers.
- Krishna B. Kumar & Raghuram G. Rajan & Luigi Zingales, "undated". "What Determines Firm Size?," CRSP working papers 496, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Jeffrey Smith & Petra Todd, 2003.
"Does Matching Overcome Lalonde's Critique of Nonexperimental Estimators?,"
University of Western Ontario, Centre for Human Capital and Productivity (CHCP) Working Papers
20035, University of Western Ontario, Centre for Human Capital and Productivity (CHCP).
- A. Smith, Jeffrey & E. Todd, Petra, 2005. "Does matching overcome LaLonde's critique of nonexperimental estimators?," Journal of Econometrics, Elsevier, vol. 125(1-2), pages 305-353.
- Estrin, Saul & Hanousek, Jan & Kocenda, Evzen & Svejnar, Jan, 2009.
"Effects of privatization and ownership in transition economies,"
Policy Research Working Paper Series
4811, The World Bank.
- Saul Estrin & Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2009. "The Effects of Privatization and Ownership in Transition Economies," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 699-728, September.
- Myeong-Hyeon Cho & Mark A. Cohen, 1997. "The economic causes and consequences of corporate divestiture," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 18(5), pages 367-374.
- Moschieri, Caterina & Mair, Johanna, 2008. "Research on corporate divestitures: A synthesis," Journal of Management & Organization, Cambridge University Press, vol. 14(04), pages 399-422, September.
- Jan Hanousek & Libor Nemecek, 2001. "Czech parallel capital markets: discrepancies and inefficiencies," Applied Financial Economics, Taylor & Francis Journals, vol. 11(1), pages 45-55.
- Roland, Gerard, 1994.
"On the Speed and Sequencing of Privatisation and Restructuring,"
Royal Economic Society, vol. 104(426), pages 1158-1168, September.
- Roland, Gérard, 1994. "On the Speed and Sequencing of Privatization and Restructuring," CEPR Discussion Papers 942, C.E.P.R. Discussion Papers.
- Ann P. Bartel & Ann E. Harrison, 2005.
"Ownership Versus Environment: Disentangling the Sources of Public-Sector Inefficiency,"
The Review of Economics and Statistics,
MIT Press, vol. 87(1), pages 135-147, February.
- Bartel, Ann P. & Harrison, Ann E., 2000. "Ownership versus environment : disentangling the sources of public sector inefficiency," Policy Research Working Paper Series 2272, The World Bank.
- D'Souza, Juliet & Megginson, William & Nash, Robert, 2007. "The effects of changes in corporate governance and restructurings on operating performance: Evidence from privatizations," Global Finance Journal, Elsevier, vol. 18(2), pages 157-184.
- A. D. Roy, 1951. "Some Thoughts On The Distribution Of Earnings," Oxford Economic Papers, Oxford University Press, vol. 3(2), pages 135-146.
- Omran, Mohammed, 2004. "The Performance of State-Owned Enterprises and Newly Privatized Firms: Does Privatization Really Matter?," World Development, Elsevier, vol. 32(6), pages 1019-1041, June.
When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:809:p:579-598. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Frantisek Sokolovsky)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.