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Firemní efektivita: vliv vlastnických struktur a finančních ukazatelů
[Corporate Efficiency: Effect of Ownership Structures and Financial Indicators]

Author

Listed:
  • Jan Hanousek
  • Evžen Kočenda
  • Michal Mašika

Abstract

We employ a large panel data set and analyze efficiency in the Czech firms during 1998-2007. We investigate how their efficiency evolves over time and how it is affected by ownership structures. Methodologically we employ a panel version of a stochastic production frontier model. We distinguish several categories of the ownership concentration by domestic owners and through foreign direct investments (FDI). Our results show that concentrated and foreign ownership impact efficiency positively in general. This results confirm benefits of the foreign direct ownership on the microeconomic level. Further, we show cases when majority ownership does not necessarily constitute improvements in efficiency. We also analyze effect of ownership coalitions and bring detailed new evidence on how ownership structures and industry sectors affect firms´ efficiency.

Suggested Citation

  • 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.
  • Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:857:p:459-483
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    efficiency; foreign direct investment; firms; panel data; ownership structure; stochastic productivity frontier;

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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