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Corporate governance, ownership structure and corporate efficiency: the case of Ukraine

  • Vitaliy Zheka

    (Department of Economics, University of Lviv, Ukraine)

The goal of this paper is to examine the effects of different ownership structures and of the quality of corporate governance on the Farrell measure of efficiency. Data Envelopment Analysis and Limited Dependent Variable Estimations are applied to the set of Ukrainian joint-stock companies listed on the main Ukrainian stock exchange, First Securities Trading System. Domestic ownership of the organization is found to enhance efficiency the most, whereas managerial ownership has a detrimental effect on efficiency. Foreign owned firms are relatively inefficient; however foreign ownership is found to have a positive and significant effect on corporate governance quality. Concentrated ownership rights (including state ownership) improve efficiency, possibly reflecting country-specific factors. The quality of corporate governance is found to have a positive impact on the efficiency of domestically owned firms. Copyright © 2005 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1258
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Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 26 (2005)
Issue (Month): 7 ()
Pages: 451-460

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Handle: RePEc:wly:mgtdec:v:26:y:2005:i:7:p:451-460
Contact details of provider: Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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  1. Fare, Rolf & Zelenyuk, Valentin, 2003. "On aggregate Farrell efficiencies," European Journal of Operational Research, Elsevier, vol. 146(3), pages 615-620, May.
  2. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
  3. Andreyeva Tatiana, 2003. "Company Performance in Ukraine: What Governs its Success," EERC Working Paper Series 03-01e, EERC Research Network, Russia and CIS.
  4. Ksenia Yudaeva & Kozlov Konstantin & Natalia Melentieva & Natalia Ponomareva, 2000. "Does Foreign Ownership Matter? Russian Experience," Working Papers w0005, Center for Economic and Financial Research (CEFIR).
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