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

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  • Vitaliy Zheka

    (Department of Economics, University of Lviv, Ukraine)

Abstract

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.

Suggested Citation

  • Vitaliy Zheka, 2005. "Corporate governance, ownership structure and corporate efficiency: the case of Ukraine," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(7), pages 451-460.
  • Handle: RePEc:wly:mgtdec:v:26:y:2005:i:7:p:451-460 DOI: 10.1002/mde.1258
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    References listed on IDEAS

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    1. repec:hrv:faseco:30728046 is not listed on IDEAS
    2. Fare, Rolf & Zelenyuk, Valentin, 2003. "On aggregate Farrell efficiencies," European Journal of Operational Research, Elsevier, vol. 146(3), pages 615-620, May.
    3. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    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).
    5. Andreyeva Tatiana, 2003. "Company Performance in Ukraine: What Governs its Success," EERC Working Paper Series 03-01e, EERC Research Network, Russia and CIS.
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    Cited by:

    1. Godfred A. Bokpin & Zangina Isshaq & Francis Aboagye-Otchere, 2011. "Ownership structure, corporate governance and corporate liquidity policy: Evidence from the Ghana Stock Exchange," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(3), pages 262-279, August.
    2. repec:eee:spacre:v:18:y:2015:i:1:p:20-31 is not listed on IDEAS
    3. Sean Liu, 2005. "Corporate governance and development: the case of China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(7), pages 445-449.
    4. Claudia Curi & Justas Gedvilas & Ana Lozano-Vivas, 2016. "Corporate Governance of SOEs and performance in transition countries. Evidence from Lithuania," BEMPS - Bozen Economics & Management Paper Series BEMPS36, Faculty of Economics and Management at the Free University of Bozen.
    5. Prof. Dr. Nurhan Aydın & Assist. Prof. Dr. Metin Coskun & Dr. Arda Surmeli & Gulsah Kulalı, 2012. "Efficiency Differences between Turkish and German Companies Operating in Germany," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 2(4), pages 35-67, August.
    6. repec:zbw:iamost:85 is not listed on IDEAS
    7. Frye, Timothy M. & Iwasaki, Ichiro, 2011. "Government directors and business–state relations in Russia," European Journal of Political Economy, Elsevier, vol. 27(4), pages 642-658.
    8. Joy Jia & Mike Adams & Mike Buckle, 2012. "Insurance and ownership structure in India’s corporate sector," Asia Pacific Journal of Management, Springer, vol. 29(1), pages 129-149, March.
    9. repec:spr:rvmgts:v:12:y:2018:i:1:d:10.1007_s11846-016-0212-1 is not listed on IDEAS
    10. Chen Lin & Yue Ma & Dongwei Su, 2009. "Corporate governance and firm efficiency: evidence from China's publicly listed firms," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 1-1.
    11. Godfred A. Bokpin & Anastacia C. Arko, 2009. "Ownership structure, corporate governance and capital structure decisions of firms: Empirical evidence from Ghana," Studies in Economics and Finance, Emerald Group Publishing, vol. 26(4), pages 246-256, October.
    12. Tariq, Yasir Bin & Abbas, Zaheer, 2013. "Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of corporate governance," Economic Modelling, Elsevier, vol. 35(C), pages 565-575.
    13. Isabel-María García-Sánchez, 2010. "The effectiveness of corporate governance: board structure and business technical efficiency in Spain," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 18(3), pages 311-339, September.

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