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Less Discussed Dynamics in the Czech Farm Structure Development

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  • Curtiss, Jarmila
  • Ratinger, Tomas
  • Medonos, Tomas

Abstract

The paper provides an empirical study of the dynamics of ownership changes in Czech agricultural companies, which are assigned by unique heterogeneity in ownership forms. Since employee ownership has retained a relatively important place in these structures, neoclassical, as well as institutional theories of labour managed firms are considered. Building upon efficiency arguments, both approaches suggest the dissolution of labour managed firms. The empirical analysis utilized detailed survey data from 2004 and accountancy data from 1997 to 2003. We used cluster analysis to classify companies into homogeneous groups with respect to their ownership structure and stage of restructuring, and analysed these characteristics in relation to performance indicators. The companies were found to be in various transition stages. The results reveal that the most progressed and the most profitable are companies with a significantly higher capital concentration, low number of owners and a low share of employee and external ownership. The least restructured companies with higher employee and external ownership show markedly worse performance figures. The restructuring process is complex and farms have adopted different strategies; restructuring only firm's liabilities by capitalising transformation debts appeared insufficient for improving performance.

Suggested Citation

  • Curtiss, Jarmila & Ratinger, Tomas & Medonos, Tomas, 2006. "Less Discussed Dynamics in the Czech Farm Structure Development," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25337, International Association of Agricultural Economists.
    • Handle: RePEc:ags:iaae06:25337
    DOI: 10.22004/ag.econ.25337
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    References listed on IDEAS

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    1. Miyazaki, Hajime, 1984. "On Success and Dissolution of the Labor-Managed Firm in the Capitalist Economy," Journal of Political Economy, University of Chicago Press, vol. 92(5), pages 909-931, October.
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    1. Curtiss, Jarmila & Ratinger, Tomáš & Medonos, Tomáš, 2012. "Ownership and Investment Behaviour in Transition Countries: A Case Study of Collective and Corporate Farms in the Czech Republic," Factor Markets Working Papers 121, Centre for European Policy Studies.
    2. Curtiss, Jarmila & Ratinger, Tomas & Medonos, Tomas, 2012. "Ownership and Investment Behaviour in Transition Countries: A Case Study of Collective and Corporate Farms in the Czech Republic," Working papers 122841, Factor Markets, Centre for European Policy Studies.
    3. Curtiss, Jarmila & Jelínek, Ladislav & Hruška, Martin & Medonos, Tomáš & Vilhelm, Václav, 2013. "The Effect of Heterogeneous Buyers on Agricultural Land Prices: The Case of the Czech Land Market," Journal of International Agricultural Trade and Development, Journal of International Agricultural Trade and Development, vol. 62(2).
    4. Curtiss, Jarmila & Jelínek, Ladislav & Hruška, Martin & Medonos, Tomáš & Vilhelm, Václav, 2013. "The Effect of Heterogeneous Buyers on Agricultural Land Prices: The Case of the Czech Land Market," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 62(02), pages 1-18, May.

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    Keywords

    Farm Management;

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