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Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation

  • Kocenda, Evzen

This Paper works with a broad data sample of Czech voucher-privatized firms during 1996-99. It analyses the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest owner was found to be a decisive shareholder. Industrial companies have been the most stable shareholder and recorded the largest ownership gains. Ownership concentration alone does not explain a change in a firm’s performance and no industry sector was found to have a specific effect on it. We found evidence that several types of owners have an effect on certain performance measures. There does not exist support that type of owner has an effect on a firm's performance in general, however.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3139.

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Date of creation: Jan 2002
Date of revision:
Handle: RePEc:cpr:ceprdp:3139
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  1. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
  2. Juliet D'souza & William L. Megginson, 1999. "The Financial and Operating Performance of Privatized Firms during the 1990s," Journal of Finance, American Finance Association, vol. 54(4), pages 1397-1438, 08.
  3. Smith, Stephen C. & Cin, Beom-Cheol & Vodopivec, Milan, 1997. "Privatization Incidence, Ownership Forms, and Firm Performance: Evidence from Slovenia," Journal of Comparative Economics, Elsevier, vol. 25(2), pages 158-179, October.
  4. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
  5. Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
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