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Performance of Czech Companies by Ownership Structure

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  • Andrew Weiss
  • Georgiy Nikitin

Abstract

Our main Finding is that ownership concentration in the Czech Republic is associated with improvements in the performance of operating companies, but only if ownership is concentrated in hands other than investment funds. We assessed the effects of ownership structure on economic performance by measuring the relationship between changes in performance and the composition of ownership shares at the beginning of the period. Other studies measured the association between levels of performance and the composi6on of ownership. We used robust estimation techniques, in addition to OLS estimation, since we were able to strongly reject normality. Since the data comes from surveys and since accounting, standards during this period were far from uniform; it is not surprising that the data would be subject to large measurement errors. These measurement errors may have generated the results observed in other studies.

Suggested Citation

  • Andrew Weiss & Georgiy Nikitin, 1998. "Performance of Czech Companies by Ownership Structure," William Davidson Institute Working Papers Series 186, William Davidson Institute at the University of Michigan.
    • Handle: RePEc:wdi:papers:1998-186
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    Cited by:

    1. Irena Grosfeld & Iraj Hashi, 2001. "The Evolution of Ownership Structure in Firms Privatized through Wholesale Schemes in the Czech Republic and Poland," CASE Network Reports 0049, CASE-Center for Social and Economic Research.
    2. Ichiro IWASAKI & Satoshi MIZOBATA, 2018. "Post-Privatization Ownership And Firm Performance: A Large Meta-Analysis Of The Transition Literature," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(2), pages 263-322, June.
    3. Polona Domadenik & Lubomír Lízal & Marko Pahor, 2012. "The Effect of Enterprise Break-Ups on Performance. The Case of the Former Yugoslav Republic of Macedonia," Revue économique, Presses de Sciences-Po, vol. 63(5), pages 849-866.
    4. Alan Bevan & Saul Estrin & Mark E. Schaffer, 1999. "Determinants of Enterprise Performance during Transition," CERT Discussion Papers 9903, Centre for Economic Reform and Transformation, Heriot Watt University.
    5. Cincibuch, Martin & Vávra, David, 2000. "Towards the EMU: A Need For Exchange Rate Flexibility?," Transition Economics Series 17, Institute for Advanced Studies.
    6. Randall K. Filer & Jan Hanousek, 2002. "Data Watch: Research Data from Transition Economies," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 225-240, Winter.
    7. Galyna Grygorenko & Stefan Lutz, 2007. "Firm performance and privatization in Ukraine," Economic Change and Restructuring, Springer, vol. 40(3), pages 253-266, September.
    8. Iwasaki, Ichiro & Kočenda, Evžen, 2017. "Are some owners better than others in Czech privatized firms? Even meta-analysis can’t make us perfectly sure," Economic Systems, Elsevier, vol. 41(4), pages 537-568.
    9. Caroline Vincensini & Petia Koleva, 2000. "Les trajectoires économiques nationales dans la transition post-soviétique. Etude comparée des fonds de privatisation tchèques et bulgares," Post-Print hal-03462398, HAL.
    10. Piotr Kozarzewski & Richard Woodward & Mehdi Safavi, 2012. "Background Report on Private Sector Development in Latin America, the Post-Communist Countries of Europe and Asia, the Middle East and North Africa," CASE Network Studies and Analyses 434, CASE-Center for Social and Economic Research.
    11. Barbara Blaszczyk & Iraj Hashi & Alexander Radygin & Richard Woodward, 2003. "Corporate Governance and Ownership Structure in the Transition: The Current State of Knowledge and Where to Go from Here," CASE Network Studies and Analyses 0264, CASE-Center for Social and Economic Research.
    12. Kornai, János, 2000. "A költségvetési korlát megkeményítése a posztszocialista országokban [Hardening of the budget constraint in the post-socialist countries]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-22.
    13. Kornai, Janos, 2001. "Hardening the budget constraint: The experience of the post-socialist countries," European Economic Review, Elsevier, vol. 45(9), pages 1573-1599, October.
    14. Claessens, Stijn & Djankov, Simeon, 1999. "Ownership Concentration and Corporate Performance in the Czech Republic," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 498-513, September.
    15. Cabeza-García, Laura & Gómez-Ansón, Silvia, 2011. "Post-privatisation ownership concentration: Determinants and influence on firm efficiency," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 412-430, September.
    16. Mr. Alexander Pivovarsky, 2001. "How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine," IMF Working Papers 2001/042, International Monetary Fund.
    17. John Bonin & Bozena Leven, 2001. "Can State-owned Banks Promote Enterprise Restructuring? Evidence from One Polish Bank's Experience," Post-Communist Economies, Taylor & Francis Journals, vol. 13(4), pages 431-443.
    18. Cull, Robert & Matesova, Jana & Shirley, Mary, 2001. "Ownership structure and the temptation to loot : evidence from privatized firms in the Czech Republic," Policy Research Working Paper Series 2568, The World Bank.
    19. Cull, Robert & Matesova, Jana & Shirley, Mary, 2002. "Ownership and the Temptation to Loot: Evidence from Privatized Firms in the Czech Republic," Journal of Comparative Economics, Elsevier, vol. 30(1), pages 1-24, March.
    20. Buck, Trevor & Filatotchev, Igor & Wright, Mike & Zhukov, Vladimir, 1999. "Corporate Governance and Employee Ownership in an Economic Crisis: Enterprise Strategies in the Former USSR," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 459-474, September.

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