Vlastnická struktura a výkonnost firem vzešlých z české kuponové privatizace
Year: 2002 Volume: 52 Issue: 11 Pages: 638-639
Abstract: The author works with a broad 1996–1999 data sample of firms privatized earlier in the 1990s in the Czech Republic’s pioneering „voucher“ privatization of state firms. He analyzes the post-privatization development of such firms’ ownership structure and consequently its effect on corporate performance and firms’ characteristics. In 1996, the ownership concentration at these firms was already quite high and only increased, thus giving decisive power to the largest owners. The author argues that excessive ownership concentration has little correlation with corporate performance. In the study, the changes in ownership structure had no conclusive effect on corporate performance. Certain types of domestic owners do not affect firm performance though they do affect firm characteristics, while the effect of foreign owners is limited. Thus, no clear or unambiguous effect of changes in ownership structure on corporate performance emerged.
JEL classification: C23, D21, G32, L2
Keywords: ownership structure; firm’s performance; voucher privatization; type of owner; panel data
RePEc: n/a
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