EconPapers    
Economics at your fingertips  
 

Dopady vlastnické struktury, firemních charakteristik a krize na efektivitu českých podniků

Impact of Ownership Type, Firm Characteristics and Crisis on Efficiency of the Czech Firms

Jan Hanousek () and Evžen Kočenda ()

Politická ekonomie, 2017, vol. 2017, issue 1, 3-25

Abstract: We analyze how efficiency of firms in the Czech Republic is affected by their size, age, competition, capital structure, ownership types, and global financial crisis. We employ the stochastic frontier approach, use a large and detailed dataset, and cover time span 2001-2012. While effects of firm characteristics are small, the effects of ownership are economically substantial. We show that majority owners are most contributive with respect to firm’s efficiency when compared to other categories we analyze. Minority owners with legally grounded power are able to impose significant efficiency improvement. The effect of the foreign ownership is strongest when foreign owners control firms with less than majority of voting power. Minority owners sharing the control do not seem to contribute to efficiency. The impact of crisis is not balanced but can be regarded as marginally positive in general. The firms’ characteristics change only a little. In contrast, worsening impact of the crisis is evidenced for controlling ownership categories. Minority owners exhibit a limited disciplining effect to improve efficiency after the crisis, though.

Keywords: stochastic frontier; panel data; ownership structure; global financial crisis; firms; efficiency; Czech Republic (search for similar items in EconPapers)
JEL-codes: C33 D24 G32 L60 L80 M21 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.vse.cz/polek/download.php?jnl=polek&pdf=1124.pdf
http://www.vse.cz/polek/1124 (text/html)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1124:p:3-25

Ordering information: This journal article can be ordered from
Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
http://www.vse.cz/polek/

Access Statistics for this article

Politická ekonomie is currently edited by Martin Mandel

More articles in Politická ekonomie from University of Economics, Prague Contact information at EDIRC.
Series data maintained by Frantisek Sokolovsky ().

 
Page updated 2017-09-07
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:1:id:1124:p:3-25