Rozsah integrovaného státního vlastnictví a vliv firemní kontroly na výkonnost českých podniků
Extent of the Integrated State Ownership and Effect of the State Control on Performance of Czech Firms
Jan Hanousek () and
Evzen Kocenda ()
Politická ekonomie, 2011, vol. 2011, issue 1, 82-104
We analyze the extent of the integrated state control over the privatized companies in the Czech Republic during the decade of 1995-2005. During this period, the integrated potential of the state to control companies had a pyramid-like form. Even though the pyramid control was not fully utilized, the state owned the golden shares that significantly improved state ability to control companies. Our findings suggest that state control in the period under research is correlated with decreasing, or even negative performance of companies. The efficiency of the state-owned companies was much lower than that of the privately owned. The inability of state agencies to cooperate and inefficient state administration are the most probable explanations behind our findings.
Keywords: privatization; corporate performance; golden share; corporate pyramid; state ownership; voting rights (search for similar items in EconPapers)
JEL-codes: C51 D23 D24 L23 P26 (search for similar items in EconPapers)
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