Less Discussed Dynamics in the Czech Farm Structure Development
Tomas Ratinger and
No 25337, 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia from International Association of Agricultural Economists
The paper provides an empirical study of the dynamics of ownership changes in Czech agricultural companies, which are assigned by unique heterogeneity in ownership forms. Since employee ownership has retained a relatively important place in these structures, neoclassical, as well as institutional theories of labour managed firms are considered. Building upon efficiency arguments, both approaches suggest the dissolution of labour managed firms. The empirical analysis utilized detailed survey data from 2004 and accountancy data from 1997 to 2003. We used cluster analysis to classify companies into homogeneous groups with respect to their ownership structure and stage of restructuring, and analysed these characteristics in relation to performance indicators. The companies were found to be in various transition stages. The results reveal that the most progressed and the most profitable are companies with a significantly higher capital concentration, low number of owners and a low share of employee and external ownership. The least restructured companies with higher employee and external ownership show markedly worse performance figures. The restructuring process is complex and farms have adopted different strategies; restructuring only firm's liabilities by capitalising transformation debts appeared insufficient for improving performance.
Keywords: Farm; Management (search for similar items in EconPapers)
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ags:iaae06:25337
Access Statistics for this paper
More papers in 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia from International Association of Agricultural Economists Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().