Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatization

Evžen Kočenda

CERGE-EI Working Papers from The Center for Economic Research and Graduate Education - Economics Institute, Prague

Abstract: This paper works with a broad data sample of Czech voucher-privatized firms during 1996 - 1999. It analyzes the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest owner was found to be a decisive shareholder. Industrial companies have been the most stable shareholder and recorded the largest ownership gains. Ownership concentration alone does not explain a change in a firm’s performance and no industry sector was found to have a specific effect on it. We found evidence that several types of owners have an effect on certain performance measures. However, there does not exist support that type of owner has an effect on a firm's performance in general.

Keywords: ownership structure; firm's performance; voucher privatization; type of owner; panel data (search for similar items in EconPapers)
JEL-codes: C23 D21 G32 L20 (search for similar items in EconPapers)
Date: 2001-11
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Related works:
Working Paper: Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation (2002)
Working Paper: Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatization (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:cer:papers:wp188

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