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Are some owners better than others in Czech privatized firms? Even meta-analysis can’t make us perfectly sure

Ichiro Iwasaki () and Evžen Kočenda ()

No 367, Working Papers from Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies)

Abstract: We use a total of 1171 estimates extracted from 34 previous studies and perform a meta-analysis to examine the relationship between ownership structures and firm performance in the Czech mass-privatized firms. We find that, in contrast to the remarkable effect of foreign ownership on firm performance and restructuring activities, domestic private entities were incapable of outperforming the state as owners of Czech companies. Our assessment of publication selection bias, however, indicates that the collected estimates do not contain genuine evidence for many types of corporate ownership. Further development and improvement in this study area are necessary to capture the true effect. Finally, we also point at the importance to draw (metaanalysis) inferences based on studies that employ adequate methodology.

Keywords: voucher privatization; ownership structure; firm performance and restructuring; meta-analysis; publication selection bias; Czech Republic (search for similar items in EconPapers)
JEL-codes: D22 G32 H32 O16 P31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec and nep-cfn
Date: 2017-07
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Journal Article: Are some owners better than others in Czech privatized firms? Even meta-analysis can’t make us perfectly sure (2017) Downloads
Working Paper: Are some owners better than others in Czech privatized firms? Even meta-analysis can't make us perfectly sure (2017) Downloads
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