Citation

Discussion Paper Details

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

Author(s): Evzen Kocenda

Publication Date: January 2002

Keyword(s): firm performance, ownership structure, panel data, type of owner and voucher privatization

Programme Area(s): Transition Economics

Abstract: This Paper works with a broad data sample of Czech voucher-privatized firms during 1996-99. It analyses 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. There does not exist support that type of owner has an effect on a firm's performance in general, however.

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Bibliographic Reference

Kocenda, E. 2002. 'Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=3139