Download or read book Ownership Concentration and Performance in Czech Companies written by Ashot Baghdasarian and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Performance of Czech Companies by Ownership Structure written by Andrew Weiss and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book PERFORMANCE OF CZECH COMPANIES BY OWNERSHIP STRUCTURE written by ANDREW WEISS AND GEORGIY NIKITIN and published by . This book was released on 1998 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Private Ownership and Corporate Performance written by and published by World Bank Publications. This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The assumption behind privatisation in eastern Europe and elsewhere is that private ownership improves corporate performance. We focus on comparing the performance of state firms with either private or privatised firms operating under reasonably similar conditions in three countries of eastern Europe. We supplement this comparison by an examination of the relative performance of privatised and state firms in the period before the former were privatised. Our empirical results confirm the hypothesis that the effect of ownership change is particularly pronounced on the revenue side of corporate performance. In general, we find that firms with outsider owners significantly outperform the firms with insider owners on most performance measures, and that the employees are particularly ineffective owners (indeed less effective than the state). Subscribe to publications email alerts.
Download or read book Secondary Privatization in Transition Economies written by Iraj Hoshi and published by Springer. This book was released on 2003-09-15 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization was the fundamental pillar of transition from plan to market in former socialist countries. But little is known about the fate of companies that were privatized in large scale privatization schemes such as mass privatization or management-employee buyouts. This is the first original study aiming to fill this gap. It assesses wholesale privatization schemes in three leading transition countries - the Czech Republic, Poland and Slovenia - in terms of the evolving concentration of ownership and relations to firm performance.
Download or read book Ownership Structure Corporate Governance and Corporate Performance written by Xiaonian Xu and published by World Bank Publications. This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Competition Ownership and Productivity written by Delia Baghdasaryan and published by . This book was released on 2009 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study empirically investigates if competition's impact on firm performance depends on the ownership structure. Our results show that an increase in import competition has a positive effect on firms with concentrated ownership and a negative effect on firms with dispersed ownership, regardless of the level of domestic competition. Given that the optimal level of ownership concentration with respect to firm productivity is high (low) if tariffs are low (high) in the case when import competition is high these results are consistent with theoretical findings that competition has positive effects in companies that are a priori efficient but not in unproductive firms. If tariffs are high, however, they support inferences based on the x-inefficiency literature. Contrary to what has been suggested by some theoretical results, the riskiness of a firm's environment does not seem to influence our results.
Download or read book Ownership and Firm Performance after Large Scale Privatization written by Evzen Kocenda and Jan Svejnar and published by . This book was released on 2003 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ownership Structure Corporate Governance and Corporate Performance written by Xiaonian Xu and published by . This book was released on 2005 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates whether ownership structure has significant effects on the performance of publicly-listed companies in China, and in what way if it does. Publicly- listed stock companies allow us to quantify the ownership mix and concentration and thus provide a unique opportunity for studying the above issue. The recent literature on the role of large institutional shareholders in corporate governance provides the theoretical foundation of this study. A typical listed stock company in China has a mixed ownership structure with the state, legal persons (institutions), and domestic individuals as the three predominant groups of shareholders. Each holds about 30 percent of total outstanding shares. Employees and foreign investors together hold less than 10 percent. The ownership concentration is high with the five largest shareholders accounting for 58 percent of the outstanding shares in 1995, compared to 57.8 percent in Czech Republic, 42 percent in Germany and 33 percent in Japan. Results from our empirical analysis show that ownership structure (both the mix and concentration)indeed has significant effects on the performance of stock companies. First, there is a positive and significant correlation between ownership concentration and profitability. Second, the effect of ownership concentration is stronger for companies dominated by legal person shareholders than for those dominated by the state. Third, firms? profitability is positively correlated with the fraction of legal person shares, but it is either negatively correlated or uncorrelated with the fraction of state shares and tradable A-shares held mostly by individuals. Last, labor productivity tends to decline as the proportion of state shares increases. These results suggest the importance of large institutional shareholders in corporate governance and performance, the inefficiency of state ownership, and potential problems in an overly dispersed ownership structure.
Download or read book Secondary Privatization in the Czech Republic written by Evžen Kočenda and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains the output of country research undertaken in the Czech Republic in 2000-2001 by EvDen Kocenda and Juraj Valachy (CERGE) under the international comparative project 'Secondary Privatization: the Evolution of Ownership Structures of Privatized Enterprises.' The project was supported by the European Union's Phare ACE* Programme 1997 (project P97-8201 R) and was coordinated by Barbara Blaszczyk of the Center for Social and Economic Research (CASE) in Warsaw, Poland. The support of the ACE Programme made it possible to organize the cooperation of an international group of scholars (from the Czech Republic, France, Poland, Slovenia and the U.K.). The entire project was devoted to the investigation of secondary ownership changes in enterprises privatized in special privatization schemes (i.e., mass privatization schemes and MEBOs**) in three Central European countries - the Czech Republic, Poland and Slovenia. Through a combination of different research methods, such as secondary analysis of previous research, analysis of legal and other regulatory instruments, original field research, statistical data base research and econometric analysis of individual enterprise data, the project aimed to investigate the scope, pace and trends in secondary ownership changes, the factors and barriers affecting them and the degree of ownership concentration resulting from them. Following the presentation of a clear picture of the economic outcomes of the voucher privatization in the Czech Republic, the paper turns to the initial changes in ownership structures of privatized companies. The main types of new owners are identified and the emerging trends of ownership concentration analyzed. The second part of this publication is devoted to a description of post-privatization transactions and their influence on the further re-allocation and concentration of ownership. The interconnection between secondary changes in ownership structure and economic performance of a sample of companies traded on the Prague Stock Exchange is investigated using various econometric instruments.
Download or read book Equity Ownership and Performance written by Kerstin Groß and published by Springer Science & Business Media. This book was released on 2007-05-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical studies presented in this book model the endogeneity by applying the simultaneous equations methodology on the relation of ownership and financial performance as well as on different ownership dimensions themselves. Its final model comprises a four equations system containing performance, general ownership concentration, managerial and institutional ownership.
Download or read book Effects of Ownership and Financial Status on Corporate Environmental Performance written by Dietrich Earnhart and published by . This book was released on 2002 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Evolution of Ownership Structure in Firms Privatized Through Wholesale Schemes in the Czech Republic and Poland written by Irena Grosfeld and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the change in ownership concentration in firms privatized through two different programs of mass privatization: the Czech voucher scheme and the Polish program of National Investment Funds. Despite important differences in ownership structure at the start of the process and in the quality of legal and regulatory environments, the emerging ownership patterns are remarkably similar in the two groups of firms: high concentration and the emergence of industrial corporations and individuals as important dominant shareholders. Given the important evolution of ownership, we take ownership structure as endogenous and look at its determinants. We find in particular that ownership concentration depends on the degree of uncertainty in the firm's environment. In a more risky environment firms tend to have more dispersed ownership. We interpret this result in the light of the recent theories of the firm stressing the trade-off between managerial initiative and shareholder control.
Download or read book Development of Ownership Structure and Its Effects on Performance written by Eržen Kočenda and published by . This book was released on 2001 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book ownerships concentration and corporate performance in the czech republic written by stijin classens and simeon djankov and published by . This book was released on 1999 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ownership Structure and the Temptation to Loot written by Robert J. Cull and published by World Bank Publications. This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Czech Republic written by and published by World Bank Publications. This book was released on 1999-01-01 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: "At the end of 1995, the Czech Republic was regarded as the clearest success story in the region. It had one of the lowest rates of inflation and the lowest rates of unemployment. The high GDP growth rate looked sustainable, as it was accompanied by a moderate current account deficit, balanced fiscal account and seemed to be underpinned by important structural reform." The Czech Republic was perceived until 1996 as the most successful transition economy in Central and Eastern Europe (CEE). The Czech Republic seems to be the clearest success story in the region. However, the Czech miracle came to a halt in May 1997. Its future economic development and successful integration into the European Union (EU) depends critically on its capacity to recover a sustainable output growth path. To assist the country in achieving its primary goal to join the European Union (EU) in the shortest period of time, this report analyzes economic developments in the Czech Republic since 1997. It focuses on assessing the status of the Czech Republic's economy from the perspective of its pursuit for EU membership. The report is composed of two volumes. The first volume is the summary report that condenses main findings and conclusions. The second volume is the main report. It provides the assessment and technical study of selected key sectors of the Czech economy. The EU accession process dominates the sector analyses, which are outlined in each chapter.
