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Ownership and Corporate Governance : Evidence from the Czech Republic

The authors argue that mass privatization in the Czech Republic has spurred enterprise restructuring and that investment funds have played a key part in this outcome. Using 1992-95 data for more than 700 Czech firms, the authors find strong positiv...

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Bibliographic Details
Main Authors: Claesens, Stijn, Djankov, Simeon, Pohl, Gerhard
Language:English
Published: World Bank, Washington, DC 2012
Subjects:
ACCOUNTING
ACCOUNTING STANDARDS
AFFILIATED ORGANIZATIONS
AUCTIONS
AUTONOMY
BANKRUPTCY
BIDDING
COMMERCIAL BANKS
COMPANY
CORPORATE GOVERNANCE
CORPORATE OWNERSHIP
DEBT
EMPIRICAL ANALYSIS
ENTERPRISE RESTRUCTURING
FIRMS
FIXED ASSETS
FOREIGN INVESTORS
INTEREST RATES
INVENTORY
LIQUIDATION
MARKET VALUATION
MARKET VALUE
PRIVATIZATION
PRODUCTIVITY
PROFITABILITY
SHAREHOLDERS
TRANSITION ECONOMIES
VOUCHER PRIVATIZATION DENATIONALIZATION
INVESTMENT TRUSTS
OWNERSHIP
PRIVATE ENTERPRISES
Online Access:http://documents.worldbank.org/curated/en/1997/05/441453/ownership-corporate-governance-evidence-czech-republic
http://hdl.handle.net/10986/11584
Description
Summary:The authors argue that mass privatization in the Czech Republic has spurred enterprise restructuring and that investment funds have played a key part in this outcome. Using 1992-95 data for more than 700 Czech firms, the authors find strong positive relationships between ownership concentration and profitability. And the higher the ownership concentration, the higher the firm's market value. They argue that these two results suggest that the Czech privatization program was effective in improving firms' management because of the concentrated ownership that resulted.

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