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 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.

Bibliographic Details

Main Authors:	Claesens, Stijn, Djankov, Simeon, Pohl, Gerhard
Format:	Viewpoint biblioteca
Language:	English
Published:	World Bank, Washington, DC 1997-05
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
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