Ownership and Corporate Governance : Evidence from the Czech Republic

• Tác giả: Stijn Claesens
• Ngôn ngữ: eng
• Ký hiệu phân loại: 891.86 *Czech literature
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 306142
• Chủ đề: 1. ACCOUNTING; 2. ACCOUNTING STANDARDS; 3. AFFILIATED ORGANIZATIONS; 4. AUCTIONS; 5. AUTONOMY

Tóm tắt

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.