Prague Economic Papers 3/2002

FIRM OWNERSHIP STRUCTURES: DYNAMIC DEVELOPMENT

Evžen KOČENDA, Juraj VALACHY, Center for Economic Research and Graduate Education and Economics Institute (CERGE-EI), P.O. Box 882, Politických vězňů 7, CZ - 111 21 Prague 1 (e-mail: evzen.kocenda@cerge-ei.cz; juraj.valachy @cerge-ei.cz)

This paper analyzes development of the ownership structures in Czech voucher-privatized firms during 1996 - 1999. The period can be characterized by increasing ownership concentration uniformly across all categories of owners with exception of banks. Within frequent changes uncovered by cluster analysis, higher ownership concentration was found to preserve itself. In general, investment funds and portfolio companies recorded the highest average concentration increase. Industrial companies and individual owners were found to be the most stable type of owner. Sector perspective shows that while in 1996 the firms do not exhibit excessive differences among sector specific attributes with respect to the proportion of stake held, in 1999 they do.

Klíčová slova / Keywords: industry sectors, ownership concentration, ownership structure, privatized firms