Prague Economic Papers 2003, 12(2):121-130 | DOI: 10.18267/j.pep.209

Performance of czech voucher-privatized firms

Evžen Kočenda
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).

This paper works with a broad data sample of Czech voucher-privatized firms. The period of 1996 - 1999 enables to capture true post-privatization effects. It analyzes the effect of ownership structure on corporate performance and firm's characteristics. Results show that overall ownership concentration cannot be associated with improving corporate performance. Further, particular types of domestic owners do not affect firm's performance but they do affect firm's characteristics. Effect of foreign owners is limited. No clear or unambiguous effect of changes in ownership structure on corporate performance emerged.

Keywords: voucher privatization, ownership structure, type of owner, panel data, firm's performance
JEL classification: C23, D21, G32, L20

Published: January 1, 2003  Show citation

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Kočenda, E. (2003). Performance of czech voucher-privatized firms. Prague Economic Papers, 12(2), 121-130. doi: 10.18267/j.pep.209
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