Politická ekonomie 2017, 65(1):3-25 | DOI: 10.18267/j.polek.1124

Dopady vlastnické struktury, firemních charakteristik a krize na efektivitu českých podniků

Jan Hanousek1, Evžen Kočenda2
1 Jan Hanousek (jan.hanousek@cerge-ei.cz), CERGE-EI, Univerzita Karlova a ČAV, Praha; CEPR, Londýn
2 Evžen Kočenda (evzen.kocenda@fsv.cuni.cz), Institut ekonomických studií, Fakulta sociálních věd, Univerzita Karlova; Ústav teorie informace a automatizace, ČAV, Praha; CESifo, Mnichov; IOS, Řezno; Euro Area Business Cycle Network

Impact of Ownership Type, Firm Characteristics and Crisis on Efficiency of the Czech Firms

We analyze how efficiency of firms in the Czech Republic is affected by their size, age, competition, capital structure, ownership types, and global financial crisis. We employ the stochastic frontier approach, use a large and detailed dataset, and cover time span 2001-2012. While effects of firm characteristics are small, the effects of ownership are economically substantial. We show that majority owners are most contributive with respect to firm's efficiency when compared to other categories we analyze. Minority owners with legally grounded power are able to impose significant efficiency improvement. The effect of the foreign ownership is strongest when foreign owners control firms with less than majority of voting power. Minority owners sharing the control do not seem to contribute to efficiency. The impact of crisis is not balanced but can be regarded as marginally positive in general. The firms' characteristics change only a little. In contrast, worsening impact of the crisis is evidenced for controlling ownership categories. Minority owners exhibit a limited disciplining effect to improve efficiency after the crisis, though.

Keywords: global financial crisis, efficiency, ownership structure, firms, panel data, stochastic frontier, Czech Republic
JEL classification: C33, D24, G32, L60, L80, M21

Published: February 1, 2017  Show citation

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Hanousek, J., & Kočenda, E. (2017). Impact of Ownership Type, Firm Characteristics and Crisis on Efficiency of the Czech Firms. Politická ekonomie, 65(1), 3-25. doi: 10.18267/j.polek.1124
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