Politická ekonomie
Politická ekonomie
Politická ekonomie
TEORETICKÝ ČASOPIS • ISSN 0032-3233 (Print) • ISSN 2336-8225 (Online)

Politická ekonomie Vol. 59 No. 1

Rozsah integrovaného státního vlastnictví a vliv firemní kontroly na výkonnost českých podniků

DOI: https://doi.org/10.18267/j.polek.773

[plný text (PDF)]

Jan Hanousek, Evžen Kočenda

We analyze the extent of the integrated state control over the privatized companies in the Czech Republic during the decade of 1995-2005. During this period, the integrated potential of the state to control companies had a pyramid-like form. Even though the pyramid control was not fully utilized, the state owned the golden shares that significantly improved state ability to control companies. Our findings suggest that state control in the period under research is correlated with decreasing, or even negative performance of companies. The efficiency of the state-owned companies was much lower than that of the privately owned. The inability of state agencies to cooperate and inefficient state administration are the most probable explanations behind our findings.

JEL klasifikace: C51, D23, D24, L23, P26

Reference:
ALMEIDA, H. V.; WOLFENZON, D. 2006. Theory of Pyramidal Ownership and Family Business Groups. Journal of Finance. 2006, Vol. 61, No. 6, pp. 2637–2680.

ANGRIST, J. D.; IMBENS, G. W.; RUBIN, D. B. 1996. Identifi cation of Causal Effects Using Instrumental Variables. Journal of the American Statistical Association. No. 91 (434), pp. 444–455.

ANGRIST, J. D.; PISCHKE, J-S. 2009. Mostly Harmless Econometrics: An Empiricist‘s Companion. Princeton University Press, 2009.

BEBCHUK, L. A.; KRAAKMAN, R.; TRIANTIS, G. G. 2000. Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Mechanisms and Agency Costs of Separating Control from Cash-Flow Rights. In MORCK, R. K. (ed.) Concentrated Corporate Ownership. NBER Conference Report series. Chicago and London: University of Chicago Press, pp . 295–315.

BENNETT, J.; ESTRIN, S.; MAW, J. 2005. Why did transition economies choose mass privatization? Journal of European Economic Association. 2005, No. 3(2-3), pp. 567–75.

BERLE, A.; MEANS, G. 1932. The Modern Corporation and Private Property. New York: MacMillan, 1932.

BORTOLOTTI, B.; FACCIO, M. 2004. Government Control of Privatized Firms. ECGI Working Paper No. 40/2004. ssrn.com/abstract=536683.

BORTOLOTTI, B.; FACCIO, M. 2006. Reluctant privatization. Center for Economic Institutions Working paper series, No. 2006-5.

BUREAU VAN DIJK, 2007. Bureau Van Dijk Electronic Publishing: Ownership Database. Available at www.bvdep.com (přístup 5. 3. 2009).

CHAPELLE, A; SZAFARZ, A. 2005. Controlling fi rms through the majority voting rule. Physica A. 2005, No. 355, pp. 509–529.

CHAPELLE, A.; SZAFARZ, A. 2007. Control consolidation with a threshold: An algorithm. IMA Journal of Management Mathematics. 2007, No. 18(3), pp. 235–243.

CHERNYKH, L. 2008. Ultimate ownership and control in Russia. Journal of Financial Economics. 2008, No. 88(1), pp. 169–192.

CULL, R.; MATESOVA, J.; SHIRLEY, M. 2002. Ownership and the Temptation to Loot: Evidence from Privatized Firms in the Czech Republic. Journal of Comparative Economics. 2002, No. 30(1), pp. 1–24.

ESTRIN, S.; HANOUSEK, J.; KOČENDA, E.; SVEJNAR, J. 2009. Effects of Privatization and Ownership in Transition Economies. Journal of Economic Literature. 2009. No. 47(3), pp. 699–728.

FACCIO, M. L.; LANG, H. P. 2002. The ultimate ownership of Western European Corporations. Journal of Financial Economics. 2002, No. 65, pp. 365–395

FRYDMAN, R.; GRAY, C.; HESSEL, M.; RAPACZYNSKI, A. 2000. The limits of discipline: ownership and hard budget constraints in the transition economies. Economics of Transition. 2000, No. 8(3), pp. 577–601

FRYDMAN, R.; HESSEL, M.; RAPACZYNSKI, A. 2006. Why ownership matters? Entrepreneurship and the restructuring of enterprises in central Europe. In FOX, M.; HELLER, M. (eds.) Corporate governance lessons from transition economies. Princeton and Oxford: Princeton University Press, 2006.

GROSFELD, I.; TRESSEL, T. 2002. Competition and Ownership Structure: Substitutes or Complements? Evidence from the Warsaw Stock Exchange. Economics of Transition. 2002, No. 10 (3), pp. 525–551.

HANOUSEK, J.; KOČENDA, E. 2008. Kontrolní potenciál státu nad zprivatizovanými podniky. Politická ekonomie. 2008, Vol. 56, No. 4, pp. 467–483.

HANOUSEK, J.; KOČENDA, E.; SVEJNAR, J. 2007. Origin and Concentration: Corporate Ownership, Control and Performance in Firms after Privatization. Economics of Transition. 2007, No. 15, Vol. 1, pp. 1–31.

HELLMAN, J.; JONES, G.; KAUFMANN, D. 2003. Seize the state, seize the day: state capture and influence in transition economies. Journal of Comparative Economics. 2003, No. 31, pp. 751–773.

HELLMAN, J.; SCHANKERMAN, M. 2000. Intervention, corruption and capture: The nexus between enterprises and the state. Economics of Transition. 2000, No. 8(3), pp. 545–576.

JOHNSON, S.; LA PORTA, R.; LOPEZ-DE-SILANES, F.; SHLEIFER, A. 2000. Tunneling. American Economic Review. 2000, No. 90(2), pp. 22–27.

KHANNA, T.; YAFEH, Y. 2007. Business Groups in Emerging Markets: Paragons or Parasites? Journal of Economic Literature. 2007, No. 45, pp. 331–372.

KOČENDA, E. 2000. Zbytkový státní majetek a vlastnická práva. Politická ekonomie. 2000, Vol. 48, No. 3, pp. 393–400.

KOČENDA, E.; HANOUSEK, J. 2009. State Ownership and Control in the Czech Republic. CESifo Working Paper No. 2801.

KOČENDA, E.; LÍZAL, L. 2003. Český podnik v české transformaci: 1990–2000. Praha: Academia, 2003.

KOTHARI, S. P.; LEONE, A. J.; WASLEY, C. E. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics. 2005, No. 39(1), pp. 163–197.

LA PORTA, R.; LOPEZ-DE-SILANES, F.; SHLEIFER, A. 1999. Corporate ownership around the world. Journal of Finance. 1999, No. 54, pp. 471–517.

LÍZAL, L., KOČENDA, E. 2001. State of Corruption in Transition: The Case of the Czech Republic. Emerging Markets Review. 2001, No. 2(2), pp. 138–160.

LIU, G. S.; PUN, P. 2005. The Class of Shareholdings and its Impacts on Corporate Performance: A Case of State Shareholding Composition in Chinese Public Corporations. Corporate Governance: An International Review. 2005, No. 13(1), pp. 46–59.

MA, X.; LU, J. 2005. The critical role of business groups in China. Ivey Business Journal. 2005, No. 69(5), pp. 1–12.

MA, X.; YAO, X.; XI, Y. 2006. Business group affi liation and fi rm performance in a transition economy: A focus on ownership voids. Asia Pacifi c Journal of Management. 2006, No. 23(4), pp. 467–483.

MLČOCH, L. 1998. Czech Privatization: A Criticism of Misunderstood Liberalism (Keynote Address). Journal of Business Ethics. 1998, No. 17(9-10), pp. 951–959.

MORCK, R.; WOLFENZON, D.; YEUNG, B. 2005, Corporate governance, economic entrenchment and growth. Journal of Economic Literature. 2005, No. 43, pp. 657–722.

MORCK, R.; STANGELAND, D.; YEUNG, B. 2000. Inherited Wealth, Corporate Control, and Economic Growth: The Canadian Disease. In MORCK, R. (ed.) Concentrated Corporate Ownership. Chicago: University of Chicago Press, 2000, pp. 319–369.

MORCK, R., YEUNG, B. 2004. Family Control and the Rent-Seeking Society. Entrepreneurship: Theory and Practice. 2004, No. 28(4), s. 391–409.

QIAN, Y. 1996. Enterprise reform in China: Agency problems and political control. Economics of Transition. 1996, No. 4(2), pp. 422–447.

SHLEIFER, A.; VISHNY, R. W. 1994. Politicians and fi rms. Quarterly Journal of Economics. 1994, No. 109(4), s. 995–1025.

YIU, D.; BRUTON, G.; LU, Y. 2005. Understanding business group performance in an emerging economy: Acquiring resources and capabilities in order to prosper. Journal of Management Studies. 2005, No. 42(1), pp. 183–296.