Počet záznamů: 1
Origin and concentration: corporate ownership, control and performance
Hanousek, Jan, 1963- - Autor
Prague : CERGE-EI, 2005 - 48 s. ; 21 cm
ISBN 80-7344-037-7, ISBN 80-7343-048-7
Working paper series,
Kočenda, Evžen, - Autor Švejnar, Jan, - Autor
vlastnické vztahy privatizace výkonnost podniku
studieÚdaje o názvu Origin and concentration: corporate ownership, control and performance / Jan Hanousek, Evžen Kočenda, Jan Švejnar Záhlaví-jméno Hanousek, Jan, 1963- (Autor) Vyd.údaje Prague : CERGE-EI, 2005 Fyz.popis 48 s. ; 21 cm ISBN 80-7344-037-7 80-7343-048-7 Číslo nár. bibl. cnb001533006 Edice Working paper series (CERGE-EI) Poznámky K DISPOZICI POUZE V ELEKTRONICKÉ PODOBĚ Poznámky o skryté bibliografii a rejstřících Obsahuje bibliografii a bibliografické odkazy Jazyková pozn. České resumé Dal.odpovědnost Kočenda, Evžen, 1963- (Autor)
Švejnar, Jan, 1952- (Autor)
Předmět.hesla vlastnické vztahy * privatizace * výkonnost podniku Forma, žánr studie Konspekt 33 - Ekonomie MDT 334.72 , 338.246.025.88 , 005.332.1 , (048.8) Země vyd. Česko Jazyk dok. angličtina URL Digitalizovaný dokument Druh dok. KNIHY We analyze the effects of different types and concentration of ownership on performance using a population of firms in a model transition economy after mass privatization. Specifications based on first-differences and unusual instrumental variables show that contrary to conventional wisdom, the effects of privatization and different types of ownership are limited and many types of private owners do not generate performance that is different from that of firms with state ownership. Concentrated ownership has a positive effect but only in some instances and a positive effect of foreign ownership is detectable primarily for majority ownership and foreign industrial firms. The effects of concentrated ownership support the agency theory and go against theories stressing the positive effects of managerial autonomy. Our results are also consistent with managers or stockholders "looting" the firms. The state as a holder of the golden share has a positive effect on employment and in some specifications also on output and profitability. Overall, our results suggest that the expectations and earlier findings of positive effects of privatization on performance were premature, with the effects of many types of ownership being indistinguishable from that of state ownership. Zdroj anotace: OKCZ - ANOTACE Z WEBUNačítání…
Počet záznamů: 1