Ownership and Corporate Governance : Evidence from the Czech Republic

Claesens, Stijn ; Djankov, Simeon ; Pohl, Gerhard

World Bank, Washington, DC

关键词: ACCOUNTING;    ACCOUNTING STANDARDS;    AFFILIATED ORGANIZATIONS;    AUCTIONS;    AUTONOMY;   

RP-ID  :  16869

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors argue that massprivatization in the Czech Republic has spurred enterpriserestructuring and that investment funds have played a keypart in this outcome. Using 1992-95 data for more than 700Czech firms, the authors find strong positive relationshipsbetween ownership concentration and profitability. And thehigher the ownership concentration, the higher thefirm's market value. They argue that these two resultssuggest that the Czech privatization program was effectivein improving firms' management because of theconcentrated ownership that resulted.