Ownership and Corporate Governance : Evidence from the Czech Republic

The authors argue that mass privatization in the Czech Republic has spurred enterprise restructuring and that investment funds have played a key part in this outcome. Using 1992-95 data for more than 700 Czech firms, the authors find strong positiv...

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Main Authors:	Claesens, Stijn, Djankov, Simeon, Pohl, Gerhard
Format:	Viewpoint
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AUCTIONS AUTONOMY BANKRUPTCY BIDDING COMMERCIAL BANKS COMPANY CORPORATE GOVERNANCE CORPORATE OWNERSHIP DEBT EMPIRICAL ANALYSIS ENTERPRISE RESTRUCTURING FIRMS FIXED ASSETS FOREIGN INVESTORS INTEREST RATES INVENTORY LIQUIDATION MARKET VALUATION MARKET VALUE PRIVATIZATION PRODUCTIVITY PROFITABILITY SHAREHOLDERS TRANSITION ECONOMIES VOUCHER PRIVATIZATION DENATIONALIZATION INVESTMENT TRUSTS OWNERSHIP PRIVATE ENTERPRISES
Online Access:	http://documents.worldbank.org/curated/en/1997/05/441453/ownership-corporate-governance-evidence-czech-republic http://hdl.handle.net/10986/11584

id	okr-10986-11584
recordtype	oai_dc
spelling	okr-10986-115842021-06-14T11:04:17Z Ownership and Corporate Governance : Evidence from the Czech Republic Claesens, Stijn Djankov, Simeon Pohl, Gerhard ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AUCTIONS AUTONOMY BANKRUPTCY BIDDING COMMERCIAL BANKS COMPANY CORPORATE GOVERNANCE CORPORATE OWNERSHIP DEBT EMPIRICAL ANALYSIS ENTERPRISE RESTRUCTURING FIRMS FIXED ASSETS FOREIGN INVESTORS INTEREST RATES INVENTORY LIQUIDATION MARKET VALUATION MARKET VALUE PRIVATIZATION PRODUCTIVITY PROFITABILITY SHAREHOLDERS TRANSITION ECONOMIES VOUCHER PRIVATIZATION DENATIONALIZATION INVESTMENT TRUSTS OWNERSHIP PRIVATE ENTERPRISES The authors argue that mass privatization in the Czech Republic has spurred enterprise restructuring and that investment funds have played a key part in this outcome. Using 1992-95 data for more than 700 Czech firms, the authors find strong positive relationships between ownership concentration and profitability. And the higher the ownership concentration, the higher the firm's market value. They argue that these two results suggest that the Czech privatization program was effective in improving firms' management because of the concentrated ownership that resulted. 2012-08-13T15:27:41Z 2012-08-13T15:27:41Z 1997-05 http://documents.worldbank.org/curated/en/1997/05/441453/ownership-corporate-governance-evidence-czech-republic http://hdl.handle.net/10986/11584 English Viewpoint: Public Policy for the Private Sector; Note No. 111 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research Europe and Central Asia Czech Republic
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AUCTIONS AUTONOMY BANKRUPTCY BIDDING COMMERCIAL BANKS COMPANY CORPORATE GOVERNANCE CORPORATE OWNERSHIP DEBT EMPIRICAL ANALYSIS ENTERPRISE RESTRUCTURING FIRMS FIXED ASSETS FOREIGN INVESTORS INTEREST RATES INVENTORY LIQUIDATION MARKET VALUATION MARKET VALUE PRIVATIZATION PRODUCTIVITY PROFITABILITY SHAREHOLDERS TRANSITION ECONOMIES VOUCHER PRIVATIZATION DENATIONALIZATION INVESTMENT TRUSTS OWNERSHIP PRIVATE ENTERPRISES
spellingShingle	ACCOUNTING ACCOUNTING STANDARDS AFFILIATED ORGANIZATIONS AUCTIONS AUTONOMY BANKRUPTCY BIDDING COMMERCIAL BANKS COMPANY CORPORATE GOVERNANCE CORPORATE OWNERSHIP DEBT EMPIRICAL ANALYSIS ENTERPRISE RESTRUCTURING FIRMS FIXED ASSETS FOREIGN INVESTORS INTEREST RATES INVENTORY LIQUIDATION MARKET VALUATION MARKET VALUE PRIVATIZATION PRODUCTIVITY PROFITABILITY SHAREHOLDERS TRANSITION ECONOMIES VOUCHER PRIVATIZATION DENATIONALIZATION INVESTMENT TRUSTS OWNERSHIP PRIVATE ENTERPRISES Claesens, Stijn Djankov, Simeon Pohl, Gerhard Ownership and Corporate Governance : Evidence from the Czech Republic
geographic_facet	Europe and Central Asia Czech Republic
relation	Viewpoint: Public Policy for the Private Sector; Note No. 111
description	The authors argue that mass privatization in the Czech Republic has spurred enterprise restructuring and that investment funds have played a key part in this outcome. Using 1992-95 data for more than 700 Czech firms, the authors find strong positive relationships between ownership concentration and profitability. And the higher the ownership concentration, the higher the firm's market value. They argue that these two results suggest that the Czech privatization program was effective in improving firms' management because of the concentrated ownership that resulted.
format	Publications & Research :: Viewpoint
author	Claesens, Stijn Djankov, Simeon Pohl, Gerhard
author_facet	Claesens, Stijn Djankov, Simeon Pohl, Gerhard
author_sort	Claesens, Stijn
title	Ownership and Corporate Governance : Evidence from the Czech Republic
title_short	Ownership and Corporate Governance : Evidence from the Czech Republic
title_full	Ownership and Corporate Governance : Evidence from the Czech Republic
title_fullStr	Ownership and Corporate Governance : Evidence from the Czech Republic
title_full_unstemmed	Ownership and Corporate Governance : Evidence from the Czech Republic
title_sort	ownership and corporate governance : evidence from the czech republic
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/1997/05/441453/ownership-corporate-governance-evidence-czech-republic http://hdl.handle.net/10986/11584
_version_	1764417262363607040

Ownership and Corporate Governance : Evidence from the Czech Republic

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