Abstract

http://ssrn.com/abstract=1888426
 
 

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Financial Efficiency and the Ownership of Czech Firms


Jan Hanousek


CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute)

Evzen Kocenda


Charles University in Prague - CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute); CESifo; University of Michigan at Ann Arbor - The William Davidson Institute; Osteuropa Institut; Centre for Economic Policy Research (CEPR)

Michal Masika


Ludwig-Maximilians-Universität München

May 1, 2011

Osteuropa-Institut Regensburg Working Paper No. 300

Abstract:     
In this paper we analyze the evolution of firm financial efficiency in the Czech Republic. Using a large panel of more than 400,000 Czech firm/years we study whether firms fully utilize their resources, how firm financial efficiency evolves over time, and how firm financial efficiency is determined by ownership structure. We employ a panel version of a stochastic production frontier model for the period 1996-2007 with time-invariant efficiency. We differentiate among various degrees of ownership concentration and their domestic or foreign origin. In a two-stage set-up we estimate the degree of firm inefficiency and then we estimate the effect of ownership structure on the distance from the efficiency frontier. Our results support the hypothesis that concentration and foreign ownership are positively related to financial efficiency.

Number of Pages in PDF File: 38

Keywords: financial efficiency, ownership structure, firms, panel data, stochastic frontier

JEL Classification: C33, D24, G32, L60, L80, M21

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Date posted: July 19, 2011  

Suggested Citation

Hanousek, Jan and Kocenda, Evzen and Masika, Michal, Financial Efficiency and the Ownership of Czech Firms (May 1, 2011). Osteuropa-Institut Regensburg Working Paper No. 300 . Available at SSRN: http://ssrn.com/abstract=1888426 or http://dx.doi.org/10.2139/ssrn.1888426

Contact Information

Jan Hanousek (Contact Author)
CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute) ( email )
Politickych veznu 7
Prague 1, 111 21
Czech Republic
420 2 2400 5119 (Phone)
420 2 2421 1374 (Fax)
HOME PAGE: http://www.cerge-ei.cz
Evzen Kocenda
Charles University in Prague - CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute) ( email )
P.O. Box 882
7 Politickych veznu
Prague 1, 111 21
Czech Republic
+420 224005149 (Phone)
+420 22427143 (Fax)
HOME PAGE: http://www.cerge-ei.cz
CESifo
Poschinger Str. 5
Munich, DE-81679
Germany
University of Michigan at Ann Arbor - The William Davidson Institute
724 E. University Ave.
Wyly Hall
Ann Arbor, MI 48109-1234
United States
Osteuropa Institut
Landshuter Str. 4
93047 Regensburg
Germany
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Michal Masika
Ludwig-Maximilians-Universität München ( email )
Geschwister-Scholl-Platz 1
Munich, 80539
Germany
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