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Privatization Revisited: The Effects of Foreign and Domestic Owners on Corporate PerformanceLubomir LizalCharles University in Prague - CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute); Czech National Bank (CNB); University of Michigan at Ann Arbor - The William Davidson Institute Jan SvejnarUniversity of Michigan - Stephen M. Ross School of Business; Charles University in Prague - CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute); Institute for the Study of Labor (IZA); Centre for Economic Policy Research (CEPR) CERGE-EI Discussion Paper 89 Abstract: Privatization is often viewed as a necessary condition for improved corporate performance. We use a 1992-98 panel of the population of Czech industrial firms to assess the effect of mass privatization on corporate performance. Using numerous performance indicators, we find that foreign owners unambiguously improve long-term performance of the former state-owned enterprises. The results with respect to privatization to domestic owners are much less impressive. Our study provides strong support for the hypothesis that foreign investment improves corporate performance, but it provides very sobering evidence with respect to the hypothesis that privatization to domestic owners improves performance.
Keywords: corporate performance, Czech Republic, ownership, privatization, restructuring and transition JEL Classification: D20, G30, P21, P31, P34 working papers seriesDate posted: October 10, 2002Suggested CitationContact Information
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