Enterprise Performance and Ownership Changes in Polish Firms

23 Pages Posted: 30 Jul 2009

See all articles by Piotr Kozarzewski

Piotr Kozarzewski

UMCS, Faculty of Economics; CASE - Center for Social and Economic Research

Richard Woodward

Centre for Social and Economic Research (CASE); University of Edinburgh - Business School

Multiple version iconThere are 2 versions of this paper

Date Written: January 2004

Abstract

The paper consists of two parts. In the first part, the authors briefly summarize the results of previous analyses devoted to such issues of relevance as the ownership structure of privatized companies in Poland and how it changed over the course of the 1990s, what factors seemed to have influenced those changes, the economic performance of these companies, and the composition of corporate governance organs such as supervisory and executive boards. In the second part, the authors present the results of econometric analysis of the relationship between performance and ownership structure evolution, focusing on concentration and the respective roles of three types of owners – managers, non-managerial employees, and strategic outside investors. In reference to the debate about whether ownership variables are exogenous or endogenous for performance, they test both hypotheses concerning the effect of ownership on performance and concerning the effect of performance on ownership change.

Keywords: privatization, ownership structure, enterprise performance, Poland

Suggested Citation

Kozarzewski, Piotr and Woodward, Richard, Enterprise Performance and Ownership Changes in Polish Firms (January 2004). CASE Network Studies and Analyses No. 271, Available at SSRN: https://ssrn.com/abstract=1440149 or http://dx.doi.org/10.2139/ssrn.1440149

Piotr Kozarzewski (Contact Author)

UMCS, Faculty of Economics ( email )

Plam Marii Curie-Skłodowskiej 5
Lublin, 20-031
Poland

HOME PAGE: http://www.umcs.pl/pl/addres-book-employee,6738,en.html

CASE - Center for Social and Economic Research ( email )

Sienkiewicza 12
Warsaw, 00-944
Poland

Richard Woodward

Centre for Social and Economic Research (CASE) ( email )

Al. Jana Pawła II 61/212
00-944 Warsaw, 01-031
Poland

University of Edinburgh - Business School

University of Edinburgh
29 Buccleuch Place
Edinburgh, Scotland EH8 9JS
United Kingdom

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