Politická ekonomie 2012, 60(4):459-483 | DOI: 10.18267/j.polek.857

Firemní efektivita: vliv vlastnických struktur a finančních ukazatelů

Jan Hanousek, Evžen Kočenda, Michal Mašika
1 CERGE-EI, Charles University and the Academy of Sciences, Prague, Czech Republic; Anglo-americká vysoká škola, Praha; The William Davidson Institute, Michigan; CEPR, London.
2 CERGE-EI, Charles University and the Academy of Sciences, Prague, Czech Republic; Anglo-americká vysoká škola, Praha; CESifo, Mnichov; The William Davidson Institute, Michigan; CEPR, London; Euro Area Business Cycle Network.
3 Ludwig-MaximiliansUniversität, Munich, Germany.

Corporate Efficiency: Effect of Ownership Structures and Financial Indicators

We employ a large panel data set and analyze efficiency in the Czech firms during 1998-2007. We investigate how their efficiency evolves over time and how it is affected by ownership structures. Methodologically we employ a panel version of a stochastic production frontier model. We distinguish several categories of the ownership concentration by domestic owners and through foreign direct investments (FDI). Our results show that concentrated and foreign ownership impact efficiency positively in general. This results confirm benefits of the foreign direct ownership on the microeconomic level. Further, we show cases when majority ownership does not necessarily constitute improvements in efficiency. We also analyze effect of ownership coalitions and bring detailed new evidence on how ownership structures and industry sectors affect firms' efficiency.

Keywords: efficiency, foreign direct investment, firms, panel data, ownership structure, stochastic productivity frontier
JEL classification: C33, D24, G32, L60, L80, M21

Zveřejněno: 1. srpen 2012  Zobrazit citaci

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Hanousek, J., Kočenda, E., & Mašika, M. (2012). Firemní efektivita: vliv vlastnických struktur a finančních ukazatelů. Politická ekonomie, 60(4), 459-483. doi: 10.18267/j.polek.857
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