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| Author: | Grosfeld, I. Hashi, I. |
| Title: | Changes in ownership concentration in mass privatised firms: evidence from Poland and the Czech Republic |
| Journal: | Corporate governance
2007 : JUL, VOL. 15:4, p. 520-534 |
| Index terms: | privatization companies Central Europe Eastern Europe Czech Republic Poland |
| Freeterms: | ownership structure |
| Language: | eng |
| Abstract: | This study explores the changes in ownership (henceforth as: o-ship) concentration (here as: o-c.) in firms included in two mass privatization (here as: priv.) programmes in Poland (as: P.) and the Czech Republic (as: C-R). It is found that despite important differences in the design of the two priv. schemes and despite different quality of regulatory environments, the o-ship structure emerging 45 years after the initial distribution of assets is remarkably similar. There are interesting differences found btw. the two countries: in the C-R. the increase in o-c. was less likely in poorly performing firms, while in P. the quality of past performance did not affect investors' willingness to increase their holdings. |
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