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| Author: | Jandik, T. Rennie, C.G. |
| Title: | The evolution of corporate governance and firm performance in transition economies: The case of Sellier and Bellot in the Czech Republic |
| Journal: | European Financial Management
2008 : SEP, VOL. 14:4, p. 747-791 |
| Index terms: | corporate governance company performance transition economies capital markets privatization company law case studies manufacturing Czech Republic |
| Freeterms: | ownership structure |
| Language: | eng |
| Abstract: | This paper examines the evolution of corporate governance (henceforth as: c-g.) and firm performance in transition economies focusing on barriers that hindered the adoption of optimal c-g. at Czech ammunition manufacturer Sellier and Bellot (S&B) following 1993 voucher privatization. This study shows how capital market, legal, and accounting deficiencies impede c-g. evolution. Monitoring and incentive mechanisms are shown to be able to create value in transition economies. It is suggested that effective privatization not only involves quick ownership transfer but careful accounting and securities regulation and legal protection. |
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