Financial efficiency and the ownership of Czech firms

Arbeitspapier

In this paper we analyze the evolution of firm financial efficiency in the Czech Republic. Using a large panel of more than 400,000 Czech firm/years we study whether firms fully utilize their resources, how firm financial efficiency evolves over time, and how firm financial efficiency is determined by ownership structure. We employ a panel ver-sion of a stochastic production frontier model for the period 1996-2007 with time-invariant efficiency. We differentiate among various degrees of ownership concentra-tion and their domestic or foreign origin. In a two-stage set-up we estimate the degree of firm inefficiency and then we estimate the effect of ownership structure on the distance from the efficiency frontier. Our results support the hypothesis that concentration and foreign ownership are positively related to financial efficiency.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Arbeiten aus dem Osteuropa-Institut Regensburg ; No. 300

Classification and Topics

• Classification: Wirtschaft ; Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models ; Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Industry Studies: Manufacturing: General ; Industry Studies: Services: General ; Business Economics
• Subject: financial efficiency ; ownership structure ; firms ; panel data ; stochastic fron-tier ; Finanzierung ; Unternehmensentwicklung ; Technische Effizienz ; Eigentümerstruktur ; Schätzung ; Tschechische Republik

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Hanousek, Jan ; Koécenda, Evézen ; Maésika, Michal
• Event: Veröffentlichung
• (who): Osteuropa-Institut Regensburg
• (where): Regensburg
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/57806
• Last update: 10.03.20252025, 11:43 AM CET