Ownership Structure and Company Performance - Research and Literature Review

• Autorzy: Tatiana Varcholova , Stela Beslerova
• Języki publikacji: EN

Abstrakty

EN

The aim of this article is to summarize the results of published researches conducted in the area of influence of ownership forms on companies and financial performance and to highlight the specifics of these relations in the environment of transition economies. Several authors have documented greater efficiency of private companies compared to state-owned. According to different studies, an alternative option for transition economies is foreign ownership. Recent studies show that the effect of ownership forms on companies and financial performance is more significant in Eastern European countries compared to developed countries. However, study results are often contradictory, therefore they require additional research. (original abstract)

Słowa kluczowe

EN

Types of business ownership; Ownership structure; Privatisation; Private enterprise; State enterprises

PL

Formy własności przedsiębiorstwa; Struktura własnościowa; Prywatyzacja; Przedsiębiorstwo prywatne; Przedsiębiorstwo państwowe

• Czasopismo: e-Finanse
• Rocznik: 2013
• Tom: 9
• Numer: nr 2
• Strony: 24--33

Twórcy

autor

Tatiana Varcholova

• University of Central Europe in Skalica, Slovakia

autor

Stela Beslerova

• University of Economics in Bratislava, Slovakia

Bibliografia

• Ab Razak, N. H., Ahmad, R., Aliahmed, H. J. (2008). Government Ownership and Performance Analysis of Listed Companies in Malaysia. Corporate Ownership & Control, 6(2), 434-442. Retrieved from http://papers.ssrn.com/sol3/papers.cfm? abstract_ id=1252072.
• Aivazian A. V., Ge Y., Qiu, J. (2005). Debt Maturity Structure and Firm Investment. Financial Management, 34(4), 107-199.
• Akimova, I., Schwodiauer, G. (2004). Performance Effects of Trust in Commercial Courts of Ukrainian SMEs. Trust and Entrepreneurship- A West- East Perspective.
• Andrews, W. A., Dowling, M. J. (1998). Explaining Performance Changes in Newly Privatized Firms. Journal of Management Studies, 35, 601-618. DOl: 10.1111/1467- 6486.00111
• Aydin, N., Sayim, M., Yalama, A. (2007). Foreign Ownership and Firm Performance: Evidence from Turkey. International Research Journal of Finance and Economics, 11, 104-111.
• Barbosa, N., Louri, H. (2005). Corporate Performance: Does Ownership Matter? A Comparison of Foreign and Domestic Owned Firms in Greece and Portugal. Review of Industrial Organization, Springer, 27(1), 73-102. Retrieved from: http://repositorium.sdum.uminho.pt/ bitstream/1822/11259/ l/wp26.pdf.
• Barunik, J., Sotak, B. (2010). Influence of Different Ownership Forms on Efficiency of Czech and Slovak Banks: Stochastic Frontier Approach. Politicka ekonomie, 2, 207-224.
• Blanchard, et al. (1991). Reform in Eastern Europe. Cambridge, Mass. and London: MIT Press. ISBN 0-262-02328-8.
• Bonin, J. P., Hasan, I., Wachtel, P. (2005). Bank Performance, Efficiency and Ownership in Transition Countries. Journal of Banking & Finance, 29(1), 31-53.
• Boubakri, N., Cosset, J. C., Guedhami, O. (2005). Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection. Journal of Financial Economics, 76, 369-399.
• Bozec, R., Breton, G., Cote, L. (2002). Lhe Performance of State owned Enterprises Revisited. Financial Accountabifity and Management, 18(4), 383-407.
• Citak, L. (2007). The Impact of Ownership Structure on Company Performance; A Panel Data Analysis on Istanbul Stock Exchange Listed (ISE-100) Companies. International Research Journal of Finance and Economics, 9, 231-245. Retrieved from:http://www.eurojournals.com/Pages%20from%20irjfe%20 9-17%20levent.pdf.
• Commander, S., Svejnar, J. (2007). Do Institutions, Ownership, Exporting and Competition Explain Firm Performance? Evidence from 26 Lransition Countries. IZA Discussion Papers, No. 2637. Retrieved from: http://www.econstor.eu/ bitstream/10419/33877/1/528141589.pdf.
• Cuervo, A., Villalonga, B. (2000). Explaining the Variance in the Performance Effects of Privatization. Academy of Management Review, 25(3), 581-590. Retrieved from: http://www.people.hbs.edu/ bvillalonga/AMR.pdf.
• De Alessi, L. (1980). Lhe Economics of Property Rights: A Review of the Evidence. Research in Law and Economics, 2, 1-47.
• Djankov, S., Murrell, P. (2002). Enterprise Restructuring in Lransition: A Quantitative Survey. Journal of Economic Literature, 40(3), 739- 792.
• Douma, S., George, R., Kabir, R. (2006). Foreign and Domestic Ownership, Business Groups, and Firm Performance: Evidence From a Large Emerging Market. Strategic Management Journal, 27(7), 637-657.
• D'Souza, J., Megginson, W. (1999). Lhe Financial and Operating Performance of Privatized Firms During the 1990s. Journal of Finance. 54(4), 1397-1424. Retrieved from: http://www.oecd.org/daf/corporateaffairs/ corporategovernanceofstateownedenterprises/1929641.pdf.
• D'Souza, J., Megginson, W., Nash, R. (2005). Effect of Institutional and Firm-Specific Characteristics on Post-privatization Performance: Evidence from Developing Countries. Journal of Corporate Finance, 11, 747-766. Retrieved from: http://papers.ssrn.com/sol3/ papers.cfm?abstract_ id=621762.
• Ehrlich, I., Gallais-Hamonno, G., Liu Z., Lutter, R. (1994). Productivity Growth and Firm Ownership: An Analytical and Empirical Investigation. Journal of Political Economy, 102(5), 1006-1038. Retrieved from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id= 961463.
• Estrin, S. (2002). Competition and Corporate Governance in Transition. Journal of Economic Perspectives, 16(1), 101-124.
• Estrin, S., Hanousek, J., Kocenda, E., Svejnar, J. (2007). Effects of Privatization and Ownership in Lransition Economies. Lhe World Bank - Policy Research Working Paper, 4811.
• Frydman, R., Gray W. CH., Hessel M., Rapaczynski, A. (1999). When Does Privatization Work? Lhe Impact of Private Ownership on Corporate Performance in Lransition Economies. Quarterly Journal of Economics, 114(4), 1153-1191.
• Gorg, H., Greenaway, D. (2004). Much Ado about Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment? World Bank Research Observer, 19(2), 171-197. Retrieved from: http://econ.core.hu/comppress/D22b.pdf.
• Haque, M. S. (2000). Privatization in Developing Countries: Formal Causes, Critical Reasons and Adverse Impacts. International Political Science Review, 25(2), 227-240. Retrieved from:http://profife.nus.edu.sg/fass/polhaque/privatization.pdf.
• Hanousek, J., Kocenda, E., Svejnar, J. (2007). Origin and Concentration. Corporate Ownership, Control and Performance in Firms After Privatization. Economics of Lransition, 15(1), 1-31. Retrieved from: http://home.cerge-ei.cz/hanousek/jel_survey/Lable%203/ Hanousek,%20 Kocenda,%20and%20Svejnar%20(2007). pdf.
• Hart, O. (1995). Corporate Governance: Some Theory and Implications. The Economic Journal, 105(430), 678-689. Retrieved from: http://wwwl.fee.uva.nl/fm/courses/l_multipart_xF8FF_ 3_Hart%20EJ%2095%20Corp%20Gov.pdf.
• Chari, A., Chen, W., Dominguez, K. (2009). Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States. NBER Working Paper No. 14786.
• Ivashkovskaya, I., Stepanova, A. (2011). Does Strategic Corporate Performance Depend on Corporate Financial Architecture? Empirical study of European, Russian and Other Emerging Market's Firms. Journal of Management and Governance, 15, 603-616. DOI 10.1007/sl0997-010- 9132-7.
• John, K., Senbet, L. (1998). Corporate Governance and Board Effectiveness. Journal of Banking and Finance, 22, 371-403. Retrieved from: http://www.rhsmith.umd.edu/faculty/ lsenbet/lemmas%20papers/corporate%20 governance%20and %20board%20efFectiveness.pdf
• Kim, J., Chung, H. (2007). Empirical Study on the Performance of State-owned Enterprises and the Privatizing Pressure: The Case of Korea. Retrieved from: http://regulation.upf.edu/utrecht-08- papers/jkim.pdf.
• Kim, W. S., Lyn, E. O. (1990). FDI theories and the performance of foreign multinationals operating in the U.S. Journal of International Business Studies, 21(1).
• Lipton, D., Sachs, J. (1990). Privatization in Eastern Europe: The Case of Poland. Brookings Papers on Economic Activity, 2, 293-333.
• Majumdar, S. K. (1996). Assessing Comparative Efficiency of the State-Owned, Mixed, and Private Sectors in Indian Industry. Public Choice, 96, 1-24. Retrieved from: http://deepblue.lib.umich.edu/bitstream/ handle/2027.42/45522/11127_2004_Article_106981.pdf;j sessionid=45FBlD090DB118405E7ED9B99BC37EBE?se quence=l.
• Megginson, W. L., Netter, J. M. (2001). From State to Market: A Survey of Empirical Studies on Privatization. Journal of Economic Literature, 39, 321-389. Retrieved from: http://www.marketobservation.com/blogs/media/blogs/c_ f/200703040verviewPrivatization WorldBank.pdf.
• Megginson, W. L., Nash, R. C., Randenborgh, M. V. (1994). The Financial and Operating Performance of Newly Privatized Firms: International Empirical Analysis. The Journal of Finance, 49(2), 403-452. DOI: 10.1111/ j. 1540-6261.1994. tb05147.x
• OECD (2004). OECD Principles of Corporate Governance. Retrieved from: http://www. oec d. org/ daf/c orp oratea ffairs/ corporategovernanceprinciples/31557724.pdf.
• Omran, M. (2002). The Performance of State-Owned Enterprises and Newly privatized Firms: Empirical Evidence from Egypt. Nota di Lavoro, 73. Retrieved from: http://www.feem.it/userfiles/attach/Publication/NDL2002/ NDL2002-073.pdf.
• Ongore, Vincent, O. (2011). Corporate Governance and Performance: An Analysis of Ownership Structure in Kenya. International Journal of Governance, 1(2), 216-236.
• Parker, D. (1997). Price Cap Regulation, Profitability and Returns to Investors in the UK Regulated Industries. Utilities Policy, 6, 303-315. DOI: http://dx.doi.org/10.1016/S0957-1787(97)00027-1.
• Peltzman, S. (1971). Pricing in Public and Private Enterprises: Electric Utilities in the United States. Journal of Law and Economics, 14(1), 109-147.
• Qi, D., Wu, W., Zhang, H. (2000). Shareholding Structure and Corporate Performance of Partially Privatized Firms: Evidence from Listed Chinese Companies. Pacific-Basin Finance Journal, 8(5), 587-610. Retrieved from: http://home.cergeei.cz/hanousek/jel_survey/ Table%204/ paneLB/ QiWuZhang_PBFJ2000.pdf.
• Ramamurti, R. (2000). A Multilevel Model of Privatization in Emerging Economies. Academy of Management Review, 25, 525-550.
• Shirley, M. M., Walsh, P. (2000). Public Private Ownership: Lhe Current State of the Debate. World Bank Policy Research Working Paper No. 2420.
• Shleifer, A., Vishny, R. W. (1997). A Survey of Corporate Governance. Journal of Finance, 52(2), 737-783. Retrieved from: http://www.economics.harvard.edu/ faculty/shleifer/files/ SurveyCorpGov.pdf.
• Willmore, L. N. (1986). Lhe Comparative Performance of Foreign and Domestic Firms in Brazil. World Development, 14(4), 489-502. Retrieved from: http://larrywillmore.net/WD_1986.pdf.
• Zeitum, R., Lian, G. G. (2007). Does Ownership Affect a Firm's Performance and Default Risk in Jordan? Corporate Governance, 7(1), 66 - 82.