The article studies the relationship between ownership structure and performance of the Slovenian join stock companies, with special focus on the comparison of performance of state-and privately-owned joint stock companies and ownership concentration. The empirical analysis employs firm-level annual financial reports data and data on ownership structure of all Slovenian join stock companies for the 2005-2017 period. Using panel regression analyses we find that Slovenian state-owned joint stock companies are less profitable than their privately-owned counterparts. In contrast, we do not observe statistically significant relationship between ownership concentration and firm performance. The empirical findings point on the need of further actions in improvement of corporate governance of state-owned firms in Slovenia.
The goal of this paper is to analyze the effect of OTC-DVP (over the counter delivery versus payment) fixed income market introduction in Slovenia on the term structure estimation and on the volatility of zero coupon yields and forward interest rates. For the purpose of the analysis Slovenian zero coupon and forward curves were estimated. The model used for yield curve estimation was Nelson-Siegel model as it proved to be superior in terms of goodness of fit, to other statistical methods of yield curve estimation, namely: Svensson model, B-splines model, smoothing B-splines model and Merrill Lynch exponential splines model. Results of analysis show that OTC-DVP bond market introduction (as parallel bond market)has improved the information content of bond prices for term structure estimation purpose. The volatility of spot and forward rates for mid and long remind maturities has fallen with the highest density on the longest maturity segment.
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