Are some owners better than others in Czech privatized firms? Even meta-analysis can’t make us perfectly sure

Abstract

Abstract:We use a total of 1171 estimates extracted from 34 previous studies and perform a metaanalysis to examine the relationship between ownership structures and firm performance in the Czech mass-privatized firms. We find that, in contrast to the remarkable effect of foreign ownership on firm performance and restructuring activities, domestic private entities were incapable of outperforming the state as owners of Czech companies. Our assessment of publication selection bias, however, indicates that the collected estimates do not contain genuine evidence for many types of corporate ownership. Further development and improvement in this study area are necessary to capture the true effect. Finally, we also point at the importance to draw (meta-analysis) inferences based on studies that employ adequate methodology.

Institutions, financial development, and small business survival: evidence from European emerging markets

“…State ownership and Foreign ownership, as dummy variables, take a value of 1 if the company is under state or foreign ownership. The continuing existence of state ownership in SMEs is due to long-lasting ownership positions by the state documented in earlier literature (Kočenda, 1999;Hanousek and Kočenda, 2008;Iwasaki and Kočenda, 2017). Furthermore, Profit margin, defined as profit before tax/operating revenue, and Solvency ratio, defined as shareholder funds divided by total assets, serve as market-adjusted values of the company's performance indicators.…”

Privatisation of socially owned enterprises, the methods used and the impact on economic growth: empirical evidence from Kosovo

“…There is little empirical evidence to support that privatisation is significantly linked to economic growth, but on the other hand, there are many investigations criticizing the way in which the privatisation of SOEs has been pursued (Altshuler, 2001;Estrin et al, 2009;Iwasaki & Ko cenda, 2017;Lou zek, 2005). Alongside the theoretical aspect, very controversial practices may be observed in particular Central and Southeast European countries where the privatisation process has been criticised for irregularities, for being accompanied by corruption and non-transparency and having little impact on economic growth.…”

Privatisation of Socially Owned Enterprises, the Methods Used and the Impact on Economic Growth Empirical evidence from Kosovo

“…There is not much empirical evidence to support that privatisation is signi cantly linked to economic growth, but on the other side, there are many investigations criticizing the way in which the privatisation of SOEs has been pursued (Altshuler, 2001;Estrin et al, 2009;Iwasaki & Kočenda, 2017;Loužek, 2005).…”