Post-privatisation ownership concentration: Determinants and influence on firm efficiency

García, Laura Cabeza; Gómez‐Ansón, Silvia

doi:10.1016/j.jce.2011.02.002

Cited by 21 publications

(14 citation statements)

References 97 publications

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“…The political goal of privatisation, that is creating a large group of shareholders, was successfully fulfilled. Establishing property rights is a complicated process everywhere (Cabeza-García & Gómez-Ansón, 2011). This is why it is important to complete the privatisation process.…”

Section: International Comparisonmentioning

confidence: 99%

Czech privatisation 25 years later

Loužek

2018

World Economy

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Privatisation is still a hot political topic today and divides economists as well as politicians and the general public. The paper aims to capture the Czech privatisation in its historical, economic and political contexts. The first part explains the difference between transitional privatisation and standard privatisation. The second part examines the interests in the privatisation process. The third part discusses the privatisation methods used in the Czech Republic. The fourth part offers an international comparison.

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Section: International Comparisonmentioning

confidence: 99%

Czech privatisation 25 years later

Loužek

2018

World Economy

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“…1 In line with the above theoretical debates, the empirical results presented by previous studies are also diverse in their content and views. In fact, even studies recently published on the topic in both developed and developing economies 2 are more or less equally divided between two extremes: those presenting empirical findings supporting the alignment hypothesis (Ma et al, 2010;Cabeza-García and Gómez-Ansón, 2011;Galve-Górriz and Hernández-Trasobares, 2015; da Cunha and Bortolon, 2016) and those presenting findings to the contrary (Omran et al, 2008;Setia-Atmaja, 2009;Weiss and Hilger, 2012;Bednarek and Moszoro, 2014). Furthermore, although a certain amount of attention has been given to both the potential nonlinearity between ownership concentration and firm performance and the endogeneity between the degree of ownership concentration and firm performance, the conclusions reached by preceding empirical works are widely divergent (Hu and Izumida, 2008;Omran, 2009;Gul et al, 2010).…”

Section: Introductionmentioning

confidence: 99%

Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis

Iwasaki

Mizobata

2019

Emerging Markets Finance and Trade

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This paper aims to perform a large-scale meta-analysis to examine the relationship between ownership concentration and firm performance in emerging economies of Central and Eastern Europe and the former Soviet Union. A meta-synthesis of 1517 estimates collected from 69 previous studies indicated the presence of a statistically significant and positive effect of ownership concentration on firm performance. The synthesized effect size, however, is only modest at best. A meta-regression analysis conducted to identify the factors underlying the small effect size revealed that differences in target industries, estimation periods, design of ownership variables, data sources, estimators, and choices of control variables could have had systematic and profound effects on the empirical results presented in previous studies. We have also noted that publication selection bias is strongly suspected in this research field, and that, due to the magnitude of this bias, existing studies cannot be expected to provide genuine evidence regarding the effect of ownership concentration on firm performance in European emerging economies. Further empirical studies are required to identify the true effect in this region.

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“…By concentrating ownership, shareholders have the incentive to monitor managers, so they act in the best interest of shareholder. Empirical studies support this argument Cabeza-Gracia & Gómez-Ansón (2011) and Villegas-Guerrero et al (2018). Cabeza-Gracia & Gómez-Ansón (2011) found that after controlling for endogeneity (the method of privatization, the type of industry, the company's size and its level of risk), ownership concentrated in the hands of private investors have a positive and significant effect on post-privatization efficiency.…”

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confidence: 95%

Good Corporate Governance: Firm Performance and Ownership Causality Test

Gunarsih

Setiyono

Sayekti

et al. 2018

Jurnal Keuangan Dan Perbankan

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Ownership structure, among other things, is one mechanism in corporate governance. In this context, ownership has a monitoring function. Another corporate governance mechanism is the market for corporate control. If managers did not act in the best interest of shareholder, then firm performance will decrease. The decreasing of firm performance will be followed by the changing in ownership. This will raise an interesting question, whether ownership caused by firm performance or vice versa. The objectives of this study to test whether monitoring function or market for corporate control that was implement as a corporate governance mechanism in Indonesia using causality model. A panel Granger-causality test base on Ganger (1969) applied to test the causality. Samples in this study were manufacture listed companies in Indonesia Stock Exchange during 2012-2016. Ownership concentration was proxy by the Herfindahl Index of Domestic Institution ownership. The firm performance indicators in this study were efficiency, measured by Operating cost to Sales ratio, and Sales to Asset ratio and Tobin's Q. The results of the study showed that there was a bi-causality relationship between ownership concentration and both firm performance indicators. These suggested that the monitoring function and the market for corporate control were implemented as a corporate governance mechanism in Indonesia.

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Post-privatisation ownership concentration: Determinants and influence on firm efficiency

Cited by 21 publications

References 97 publications

Czech privatisation 25 years later

Czech privatisation 25 years later

Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis

Good Corporate Governance: Firm Performance and Ownership Causality Test

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