Ownership concentration, institutional development and firm performance in Central and Eastern Europe


Balsmeier, Benjamin ; Czarnitzki, Dirk


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URL: http://ub-madoc.bib.uni-mannheim.de/3096
URN: urn:nbn:de:bsz:180-madoc-30961
Document Type: Working paper
Year of publication: 2010
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G32 L25 O16 P31 ,
Subject headings (SWD): Osteuropa , Corporate Governance , Aktionärsstruktur , Unternehmensentwicklung , Übergangsgesellschaft , Infrastruktur , Rechtsstaat , Vergleich
Keywords (English): Corporate governance , firm growth , transition economies , ownership concentration
Abstract: This paper analyzes the relationship of ownership concentration and firm performance in the context of different institutional environments in 28 Central and Eastern European transition economies. Using the BEEPS data for the period from 2002 to 2009 we find an inverted u-shaped relation of ownership concentration and firm performance for those firms that operate in non-EU-member countries as well as those firms that are situated in less developed legal systems according to Freedom House ratings. We interpret these findings as evidence for a classic agency problem in the lower part of the ownership concentration distribution that is dominated by a ‘private benefits of control’ problem with rising ownership concentration.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Balsmeier, Benjamin ; Czarnitzki, Dirk (2010) Ownership concentration, institutional development and firm performance in Central and Eastern Europe. Open Access [Working paper]
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