Choice of Ownership Structure and Firm Performance


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Choice of Ownership Structure and Firm Performance

Vis færre oplysninger Jones, Derek C en_US Kalmi, Panu en_US Mygind, Niels en_US 2009-02-04T10:24:05Z 2009-02-04T10:24:05Z 2003-11-19T00:00:00Z en_US
dc.description.abstract In this paper we use rich panel data for a representative sample of Estonian enterprises to analyse diverse issues related to the determinants of ownership structures and ownership changes after privatisation. A key focus is to determine whether ownership changes are related to economic efficiency. While employee owned firms are found to be much more prone than other firms to switch ownership categories, often "employee owned" firms remain "insider-owned" as ownership passes from current employees to managers and former employees. Logit analyses of the determinants of ownership structures and ownership changes provides mixed support for several hypotheses. As predicted: (i) wealth and resource constraints play a crucial role in the determination of ownership, with foreigners buying firms with the highest equity levels and insiders buying firms with the lowest equity valuations; (ii) risk aversion explains subsequent ownership changes, especially away from employee ownership; (iii) allocation of ownership depends on the pre-privatisation origin and location of the firm, and these factors also influence subsequent ownership changes. Finally we compare our findings with those achieved by using more conventional approaches to analyze efficiency that use very similar data. Reassuringly the evidence presented in this paper is consistent with the view that efficiency considerations drive ownership changes (while earlier analysis for Estonia and for many other transition economies has identified the impact of ownership on economic performance.) However, the findings in this paper also establish that there are important influences besides economic efficiency that affect enterprise ownership and ownership changes. en_US
dc.format.extent 51 s. en_US
dc.language eng en_US
dc.relation.ispartofseries William Davidson Working Paper;2003-560 en_US
dc.subject.other estland en_US
dc.subject.other ejerformer en_US
dc.subject.other ejerstruktur en_US
dc.subject.other privatisering en_US
dc.subject.other overgangsøkonomier en_US
dc.title Choice of Ownership Structure and Firm Performance en_US
dc.type wp en_US
dc.accessionstatus modt03nov19 inrumo en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Institut for International Økonomi og Virksomhedsledelse en_US
dc.contributor.department Center for Østeuropa en_US
dc.contributor.departmentshort INT en_US
dc.contributor.departmentshort CEES en_US
dc.contributor.departmentuk Department of International Economics and Management en_US
dc.contributor.departmentuk Center for East European Studies en_US
dc.contributor.departmentukshort INT
dc.contributor.departmentukshort CEES
dc.idnumber x656312482 en_US København en_US
dc.publisher.year 2003 en_US
dc.title.subtitle Evidence from Estonia en_US

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