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Title:Divide and privatize: Firm break-up and performance PDF Logo
Authors:Koécenda, Evézen
Hanousek, Jan
Issue Date:2011
Series/Report no.:CESifo working paper: Industrial Organisation 3465
Abstract:We analyze the long-term effects of firm break-up and ownership change on corporate performance. Our analysis is based on a unique data set for a large number of Czech firms spanning the period 1996-2005. We employ a propensity score matching procedure to deal with endogeneity problems. Our results, which are generally in line with the positive effects of firm break-up found in the developed-market literature, show that the initial effects of firm break-up are positive but after a certain point they quickly diminish over time. Factors like changes in ownership structure and management are to be found behind later improvements in the performance of firms.
Subjects:break-up of firms
corporate performance
ownership changes
privatization
emerging markets
endogeneity
propensity score matching procedure
JEL:D23
G32
G34
L20
M21
P47
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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