Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/57806 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Arbeiten aus dem Osteuropa-Institut Regensburg No. 300
Verlag: 
Osteuropa-Institut Regensburg, Regensburg
Zusammenfassung: 
In this paper we analyze the evolution of firm financial efficiency in the Czech Republic. Using a large panel of more than 400,000 Czech firm/years we study whether firms fully utilize their resources, how firm financial efficiency evolves over time, and how firm financial efficiency is determined by ownership structure. We employ a panel ver-sion of a stochastic production frontier model for the period 1996-2007 with time-invariant efficiency. We differentiate among various degrees of ownership concentra-tion and their domestic or foreign origin. In a two-stage set-up we estimate the degree of firm inefficiency and then we estimate the effect of ownership structure on the distance from the efficiency frontier. Our results support the hypothesis that concentration and foreign ownership are positively related to financial efficiency.
Schlagwörter: 
financial efficiency
ownership structure
firms
panel data
stochastic fron-tier
JEL: 
C33
D24
G32
L60
L80
M21
Dokumentart: 
Working Paper

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