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Enterprise Performance and Ownership Changes in Polish Firms

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  • Piotr Kozarzewski
  • Richard Woodward

Abstract

The paper consists of two parts. In the first part, the authors briefly summarize the results of previous analyses devoted to such issues of relevance as the ownership structure of privatized companies in Poland and how it changed over the course of the 1990s, what factors seemed to have influenced those changes, the economic performance of these companies, and the composition of corporate governance organs such as supervisory and executive boards. In the second part, the authors present the results of econometric analysis of the relationship between performance and ownership structure evolution, focusing on concentration and the respective roles of three types of owners – managers, non-managerial employees, and strategic outside investors. In reference to the debate about whether ownership variables are exogenous or endogenous for performance, they test both hypotheses concerning the effect of ownership on performance and concerning the effect of performance on ownership change.

Suggested Citation

  • Piotr Kozarzewski & Richard Woodward, 2004. "Enterprise Performance and Ownership Changes in Polish Firms," CASE Network Studies and Analyses 0271, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:cnstan:0271
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    File URL: https://case-research.eu/upload/publikacja_plik/1861591_271.pdf
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    References listed on IDEAS

    as
    1. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
    2. Evžen Kočenda & Juraj Valachy, 2003. "The Czech Republic: Ownership and Performance of Voucher-Privatised Firms," Palgrave Macmillan Books, in: Barbara Błaszczyk & Iraj Hoshi & Richard Woodward (ed.), Secondary Privatisation in Transition Economies, chapter 5, pages 171-214, Palgrave Macmillan.
    3. Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999. "Understanding the determinants of managerial ownership and the link between ownership and performance," Journal of Financial Economics, Elsevier, vol. 53(3), pages 353-384, September.
    4. Barbara Błaszczyk & Iraj Hoshi & Richard Woodward (ed.), 2003. "Secondary Privatisation in Transition Economies," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37701-1, December.
    5. Grosfeld, Irena & Nivet, Jean-Francois, 1999. "Insider power and wage setting in transition: Evidence from a panel of large Polish firms, 1988-1994," European Economic Review, Elsevier, vol. 43(4-6), pages 1137-1147, April.
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    Cited by:

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