Claesens, StijnDjankov, SimeonPohl, Gerhard2012-08-132012-08-131997-05https://hdl.handle.net/10986/11584The authors argue that mass privatization in the Czech Republic has spurred enterprise restructuring and that investment funds have played a key part in this outcome. Using 1992-95 data for more than 700 Czech firms, the authors find strong positive relationships between ownership concentration and profitability. And the higher the ownership concentration, the higher the firm's market value. They argue that these two results suggest that the Czech privatization program was effective in improving firms' management because of the concentrated ownership that resulted.CC BY 3.0 IGOACCOUNTINGACCOUNTING STANDARDSAFFILIATED ORGANIZATIONSAUCTIONSAUTONOMYBANKRUPTCYBIDDINGCOMMERCIAL BANKSCOMPANYCORPORATE GOVERNANCECORPORATE OWNERSHIPDEBTEMPIRICAL ANALYSISENTERPRISE RESTRUCTURINGFIRMSFIXED ASSETSFOREIGN INVESTORSINTEREST RATESINVENTORYLIQUIDATIONMARKET VALUATIONMARKET VALUEPRIVATIZATIONPRODUCTIVITYPROFITABILITYSHAREHOLDERSTRANSITION ECONOMIESVOUCHER PRIVATIZATION DENATIONALIZATIONINVESTMENT TRUSTSOWNERSHIPPRIVATE ENTERPRISESWorld Bank10.1596/11584