2013
The Effect of Ownership Structure on Corporate Financial Performance in the Czech Republic
ČÁSTEK, OndřejZákladní údaje
Originální název
The Effect of Ownership Structure on Corporate Financial Performance in the Czech Republic
Název anglicky
The Effect of Ownership Structure on Corporate Financial Performance in the Czech Republic
Autoři
ČÁSTEK, Ondřej (203 Česká republika, garant, domácí)
Vydání
1. vyd. Reading (UK), Proceedings of the 9th European Conference on Management, Leadership and Governance, od s. 7-15, 9 s. 2013
Nakladatel
Academic Publishing International Limited
Další údaje
Jazyk
čeština
Typ výsledku
Stať ve sborníku
Obor
50600 5.6 Political science
Stát vydavatele
Česká republika
Utajení
není předmětem státního či obchodního tajemství
Forma vydání
tištěná verze "print"
Kód RIV
RIV/00216224:14560/13:00087702
Organizační jednotka
Ekonomicko-správní fakulta
ISBN
978-1-909507-88-3
ISSN
UT WoS
000343656100002
Klíčová slova anglicky
Managerial ownership; Ownership concentration; Ownership structure; Corporate governance; Corporate financial performance; Empirical research
Příznaky
Mezinárodní význam, Recenzováno
Změněno: 27. 3. 2017 10:20, Mgr. Bc. Hana Bohrnová, Ph.D.
V originále
The relationship between ownership structure and corporate performance is a matter of on-going attention among researchers. Although a lot has been published on this topic, this paper aims to provide additional evidence on the effects of such characteristics as ownership concentration, managerial ownership and foreign capital on the corporate financial performance. The findings are based on a representative sample of more than 400 corporations based in the Czech Republic with 50 employees or more from the manufacturing and construction industries. Their performance is evaluated using financial data from up to a 7-year long period, specifically return on assets and growth of assets, which are founded on Kaplan and Norton`s (2004) theory of two incompatible ways of increasing financial performance. It is controlled for firm size, industry and legal form. Correlations, ANOVA and t-tests are employed to evaluate the size and shape of the relationships. Some of the results correspond to the findings of other authors in other countries (foreign investments) while some suggest that hypothesis proven elsewhere (effect of ownership concentration) might not be valid in the Czech Republic. Corporate governance and economic conditions in the Czech Republic are quite different from the conditions most researches of this topic carried out their research. Furthermore, not many researches in the Czech Republic have devoted their attention to this field recently. Therefore, this paper should constitute an additional contribution – prove or disprove findings based on data from other countries. In order to achieve the set goal, to verify the effect of ownership structure on corporate financial performance in the Czech Republic, the paper is structured as follows: the introduction and theoretical background provide support for the tested relationships, then the evaluation of financial performance is discussed, the data used are described, and finally the results are presented and discussed. Throughout the article, if appropriate, specifics of the Czech Republic are pointed out and used to explain different results than that can be found in available literature.
Anglicky
The relationship between ownership structure and corporate performance is a matter of on-going attention among researchers. Although a lot has been published on this topic, this paper aims to provide additional evidence on the effects of such characteristics as ownership concentration, managerial ownership and foreign capital on the corporate financial performance. The findings are based on a representative sample of more than 400 corporations based in the Czech Republic with 50 employees or more from the manufacturing and construction industries. Their performance is evaluated using financial data from up to a 7-year long period, specifically return on assets and growth of assets, which are founded on Kaplan and Norton`s (2004) theory of two incompatible ways of increasing financial performance. It is controlled for firm size, industry and legal form. Correlations, ANOVA and t-tests are employed to evaluate the size and shape of the relationships. Some of the results correspond to the findings of other authors in other countries (foreign investments) while some suggest that hypothesis proven elsewhere (effect of ownership concentration) might not be valid in the Czech Republic. Corporate governance and economic conditions in the Czech Republic are quite different from the conditions most researches of this topic carried out their research. Furthermore, not many researches in the Czech Republic have devoted their attention to this field recently. Therefore, this paper should constitute an additional contribution – prove or disprove findings based on data from other countries. In order to achieve the set goal, to verify the effect of ownership structure on corporate financial performance in the Czech Republic, the paper is structured as follows: the introduction and theoretical background provide support for the tested relationships, then the evaluation of financial performance is discussed, the data used are described, and finally the results are presented and discussed. Throughout the article, if appropriate, specifics of the Czech Republic are pointed out and used to explain different results than that can be found in available literature.
Návaznosti
| GAP403/12/1557, projekt VaV |
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