Ownership Concentration and Foreign Investment in the Czech Republic: Development and Context

ČÁSTEK, Ondřej a Lukáš KONEČNÝ. Ownership Concentration and Foreign Investment in the Czech Republic: Development and Context. In Lieutenant-Colonel José Carlos Dias Rouco. Proceedings of the 11th European Conference on Management Leadership and Governance. 1. vyd. Reading: Academic Conferences and Publishing International Limited, 2015, s. 53-62. ISBN 978-1-910810-77-4.

Základní údaje

Originální název

Ownership Concentration and Foreign Investment in the Czech Republic: Development and Context

Autoři

ČÁSTEK, Ondřej ORCID a Lukáš KONEČNÝ

Vydání

1. vyd. Reading, Proceedings of the 11th European Conference on Management Leadership and Governance, od s. 53-62, 10 s. 2015

Nakladatel

Academic Conferences and Publishing International Limited

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Další údaje

Jazyk

angličtina

Typ výsledku

Stať ve sborníku

Obor

50600 5.6 Political science

Stát vydavatele

Velká Británie a Severní Irsko

Utajení

není předmětem státního či obchodního tajemství

Forma vydání

tištěná verze "print"

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/15:00089160

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-1-910810-77-4

ISSN

UT WoS

000380511600007

Klíčová slova anglicky

ownership structure; ownership concentration; FDI; GDP; economic transition; review

Příznaky

Mezinárodní význam, Recenzováno

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Anotace

V originále

This paper first reviews and synthesises the results of previous studies on ownership concentration and structure in the Czech Republic. In addition, it brings new empirical evidence about the development of ownership concentration and structure in the Czech Republic between 2004 and 2012 which is based on data from more than 5,700 companies. Moreover, the development of ownership concentration and structure in the Czech Republic is put into the context of the transition of the Czech economy from a centrally planned economy to a free market economy and further significant events such as the monetary crisis in the late 90s, the accession to the EU or the financial crisis in 2008. To meet the length limit, ownership structure is proxied with a share of foreign capital in this paper. According to the results, ownership concentration is very high in the Czech Republic and has grown since 1993 with a few exceptions only. For a better comparison of the results from the different sources, ownership is expressed in several different ways (T1 to T5, T10) for the period for which the primary data is available. The development of shares of foreign direct investment is also analysed. This paper is primarily a review study, but it also fills in gaps in the evidence of ownership concentration and structure of Czech companies. It is often stated that the “Continental Europe” model tends to exhibit higher levels of concentration and more frequent bank ownership, whereas the “Anglo-American model” is characteristic by dispersed ownership with a strong presence of institutional owners. The Czech corporate governance model was two-tiered until the end of 2013 and the typical ownership concentration was said to be higher than in other countries with a two-tiered model. It is important for researchers to be able to quantify this difference. Since the beginning of 2014, Czech companies have been able to choose between two-tiered and single-tiered models.