Divide and privatize: Firms break-up and performance

We analyze the long-term effects of divesture and ownership change on corporate performance. We employ a unique data set for a large number of Czech firms spanning the period 1996-2005. We employ a propensity score matching procedure to deal with endogeneity problems. Our results, which are generally in line with the positive effects of divestiture found in the developed-market literature, show that the initial effects of divestiture are positive but after a certain point they quickly diminish over time.

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Year of publication:	2010
Authors:	Koécenda, Evézen ; Hanousek, Jan
Publisher:	Regensburg : Osteuropa-Institut Regensburg
Subject:	Desinvestition \| Privatisierung \| Unternehmensentwicklung \| Aufstrebende Märkte \| Schätzung \| Tschechische Republik \| firm divestiture \| corporate performance \| ownership changes \| privatization \| emerging markets \| endogeneity \| propensity score matching procedure

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Series:	Arbeiten aus dem Osteuropa-Institut Regensburg ; 291
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	640959873 [GVK] hdl:10419/57792 [Handle] RePEc:ost:wpaper:291 [RePEc]
Classification:	D23 - Organizational Behavior; Transaction Costs; Property Rights ; G32 - Financing Policy; Capital and Ownership Structure ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; L20 - Firm Objectives, Organization, and Behavior. General ; M21 - Business Economics ; P47 - Performance and Prospects
Source:	EconStor

Persistent link: https://www.econbiz.de/10010281888