"This paper investigates the evolution of corporate governance and firm performance in transition economies. It focuses on barriers that impeded adoption of optimal corporate governance at Czech ammunition manufacturer Sellier and Bellot (S&B) following voucher privatisation in 1993. Exogenously...

This paper investigates the evolution of corporate governance and firm performance in emerging markets. It focuses on Czech ammunition manufacturer Sellier and Bellot (Samp;B) following voucher privatization in 1993. Exogenously imposed diffuse ownership, combined with legal, capital market, and...