Quotation Gugler, Klaus, Mueller, Dennis C., Peev, Evgeni. 2013. Determinants of Ultimate Control of Large Firms in Transition Countries: Empirical Evidence. Journal of Institutional and Theoretical Economics (JITE) 169 (2), 275-303.


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Abstract

We identify the ultimate ownership structures of the 20 largest firms in 12 transition countries in 1996, and the subsequent patterns of ownership change over 1996-2008. Of the state-controlled companies in 1996 more than half are still in state hands in 2008. Better quality of governmental institutions, larger external but not domestic government debt, smaller company size, and higher company profitability increase the likelihood of privatization as well as the likelihood that the company ends up ultimately in foreign hands. We document that, after 20 years, control structure and institutional quality convergence on the West is still largely incomplete.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Institutional and Theoretical Economics (JITE)
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new FIN-A, STRAT-B, WH-B
Language English
Title Determinants of Ultimate Control of Large Firms in Transition Countries: Empirical Evidence
Volume 169
Number 2
Year 2013
Page from 275
Page to 303
Reviewed? Y
URL http://www.ingentaconnect.com/contentone/mohr/jite/2013/00000169/00000002/art00004
DOI http://dx.doi.org/10.1628/093245613X13626680790513

Associations

People
Gugler, Klaus (Details)
External
Mueller, Dennis C. (Universit├Ąt Wien, Austria)
Peev, Evgeni (Universit├Ąt Wien, Austria)
Organization
Research Institute for Regulatory Economics FI (Details)
Institute for Quantitative Economics IN (Details)
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