[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/mes/emfitr/v56y2020i1p32-67.html
   My bibliography  Save this article

Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis

Author

Listed:
  • Ichiro Iwasaki
  • Satoshi Mizobata
Abstract
This paper aims to perform a large-scale meta-analysis to examine the relationship between ownership concentration and firm performance in emerging economies of Central and Eastern Europe and the former Soviet Union. A meta-synthesis of 1517 estimates collected from 69 previous studies indicated the presence of a statistically significant and positive effect of ownership concentration on firm performance. The synthesized effect size, however, is only modest at best. A meta-regression analysis conducted to identify the factors underlying the small effect size revealed that differences in target industries, estimation periods, design of ownership variables, data sources, estimators, and choices of control variables could have had systematic and profound effects on the empirical results presented in previous studies. We have also noted that publication selection bias is strongly suspected in this research field, and that, due to the magnitude of this bias, existing studies cannot be expected to provide genuine evidence regarding the effect of ownership concentration on firm performance in European emerging economies. Further empirical studies are required to identify the true effect in this region.

Suggested Citation

  • Ichiro Iwasaki & Satoshi Mizobata, 2020. "Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(1), pages 32-67, January.
    • Handle: RePEc:mes:emfitr:v:56:y:2020:i:1:p:32-67
    DOI: 10.1080/1540496X.2018.1530107
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/1540496X.2018.1530107
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/1540496X.2018.1530107?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Nadia Vanteeva & Charles Hickson, 2016. "The Effect of State-Private Co-partnership System on Russian Industry," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 48(3), pages 333-356, May.
    2. Kočenda, Evžen & Iwasaki, Ichiro, 2020. "Bank survival in Central and Eastern Europe," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 860-878.
    3. Bhaumik, Sumon Kumar & Estrin, Saul, 2007. "How transition paths differ: Enterprise performance in Russia and China," Journal of Development Economics, Elsevier, vol. 82(2), pages 374-392, March.
    4. Baghdasaryan, Delia & la Cour, Lisbeth, 2013. "Competition, ownership and productivity. A panel analysis of Czech firms," Journal of Economics and Business, Elsevier, vol. 69(C), pages 86-100.
    5. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    6. Saul Estrin & Alan A. Bevan & Boris Kuznetsov & Mark E. Schaffer & Manuela Angelucci & Julian Fennema & Giovanni Mangiarotti, 2001. "The Determinants of Privatised Enterprise Performance in Russia," William Davidson Institute Working Papers Series 452, William Davidson Institute at the University of Michigan.
    7. John S. Earle & Csaba Kucsera & Álmos Telegdy, 2005. "Ownership Concentration and Corporate Performance on the Budapest Stock Exchange: do too many cooks spoil the goulash?," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(2), pages 254-264, March.
    8. Omran, Mohammed M. & Bolbol, Ali & Fatheldin, Ayten, 2008. "Corporate governance and firm performance in Arab equity markets: Does ownership concentration matter?," International Review of Law and Economics, Elsevier, vol. 28(1), pages 32-45, March.
    9. Iwasaki, Ichiro & Tokunaga, Masahiro, 2014. "Macroeconomic Impacts of FDI in Transition Economies: A Meta-Analysis," World Development, Elsevier, vol. 61(C), pages 53-69.
    10. Jan Hanousek & Evžen Kočenda & Jan Svejnar, 2007. "Origin and concentration," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 15(1), pages 1-31, January.
    11. Galyna Grygorenko & Stefan Lutz, 2007. "Firm performance and privatization in Ukraine," Economic Change and Restructuring, Springer, vol. 40(3), pages 253-266, September.
    12. Baumöhl, Eduard & Iwasaki, Ichiro & Kočenda, Evžen, 2019. "Institutions and determinants of firm survival in European emerging markets," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 431-453.
    13. Benjamin Balsmeier & Dirk Czarnitzki, 2017. "Ownership Concentration, Institutional Development and Firm Performance in Central and Eastern Europe," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 38(2), pages 178-192, March.
    14. Claessens, Stijn & Djankov, Simeon, 1999. "Ownership Concentration and Corporate Performance in the Czech Republic," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 498-513, September.
    15. Grosfeld, Irena, 2009. "Large shareholders and firm value: Are high-tech firms different?," Economic Systems, Elsevier, vol. 33(3), pages 259-277, September.
    16. Muravyev, Alexander & Berezinets, Irina & Ilina, Yulia, 2014. "The structure of corporate boards and private benefits of control: Evidence from the Russian stock exchange," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 247-261.
    17. Kuznetsov, Pavel & Muravyev, Alexander, 2001. "Ownership Structure and Firm Performance in Russia: The Case of Blue Chips of the Stock Market," MPRA Paper 27231, University Library of Munich, Germany.
    18. Joel T. Harper, 2001. "Short‐Term Effects Of Privatization On Operating Performance In The Czech Republic," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(1), pages 119-131, March.
    19. repec:bla:etrans:v:10:y:2002-11:i:3:p:525-551 is not listed on IDEAS
    20. T. D. Stanley, 2005. "Beyond Publication Bias," Journal of Economic Surveys, Wiley Blackwell, vol. 19(3), pages 309-345, July.
    21. Bednarek, Ziemowit & Moszoro, Marian, 2014. "The Arrow-Lind Theorem Revisited: Ownership Concentration and Valuation," MPRA Paper 102712, University Library of Munich, Germany.
    22. Omran, Mohammed, 2009. "Post-privatization corporate governance and firm performance: The role of private ownership concentration, identity and board composition," Journal of Comparative Economics, Elsevier, vol. 37(4), pages 658-673, December.
    23. Hanousek, Jan & Kočenda, Evžen & Mašika, Michal, 2012. "Firm efficiency: Domestic owners, coalitions, and FDI," Economic Systems, Elsevier, vol. 36(4), pages 471-486.
    24. Earle, John S. & Telegdy, Almos, 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Journal of Comparative Economics, Elsevier, vol. 30(4), pages 657-682, December.
    25. Atanasov, Vladimir & Black, Bernard & Ciccotello, Conrad & Gyoshev, Stanley, 2010. "How does law affect finance? An examination of equity tunneling in Bulgaria," Journal of Financial Economics, Elsevier, vol. 96(1), pages 155-173, April.
    26. Muravyev, Alexander, 2017. "Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects," Economic Systems, Elsevier, vol. 41(1), pages 5-25.
    27. Stepan Jurajda & Juraj Stancik, 2012. "Foreign Ownership and Corporate Performance: The Czech Republic at EU Entry," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 62(4), pages 306-324, August.
    28. Claudio M. P. da Cunha & Patricia M. Bortolon, 2016. "The Role of Ownership Concentration and Debt in Downturns: Evidence from Brazilian Firms During the 2008–9 Financial Crisis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(11), pages 2610-2623, November.
    29. Christian Weiss & Stefan Hilger, 2012. "Ownership concentration beyond good and evil: is there an effect on corporate performance?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(4), pages 727-752, November.
    30. Klara Sabirianova Peter & Jan Svejnar & Katherine Terrell, 2012. "Foreign Investment, Corporate Ownership, and Development: Are Firms in Emerging Markets Catching Up to the World Standard?," The Review of Economics and Statistics, MIT Press, vol. 94(4), pages 981-999, November.
    31. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    32. Satoshi MIZOBATA, 2005. "Evolution of Russian Corporate Governance," The Journal of Comparative Economic Studies (JCES), The Japanese Society for Comparative Economic Studies (JSCES), vol. 1, pages 25-58, July.
    33. Derek C. Jones & Niels Mygind, 2002. "Ownership and Productive Efficiency: Evidence from Estonia," Review of Development Economics, Wiley Blackwell, vol. 6(2), pages 284-301, June.
    34. MATIJA ROJEC & JOŽE P. DAMIJAN & BORIS MAJCEN, 2004. "Export Propensity of Estonian and Slovenian Manufacturing Firms : Does Foreign Ownership Matter?," Eastern European Economics, Taylor & Francis Journals, vol. 42(4), pages 33-54, July.
    35. Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2008. "A Survey of Corporate Governance in Russia," Springer Books, in: Robert W. McGee (ed.), Corporate Governance in Transition Economies, chapter 32, pages 315-349, Springer.
    36. Doucouliagos, Hristos (Chris), 2011. "How large is large? Preliminary and relative guidelines for interpreting partial correlations in economics," Working Papers eco_2011_5, Deakin University, Department of Economics.
    37. Anna Meyendorff & Anjan V. Thakor (ed.), 2002. "Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262133911, April.
    38. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
    39. Frye,Timothy, 2017. "Property Rights and Property Wrongs," Cambridge Books, Cambridge University Press, number 9781107156999, September.
    40. Jeffrey B Miller & Vladimir Lazarov, 2011. "Evaluation of Mass Privatization in Bulgaria," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 53(4), pages 621-646, December.
    41. Evžen Kočenda & Jan Hanousek, 2012. "State ownership and control in the Czech Republic," Economic Change and Restructuring, Springer, vol. 45(3), pages 157-191, August.
    42. Harper, Joel T., 2002. "The performance of privatized firms in the Czech Republic," Journal of Banking & Finance, Elsevier, vol. 26(4), pages 621-649, April.
    43. Shiguang Ma & Tony Naughton & Gary Tian, 2010. "Ownership and ownership concentration: which is important in determining the performance of China’s listed firms?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 50(4), pages 871-897, December.
    44. Harper, Joel T, 2001. "Short-Term Effects of Privatization on Operating Performance in the Czech Republic," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 24(1), pages 119-131, Spring.
    45. Iwasaki, Ichiro & 岩﨑, 一郎, 2016. "The Evolution of Corporate Governance in the Global Financial Crisis : The Case of Russian Industrial Firms," CEI Working Paper Series 2016-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    46. Irena Grosfeld & Thierry Tressel, 2002. "Competition and ownership structure: Substitutes or complements? Evidence from the Warsaw Stock Exchange," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(3), pages 525-551, November.
    47. Iwasaki, Ichiro & Tokunaga, Masahiro, 2016. "Technology transfer and spillovers from FDI in transition economies: A meta-analysis," Journal of Comparative Economics, Elsevier, vol. 44(4), pages 1086-1114.
    48. Ichiro IWASAKI & Satoshi MIZOBATA, 2018. "Post-Privatization Ownership And Firm Performance: A Large Meta-Analysis Of The Transition Literature," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(2), pages 263-322, June.
    49. Matjaž Koman & Ljubica KneževiÄ Cvelbar & Anðelko Lojpur & Janez PraÅ¡nikar, 2011. "Effects of Ownership and Management Changes on Productivity in Privatized Montenegrin Firms," Eastern European Economics, Taylor & Francis Journals, vol. 49(3), pages 5-25, May.
    50. Benjamin Maury & Eva Liljeblom, 2009. "Oligarchs, political regime changes, and firm valuation1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 17(3), pages 411-438, July.
    51. Damijan, Joze P. & Knell, Mark & Majcen, Boris & Rojec, Matija, 2003. "The role of FDI, R&D accumulation and trade in transferring technology to transition countries: evidence from firm panel data for eight transition countries," Economic Systems, Elsevier, vol. 27(2), pages 189-204, June.
    52. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    53. Asaftei, Gabriel & Kumbhakar, Subal C. & Mantescu, Dorin, 2008. "Ownership, business environment and productivity change," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 498-509, September.
    54. Joze P. Damijan & Mark Knell & Boris Majcen & Matija Rojec, 2003. "Technology Transfer through FDI in Top-10 Transition Countries: How Important are Direct Effects, Horizontal and Vertical Spillovers?," William Davidson Institute Working Papers Series 549, William Davidson Institute at the University of Michigan.
    55. Cabeza-García, Laura & Gómez-Ansón, Silvia, 2011. "Post-privatisation ownership concentration: Determinants and influence on firm efficiency," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 412-430, September.
    56. Alexander Pivovarsky, 2003. "Ownership Concentration and Performance in Ukraine's Privatized Enterprises," IMF Staff Papers, Palgrave Macmillan, vol. 50(1), pages 1-2.
    57. Andreyeva Tatiana, 2003. "Company Performance in Ukraine: What Governs its Success," EERC Working Paper Series 03-01e, EERC Research Network, Russia and CIS.
    58. Marian Rizov, 2004. "Credit Constraints and Profitability : Evidence from a Transition Economy," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 40(4), pages 63-83, July.
    59. Mueller, Dennis C. & Peev, Evgeni, 2007. "Corporate governance and investment in Central and Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 35(2), pages 414-437, June.
    60. Xufei Ma & Xiaotao Yao & Youmin Xi, 2006. "Business group affiliation and firm performance in a transition economy: A focus on ownership voids," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 467-483, December.
    61. Gul, Ferdinand A. & Kim, Jeong-Bon & Qiu, Annie A., 2010. "Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China," Journal of Financial Economics, Elsevier, vol. 95(3), pages 425-442, March.
    62. Andrei Kuznetsov & Rostislav Kapelyushnikov & Natalya Dyomina, 2008. "Performance of closely held firms in Russia: evidence from firm-level data," The European Journal of Finance, Taylor & Francis Journals, vol. 14(4), pages 337-358.
    63. Kun Wang & Greg Shailer, 2015. "Ownership Concentration And Firm Performance In Emerging Markets: A Meta-Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 29(2), pages 199-229, April.
    64. Makhija, Anil K & Spiro, Michael, 2000. "Ownership Structure as a Determinant of Firm Value: Evidence from Newly Privatized Czech Firms," The Financial Review, Eastern Finance Association, vol. 35(3), pages 1-31, August.
    65. Yabei Hu & Shigemi Izumida, 2008. "Ownership Concentration and Corporate Performance: A Causal Analysis with Japanese Panel Data," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(4), pages 342-358, July.
    66. Igor Filatotchev & Johannes Stephan & Björn Jindra, 2008. "Ownership structure, strategic controls and export intensity of foreign-invested firms in transition economies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(7), pages 1133-1148, October.
    67. Claessens, Stijn, 1997. "Corporate Governance and Equity Prices: Evidence from the Czech and Slovak Republics," Journal of Finance, American Finance Association, vol. 52(4), pages 1641-1658, September.
    68. Andreas Stephan & Andriy Tsapin & Oleksandr Talavera, 2012. "Main Bank Power, Switching Costs, and Firm Performance: Theory and Evidence from Ukraine," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(2), pages 76-93, March.
    69. Michael Alexeev & Shlomo Weber, 2013. "Russian economy, the," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    70. Iuliana Oana MIHAI, 2013. "The Influence of Corporate Governance and Ownership Concentration on Company Performance - Evidence from Bucharest Stock Exchange," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 79-88.
    71. Mykhayliv, Dariya & Zauner, Klaus G., 2013. "Investment behavior and ownership structures in Ukraine: Soft budget constraints, government ownership and private benefits of control," Journal of Comparative Economics, Elsevier, vol. 41(1), pages 265-278.
    72. D'Souza, Juliet & Megginson, William L. & Ullah, Barkat & Wei, Zuobao, 2017. "Growth and growth obstacles in transition economies: Privatized versus de novo private firms," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 422-438.
    73. Derek C Jones & Niels Mygind, 2000. "Privatization and Enterprise Performance: Evidence from Estonia," Palgrave Macmillan Books, in: Vojmir Franičević & Milica Uvalić (ed.), Equality, Participation, Transition, chapter 10, pages 162-183, Palgrave Macmillan.
    74. Atanasov, Vladimir, 2005. "How much value can blockholders tunnel? Evidence from the Bulgarian mass privatization auctions," Journal of Financial Economics, Elsevier, vol. 76(1), pages 191-234, April.
    75. Gugler, Klaus & Ivanova, Natalia & Zechner, Josef, 2014. "Ownership and control in Central and Eastern Europe," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 145-163.
    76. Masahiro Tokunaga & Ichiro Iwasaki, 2017. "The Determinants of Foreign Direct Investment in Transition Economies: A Meta-analysis," The World Economy, Wiley Blackwell, vol. 40(12), pages 2771-2831, December.
    77. Frye,Timothy, 2017. "Property Rights and Property Wrongs," Cambridge Books, Cambridge University Press, number 9781316610107, September.
    78. Andrei B. Ankudinov & Oleg V. Lebedev, 2016. "Dividend payouts and company ownership structure amid the global financial crisis: evidence from Russia," Post-Communist Economies, Taylor & Francis Journals, vol. 28(3), pages 384-404, July.
    79. Zorica Kalezić, 2015. "Ownership Concentration and Firm Performance in Transition Economies: Evidence from Montenegro," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 4(3), pages 5-64.
    80. Earle, John S & Estrin, Saul, 1997. "After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry," CEPR Discussion Papers 1736, C.E.P.R. Discussion Papers.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. IWASAKI, Ichiro & MA, Xinxin & MIZOBATA, Satoshi, 2024. "Board Gender Diversity in China and Eastern Europe," CEI Working Paper Series 2023-09, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    2. Maria Aluchna & Tomasz Kuszewski, 2021. "Do Financial Investors Mitigate Agency Problems? Evidence from an Emerging Market," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 872-888.
    3. Guo, Yunxia & Yu, Mengyao & Xu, Mingchen & Tang, Ying & Huang, Jingran & Liu, Jia & Hao, Yu, 2023. "Productivity gains from green finance: A holistic and regional examination from China," Energy Economics, Elsevier, vol. 127(PA).
    4. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2023. "Board generational diversity in emerging markets," Emerging Markets Review, Elsevier, vol. 55(C).
    5. Tleubayev, Alisher & Bobojonov, Ihtiyor & Gagalyuk, Taras & García Meca, Emma & Glauben, Thomas, 2021. "Corporate governance and firm performance within the Russian agri-food sector: does ownership structure matter?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 24(4), pages 649-668.
    6. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2020. "Corporate ownership and managerial turnover in China and Eastern Europe: A comparative meta-analysis," Journal of Economics and Business, Elsevier, vol. 111(C).
    7. Huang, Qiubin, 2020. "Ownership concentration and bank profitability in China," Economics Letters, Elsevier, vol. 196(C).
    8. Waseem, Fareeha, 2023. "Impact of Managerial Entrenchment on Firm Performance," OSF Preprints hmuab, Center for Open Science.
    9. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2022. "Ownership structure and firm performance in emerging markets: A comparative meta-analysis of East European EU member states, Russia and China," Economic Systems, Elsevier, vol. 46(2).
    10. Iwasaki, Ichiro & Kočenda, Evžen & Shida, Yoshisada, 2021. "Distressed acquisitions: Evidence from European emerging markets," Journal of Comparative Economics, Elsevier, vol. 49(4), pages 962-990.
    11. Fernanda Ricotta & Victoria Golikova & Boris Kuznetsov, 2021. "The Role Of CEO Characteristics In Firm Innovative Performance: A Comparative Analysis Of EU Countries And Russia," HSE Working papers WP BRP 251/EC/2021, National Research University Higher School of Economics.
    12. Jitao Hu & Longying Hu & Mingzhu Hu & Antony Dnes, 2023. "Entrepreneurial human capital, equity concentration and firm performance: Evidence from companies listed on China's Growth Enterprise Market," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(1), pages 187-196, January.
    13. Taylan Mavruk & Conny Overland & Stefan Sjögren, 2020. "Keeping it real or keeping it simple? Ownership concentration measures compared," European Financial Management, European Financial Management Association, vol. 26(4), pages 958-1005, September.
    14. Lai, Shaojie & Liang, Hongyan & Liu, Zilong & Pu, Xiaoling & Zhang, Jianing, 2022. "Ownership concentration among entrepreneurial firms: The growth-control trade-off," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 122-140.
    15. Bole, Velimir & Habuš, Ada Guštin & Koman, Matjaž & Prašnikar, Janez, 2023. "Blockholdings in closely held corporations: An analysis of ownership coalitions in emerging countries," Economic Systems, Elsevier, vol. 47(2).
    16. Tong, Tong & Chen, Xiaoyue & Singh, Tarlok & Li, Bin, 2022. "Corporate governance and the outward foreign direct investment: Firm-level evidence from China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 962-980.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ichiro IWASAKI & Satoshi MIZOBATA, 2018. "Post-Privatization Ownership And Firm Performance: A Large Meta-Analysis Of The Transition Literature," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(2), pages 263-322, June.
    2. Ichiro Iwasaki & Satoshi Mizobata & Alexander Muravyev, 2018. "Ownership dynamics and firm performance in an emerging economy: a meta-analysis of the Russian literature," Post-Communist Economies, Taylor & Francis Journals, vol. 30(3), pages 290-333, May.
    3. Iwasaki, Ichiro & Kočenda, Evžen, 2017. "Are some owners better than others in Czech privatized firms? Even meta-analysis can’t make us perfectly sure," Economic Systems, Elsevier, vol. 41(4), pages 537-568.
    4. Kun Wang & Greg Shailer, 2015. "Ownership Concentration And Firm Performance In Emerging Markets: A Meta-Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 29(2), pages 199-229, April.
    5. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2020. "Corporate ownership and managerial turnover in China and Eastern Europe: A comparative meta-analysis," Journal of Economics and Business, Elsevier, vol. 111(C).
    6. Lai, Shaojie & Liang, Hongyan & Liu, Zilong & Pu, Xiaoling & Zhang, Jianing, 2022. "Ownership concentration among entrepreneurial firms: The growth-control trade-off," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 122-140.
    7. Baumöhl, Eduard & Iwasaki, Ichiro & Kočenda, Evžen, 2020. "Firm survival in new EU member states," Economic Systems, Elsevier, vol. 44(1).
    8. Kun Tracy Wang & Greg Shailer, 2018. "Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership," Abacus, Accounting Foundation, University of Sydney, vol. 54(1), pages 1-35, March.
    9. Xiaojian Hu & Gang Yao & Taiyun Zhou, 2022. "Does ownership structure affect the optimal capital structure? A PSTR model for China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2458-2480, April.
    10. Attiya Y. Javid & Robina Iqbal, 2010. "Corporate Governance in Pakistan : Corporate Valuation, Ownership and Financing," Governance Working Papers 22830, East Asian Bureau of Economic Research.
    11. Saul Estrin & Jan Hanousek & Evzen Kocenda & Jan Svejnar, 2009. "The Effects of Privatization and Ownership in Transition Economies," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 699-728, September.
    12. Jan Bena & Jan Hanousek, 2008. "Rent Extraction by Large Shareholders: Evidence Using Dividend Policy in the Czech Republic," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 58(03-04), pages 106-130, May.
    13. Iwasaki, Ichiro & Kočenda, Evžen & Shida, Yoshisada, 2021. "Distressed acquisitions: Evidence from European emerging markets," Journal of Comparative Economics, Elsevier, vol. 49(4), pages 962-990.
    14. Bessonova, Evguenia & Gonchar, Ksenia, 2017. "Incentives to innovate in response to competition: The role of agency costs," Economic Systems, Elsevier, vol. 41(1), pages 26-40.
    15. Tleubayev, Alisher & Bobojonov, Ihtiyor & Gagalyuk, Taras & García Meca, Emma & Glauben, Thomas, 2021. "Corporate governance and firm performance within the Russian agri-food sector: does ownership structure matter?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 24(4), pages 649-668.
    16. Ichiro Iwasaki & Kazuhiro Kumo, 2019. "J-Curve in Transition Economies: A Large Meta-analysis of the Determinants of Output Changes," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(1), pages 149-191, March.
    17. Stéphane Goutte & David Guerreiro & Bilel Sanhaji & Sophie Saglio & Julien Chevallier, 2019. "International Financial Markets," Post-Print halshs-02183053, HAL.
    18. Tomas Jandik & Craig G. Rennie, 2008. "The Evolution of Corporate Governance and Firm Performance in Transition Economies: The Case of Sellier and Bellot in the Czech Republic," European Financial Management, European Financial Management Association, vol. 14(4), pages 747-791, September.
    19. Wang, Kun Tracy & Shailer, Greg, 2017. "Family ownership and financial performance relations in emerging markets," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 82-98.
    20. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2022. "Ownership structure and firm performance in emerging markets: A comparative meta-analysis of East European EU member states, Russia and China," Economic Systems, Elsevier, vol. 46(2).

    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:emfitr:v:56:y:2020:i:1:p:32-67. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MREE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.