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State, firms, and corporate impact: cash or control

Publication at Faculty of Social Sciences, Faculty of Mathematics and Physics, Centre for Economic Research and Graduate Education |
2007

Abstract

Privatization schemes in many European emerging economies involved creation of a special government agency that assumed role of an owner as well as administrator of the state property. Paradoxically, often the state remained an ultimate owner within long after the privatization was concluded.

In this paper we uncover, for the first time in the literature, dynamics of changes in ownership structure, values of state stakes, effects of indirect ownership, and corporate impact on the Czech economy.