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Ownership Concentration and Performance in Ukraine's Privatized Enterprises Alexander Pivovarsky Full Text of this Article (PDF 177K) Abstract: This article
investigates empirically the relationship between ownership concentration and
performance in 376 partially and fully privatized Ukrainian enterprises. It finds
that ownership concentration is positively associated with enterprise performance
in Ukraine. The article also finds that concentration of ownership by foreign
companies and banks is associated with better performance than ownership concentrated
by the domestic owners. Ownership by Ukrainian investment funds and holding companies
does not have a positive effect on performance. The article documents that, in
contrast to predictions by many observers of early transition, privatization methods
determined the long-term ownership structure of privatized firms. [JEL
G32, G37, L33, P31] |
