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EN
The paper focuses on the corporate groups (CGs), which have emerged in the Czech Republic and Slovakia since 1993. While the investment companies and industrial groups dominated in early 1990s, later huge pyramid-like structures occurred. Nowadays, financial CGs are among the most powerful domestic actors. We analyze the ownership concentration forms and the CGs´ impact on the patterns of corporate restructuring. Moreover, a typology of CGs is presented. The results indicate that group-related process of ownership concentration exists during the transition; the forms of concentration used by CGs change over time; and CGs can sometimes keep concentrated ownership structure of the firms unchanged.
EN
The paper analyses more than a decade of corporate governance development in the Slovak Republic. After the introductory part (Part 1), the second part analyses ownership concentration patterns of the Slovak listed companies. Part 3 focuses on corporate restructuring as developed due to ownership changes. Corporate governance in banking sector is the topic of the Part 4. Evaluation of the impact of management changes on corporate governance system is studied in Part 5.In Part 6 are discussed changes in corporate governance as a consequence of implementation of legislation, regulation and self-regulation. Non-governmental initiatives, supporting the effort for higher transparency on capital market and better corporate governance, are studied in Part 7. In the final part (Part 8), a brief evaluation of expected development in the area of activities initiated at international and supranational levels is outlined.
EN
This paper seeks to examine the effect of ownership concentration on corporate financial performance in the Czech Republic. The study uses linear regression models and analyses data gathered from medium and large businesses in order to test the aforementioned relation. Using data from a sample of over 5,000 Czech businesses between 2010 and 2012, the study finds that ownership concentration expressed as the Herfindahl index has a weak, but statistically significant negative effect on corporate performance represented by return on assets. However, the data do not conclusively reveal whether the effect is monotonic or inverted U-shaped.
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