Ownership structure and its effects on operating performance and firm value: Evidence from the Czech Republic.

Scope and method of study. The purpose of this study is to examine the effect of ownership structure on the changes in firms' operating efficiency and profitability after privatization in the first wave of privatizations in the Czech Republic. There are 170 firms in this study. A combination of parametric, seemingly unrelated regression (SUR) system and pooled cross-sectional time series regression, and nonparametric, Wilcoxon and Mann-Whitney, tests are used to determine the effects of ownership in four hypotheses.