, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic … majority owners improve efficiency more than foreign majority owners when no minority shareholders are present, but (vi) the … opposite is true when minority shareholders hold a substantial fraction of the firmś equity. In the analysis, we distinguish …

relationship between ownership structures and firm performance in the Czech mass-privatized firms. We find that, in contrast to the … remarkable effect of foreign ownership on firm performance and restructuring activities, domestic private entities were incapable …