Centre for the Study of Economic & Social Change in Europe School of Slavonic & East European Studies
نویسندگان
چکیده
Using a data set for 162 largest Hungarian firms during the period of 1994-1999 this paper explores the determinants of equity shares held by foreign investors and by Hungarian institutional investors.. We find evidence of a post-privatisation evolution towards more homogeneus equity structures, where dominant categories of owners aim at achieving controlling stakes. Here, the foreign investors and Hungarian institutional investors play the major role. In addition, focusing on firm level characteristics we find that the exporting firms attract foreign owners, who acquire controlling equity stakes. Similarly, the firm size measurements are positively associated with the presence of foreign investors. However, they negatively associated with 100% foreign ownership, since the marginal costs of acquiring additional equity are growing with the size of the assets. We interpret the results in light of the existing theory. In particular, following Demsetz and Lehn (1985) and Demsetz and Villalonga (2001) we argue that equity should not be treated as an exogenous variable. As for specific determinants of equity levels, we focus on informational asymmetries and (unobserved) ownership specific characteristics of foreign investors and Hungarian investors
منابع مشابه
CENTRE FOR THE STUDY OF ECONOMIC & SOCIAL CHANGE IN EUROPE SCHOOL OF SLAVONIC & EAST EUROPEAN STUDIES The Estonian Organizations – The Subjects of Transformation
متن کامل
Centre for the Study of Economic & Social Change in Europe School of Slavonic & East European Studies
This paper seeks to outline the innovations strategies that various corporations have pursued in Central Europe over the last few decades. It will examine from a corporate perspective the scope and definition of innovation, highlighting how this has changed in today’s eclectic ever changing environment. Drawing upon cases studies, this paper will highlight best practice in formulating innovatio...
متن کاملCENTRE FOR THE STUDY OF ECONOMIC & SOCIAL CHANGE IN EUROPE SCHOOL OF SLAVONIC & EAST EUROPEAN STUDIES “Industrial Integration and Growth of Firm in Transition Economies: The case of a French Multinational Company”
In the last decade, the prospect of accession of Central and East European countries (CEECs) to the European Union has given momentum to the discussion of their economic integration into the EU. Thus, academic studies have generally focused on variables at the macro level and are conducted in the light of quantitative methodologies in social sciences. This paper instead focuses mainly on the in...
متن کاملCentre for the Study of Economic & Social Change in Europe School of Slavonic & East European Studies a Two-tier or Multi-tier Europe: Assessing the Innovation Capacities of Central and East European Countries in the Enlarged Eu
2 This paper assesses the innovation capacities of the central and east European (CEE) candidate countries and the countries of the EU using a set of 25 indicators organized within the national innovation capacity (NIC) framework. Based on regression and cluster analysis the paper shows that NIC in the enlarged EU does not follow a simple 'East – West' divide. The wider Europe is structured int...
متن کاملCentre for the Study of Economic & Social Change in Europe School of Slavonic & East European Studies
This paper analyses the role of S&T policy in the adjustment and restructuring of the Russian S&T system in the post-Soviet period. The principal argument is that the adjustment of the S&T system in Russia has been evolving between the ‘preservation of S&T potential’, its restructuring, and survival strategies developed by researchers and R&D organisations. The interaction of these factors expl...
متن کاملCENTRE FOR THE STUDY OF ECONOMIC & SOCIAL CHANGE IN EUROPE SCHOOL OF SLAVONIC & EAST EUROPEAN STUDIES “European Integration and Complementarities Driven Network Alignment: The Case of ABB in Central and Eastern Europe”
The depth of industry integration between European 'West' and 'East' depends on the simultaneous existence of several factors, which, through mutual complementarities, align global and local networks. This paper takes the case of Asea Brown Bowery (ABB), one of the first large investors in central and eastern Europe (CEE), to show that the successful penetration of this company into CEE was the...
متن کامل