OWNERSHIP STRUCTURE AND FIRM PERFORMANCE - Fico Shehaj, Entela
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Irrespective of the method of privatisation used, ownership has become more concentrated over time in Albanian firms. The underdeveloped corporate governance mechanisms created a primary role for ownership concentration as the main vehicle by which owners could exercise control over managers. The empirical analysis in this thesis shows that certain firm characteristics have a significant impact on the evolution of ownership structure. The analysis on the impact of ownership structure on the performance of privatised firms in Albania do not provide support for the conventional view that…mehr

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Produktbeschreibung
Irrespective of the method of privatisation used, ownership has become more concentrated over time in Albanian firms. The underdeveloped corporate governance mechanisms created a primary role for ownership concentration as the main vehicle by which owners could exercise control over managers. The empirical analysis in this thesis shows that certain firm characteristics have a significant impact on the evolution of ownership structure. The analysis on the impact of ownership structure on the performance of privatised firms in Albania do not provide support for the conventional view that ownership concentration has a positive effect on firm performance. However, firm characteristics other than ownership concentration may explain the variation in the performance of these firms suggesting that owners choose the level of concentration which best suits their value maximisation objective. The overall analysis concludes with certain policy implications mostly related to a functional stock exchange, strengthening judicial system and law enforcement and the creation of an agency to maintain information on the financial performance of firms.
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Autorenporträt
Since 1996 my main occupation is teaching economics. Actually I am a lecturer of Micro and Macroeconomics at the European University of Tirana. Since June 2007 I am a Commissioner of the Albanian Energy Regulator. I hold an MA and PhD in Economics (Staffordshire University, UK). Areas of interest are Economics, Econometrics, Regulation.