%0 Journal Article
%T Performance of IPFs after mass privatization process. Evidence from Russian and Czech mass privatization programs
%A Simona Aurelia Bodog
%A Alexandru Constangioara
%A Nicoleta Bugnar
%A Liana Mester
%J Journal of Electrical and Electronics Engineering
%D 2009
%I Editura Universit??ii din Oradea
%X IPFs were created to facilitate theownership concentration. Extensive literature pointsout that effective corporate governance needsownership concentration. Vishny and Shleifer (1986),Mc Connell and Servaes (1990), Vishny, Shleifer(1997) find a positive relation between ownershipconcentration and corporate performance in US. Theyall argue that diffuse ownership yields significantpower to managers, whose interests do not coincidewith shareholder¡¯s interests. Consequently, managerscould purse non-value maximizing activities such asself dealing, quiet life or empire building. This paperexamines evidence on IPFs in transitional economiesof Czech Republic and Russia.
%K investment privatization funds
%K corporate governance
%K business performance
%U http://electroinf.uoradea.ro/reviste%20CSCS/documente/JEEE_2009/Articole_pdf_JEEE_ME_nr_1/JEEE_2009_Nr_1_ME_Bodog_Performance.pdf