From Social to Private Ownership: Multiple Blockholders in Slovenian Unlisted Firms

References

• Admati, A. R.; P. Pfeiderer; and J. Zechner. 1994. "Large Shareholder Activism, Risk Sharing and Financial Market Equilibrium." Journal of Political Economy 102, no. 6: 1097-1130.
   Google Scholar
• Aghion, P., and O. J. Blanchard. 1998. "On Privatization Methods in Eastern Europe and Their Implications." Economics of Transition 6, no. 1: 87-99.
   Google Scholar
• Arellano, M., and S. Bond. 1991. "Some Tests of Specification in Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58, no. 2: 277-297.
   Google Scholar
• Arellano, M., and O. Bover. 1995. "Another Look at Instrumental Variable Estimation of Error-Components Models." Journal of Econometrics 68, no. 1: 29-51.
   Google Scholar
• Bebchuk, L. A., and M. J. Roe. 1999. "A Theory of Path Dependence in Corporate Ownership and Governance." Stanford Law Review 52, no. 1: 127-170.
   Google Scholar
• Bennedsen, M., and D. Wolfenzon. 2000. "The Balance of Power in Closely Held Corporations." Journal of Financial Economics 58, nos. 1-2: 113-139.
   Google Scholar
• Bergstrom, C., and K. Rydqvist. 1990. "The Determinants of Corporate Ownership: An Empirical Study on Swedish Data." Journal of Banking and Finance 14, nos. 2-3: 237-253.
   Google Scholar
• Bishop, K.; I. Filatotchev; and T. Mickiewicz. 2002. "Endogenous Ownership Structure: Factors Affecting the Post-Privatization Equity in Largest Hungarian Firms." Acta Economica 52, no. 4: 443-471.
   Google Scholar
• Bloch, F., and U. Hege. 2001. "Multiple Shareholders and Control Contest." HEC, Paris.
   Google Scholar
• Blundell, R., and S. Bond. 1998. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models." Journal of Econometrics 87, no. 1: 115-144.
   Google Scholar
• Bolton, P., and E. L. von Thadden. 1998. "Blocks, Liquidity, and Corporate Control." Journal of Finance 53, no. 1: 1-25.
   Google Scholar
• Burkart, M.; D. Gromb; and F. Panunzi. 1997. "Large Shareholders, Monitors, and the Value of the Firm." Quarterly Journal of Economics 112, no. 3: 693-728.
   Google Scholar
• Canarella, G., and M. Nourayi. 2008. "Executive Compensation and Firm Performance: Adjustment Dynamics, Non-Linearity and Asymmetry." Managerial and Decision Economics 29, no. 4: 293-315.
   Google Scholar
• Cheung, W. K. A., and J. K. C. Wei. 2006. "Insider Ownership and Corporate Performance: Evidence from the Adjustment Cost Approach." Journal of Corporate Finance 12, no. 3: 906-925.
   Google Scholar
• Cronqvist, H., and R. Fahlenbrach. 2008. "Large Shareholders and Corporate Policies." Review of Financial Studies 22, no. 10: 3941-3976.
   Google Scholar
• DeMarzo, P. M., and B. Uroševic;. 2006. "Ownership Dynamics and Asset Pricing with a Large Shareholder." Journal of Political Economy 114, no. 4: 774-815.
   Google Scholar
• Demsetz, H., and K. Lehn. 1985. "The Structure of Corporate Ownership: Causes and Consequences." Journal of Political Economy 93, no. 6: 1155-1177.
   Google Scholar
• Dhillon, A., and W. Rossetto. 2006. "Corporate Control and Multiple Large Shareholders." Working paper, University of Warwick.
   Google Scholar
• Domadenik, P.; J. Prašnikar; and J. Svejnar, J. 2000. "Prestrukturiranje slovenskih podjetij v razmerah nepopolno razvitih trgov" [Restructuring of Slovenian Companies in Underdeveloped Markets]. In Internacionalizacija slovenskega podjetja [Internationalization of Slovenian Commercial Companies], ed. J. Prašnikar, pp. 59-90. Ljubljana: Finance.
   Google Scholar
• Dyck, A., and L. Zingales. 2004. "Private Benefits of Control: An International Comparison." Journal of Finance 59, no. 2: 537-600.
   Google Scholar
• Edmans, A., and G. Manso. 2010. "Governance Through Trading and Intervention: A Theory of Multiple Blockholders." Review of Financial Studies 24, no. 7: 2395-2428.
   Google Scholar
• Ersoy-Bozcuk, A., and A. Lasfer. 2000. "Changes in UK Share Ownership and Corporate Monitoring." Working paper, City University Business School.
   Google Scholar
• Faccio, M.; L. H. P. Lang; and L. Young. 2001. "Dividends and Expropriation." American Economic Review 91, no. 1: 54-78.
   Google Scholar
• Foley, C. F., and R. Grenwood. 2008. "The Evolution of Corporate Ownership After IPO: The Impact of Investor Protection." Working Paper no. 14557, National Bureau of Economic Research, Cambridge, MA.
   Google Scholar
• Gomes, A., and W. Novaes. 2006 "Sharing Control as a Corporate Governance Mechanism." Working Paper no. 01/06, University of Pennsylvania Center for Analytic Research in Economics and Social Sciences (CARESS), Philadelphia.
   Google Scholar
• Gregorič, A., and C. Vespro. 2009. "Block Trades and the Benefits of Control in Slovenia." Economics of Transition 17, no. 1: 175-210.
   Google Scholar
• Grosfeld, I., and I. Hashi. 2007. "Changes in Ownership Concentration in Mass Privatized Firms: Evidence from Poland and the Czech Republic." Corporate Governance: An International Review 15, no. 4: 520-534.
   Google Scholar
• Grossman, S. J., and O. Hart. 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of Corporation." Bell Journal of Economics 11, no. 1 (Spring): 42-64.
   Google Scholar
• Grossman, S. J., and O. Hart. 1988. "One-Share-One-Vote and the Market for Corporate Control." Journal of Financial Economics 20 (January-March): 175-202.
   Google Scholar
• Hansmann, H. 1988. "Ownership of the Firm." Journal of Law, Economics and Organization 4, no. 2 (Autumn): 267-304.
   Google Scholar
• Helwege, J.; C. Pirinski; and R. M. Stulz. 2007. "Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership." Journal of Finance 62, no. 2: 995-1027.
   Google Scholar
• Hobdari, B.; A. Gregorič; and E. Sinani. 2011. "The Role of Firm Ownership Structure on Internationalization: Evidence from Two Transition Economies." Journal of Management and Governance 5, no. 3: 393-413.
   Google Scholar
• Jones, D., and N. Mygind. 1999. "The Nature and Determinants of Ownership Changes After Privatization: Evidence from Estonia." Journal of Comparative Economics 27, no. 3: 422-441.
   Google Scholar
• Laeven, L., and R. Levine. 2008. "Complex Ownership Structures and Corporate Valuations." Review of Financial Studies 21, no. 2: 579-604.
   Google Scholar
• LaPorta, R.; F. Lopez-de-Silanes; and A. Shleifer. 1999. "Corporate Ownership Around the World." Journal of Finance 54, no. 2: 471-517.
   Google Scholar
• Maug, E. 1998. "Large Shareholders as Monitors: Is There a Trade-Off Between Liquidity and Control?" Journal of Finance 53, no. 1: 65-98.
   Google Scholar
• Maury, B., and A. Pajuste. 2005. "Multiple Large Shareholders and Firm Value." Journal of Banking and Finance 29, no. 7: 1813-1834.
   Google Scholar
• Mencinger, J. 2006. "Privatization in Slovenia." Slovenian Law Review 3, nos. 1-2: 65-81.
   Google Scholar
• Mygind, N.; N. Demina; A. Gregorič; and R. Kapelyushnikov. 2006. "Corporate Governance Cycles During Transition: A Comparison of Russia and Slovenia." Corporate Ownership and Control 3, no. 4: 52-65.
   Google Scholar
• Parigi, B. M., and L. Pelizzon. 2008. "Diversification and Ownership Concentration." Journal of Banking and Finance 32, no. 9: 1743-1753.
   Google Scholar
• Pedersen, T., and S. Thomsen. 1999. "Economic and Systemic Explanations of Ownership Concentration Among Europe's Largest Companies." International Journal of the Economics of Business 6, no. 3: 367-381.
   Google Scholar
• Prašnikar, J.; A. Gregorič; and M. Pahor 2006. "Corporate Governance in Slovenian Enterprises: From Self-Management to Blockholder Control." Current Politics and Economics of Russia, Eastern and Central Europe 21, no. 2: 125-148.
   Google Scholar
• Sargan, J. D. 1958. "The Estimation of Economic Relationships Using Instrumental Variables Regression with Weak Instrumental Variables." Econometrica 26, no. 3: 329-338.
   Google Scholar
• Shleifer, A., and R. W. Vishny. 1986. "Large Shareholders and Corporate Control." Journal of Political Economy 94, no. 3, part 1: 461-488.
   Google Scholar
• Shleifer, A., and D. Wolfenzon. 2002. "Investor Protection and Equity Markets." Journal of Financial Economics 66, no. 1: 3-27.
   Google Scholar
• Simoneti, M., and A. Gregorič. 2004. "Managerial Ownership and Corporate Performance in Slovenian Post-Privatisation Period." European Journal of Comparative Economics 1, no. 2: 217-241.
   Google Scholar
• Sprenger, C. 2005. "The Determinants of Ownership After Privatization: The Case of Russia." Paper presented at the Thirty-Second European Finance Association Meeting, Moscow, August 24-27.
   Google Scholar
• Thomsen, S.; T. Pedersen; and K. H. Kvist. 2006. "Blockholder Ownership: Effects on Firm Value in Market and Control Based Governance Systems." Journal of Corporate Finance 12, no. 2: 246-269.
   Google Scholar
• Uroševic;, B. 2004. "Moral Hazard and Dynamics of Insider Ownership Stakes." Paper presented at the 2003 European Financial Management Meeting, Helsinki, June 25-28.
   Google Scholar
• Windmeijer, F. 2005. "A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators." Journal of Econometrics 126, no. 1: 25-51.
   Google Scholar
• Zwiebel, J. 1995. "Block Investment and Partial Benefits of Corporate Control." Review of Economic Studies 62, no. 2: 161-185.
   Google Scholar