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This paper studies the emerging ownership and investment patterns of listed companies during the first years after mass privatization (Bulgaria) and after around ten years after mass privatization (the Czech Republic). It explores firm-level data over the period 1998-2003. We apply accelerator-cash flow model and q-model to cash-flow investment sensitivity. In the Bulgarian sample, contrary to the expectations firms controlled by foreign firms are financially constrained. Firms controlled by stateowned holding company show financial re-allocation investment pattern, while firms under control of privatisation fund have inertial investment behaviour. In the Czech Republic, the estimates of the q-model show that companies controlled by foreign investors are less financially constrained and have profit-maximization behavior, firms controlled by the National Property Fund have insignificant financial re-allocation, and firms under control of other domestic firms are most financially constrained. However, the accelerator model does not confirm these results for the firms under control of other domestic firms.

Ownership categories and investment patterns after mass privatization in Bulgaria and the Czech Republic