Name

Description of the variable

TNS

The total number of shares of a firm

E90

The number of employees in 1990 divided by TNS

...

E93

The number of employees in 1993 divided by TNS

P90

The profit in 1990 divided by TNS

...

P93

The profit in 1993 divided by TNS

S90

Sales in 1990 divided by TNS

..

S93

Sales in 1993 divided by TNS

D90

The debt in 1990 divided by TNS

...

D93

The debt in 1993 divided by TNS

DEP_R93

The depreciation rate in 1993.

Ownership structure:

FOREIGN

The percentage of shares for the direct sale to predetermined foreign owners

DOMESTIC

The percentage of shares for the direct sale to predetermined domestic owners

FNPT

The percentage of shares for the transfer to The Fund of National Property for temporary period

FNPU

The percentage of shares for the transfer to The Fund of National Property for undetermined period

RESTIT

The percentage of shares for the transfer to restituents

INTERM

The percentage of shares for the transfer to an intermediator (usually a bank) which will sell it later

MUNIC

The percentage of shares for the free transfer to municipalities

EMPL

The percentage of shares for the sale to employees

Industries:

Regions:

IND 1

Agriculture

REGPR

Prague (Capital)

IND 2

Heavy industry and mining

REGCB

Central Bohemia

IND 3

Light industry

REGSB

Southern Bohemia

IND 4

Construction

REGWB

Western Bohemia

IND 5

Transportation and telecommunication

REGNB

Northern Bohemia

IND 6

Trade

REGEB

Eastern Bohemia

IND 7

R & D

REGSM

Southern Moravia

IND 8

Services, culture and education

REGNM

Northern Moravia

IND 9

Financial and state institution

IND 0

Unspecified

Other dummy variables:

WAVE1

1 if the firm is a carry-over from the first wave

HOLDING

1 if the firm is a holding company

CAPITAL

1 if the board decided to increased capital from other sources (changes not registered in current data base) and/or if an increase of capital is related to the privatization project (a change of ownership structure).

Wave 1

FACTOR ANALYSIS

OWNESHIP

Final Statistics:

Variable

Communality

Factor

Eigenvalue

Pct of Var

Cum Pct

FOREIGN

.68083

1

1.23573

15.4

15.4

DOMESTIC

.72736

2

1.10566

13.8

29.3

RESTIT

.45040

3

1.03820

13.0

42.2

FNPT

.70929

4

1.02766

12.8

55.1

FNPU

.31030

INTERMED

.53210

MUNICIP

.36355

EMPL

.63344

Varimax Rotation 1, Extraction 1, Analysis 1 - Kaiser Normalization. Varimax converged in 6 iterations.

Rotated Factor Matrix:

FACTOR 1

FACTOR 2

FACTOR 3

FACTOR 4

FNPT

.82222

-.16200

.01029

.08303

EMPL

.59939

.51599

.01174

-.08819

DOMESTIC

-.07575

.84631

-.06753

.02869

INTERMED

-.22850

.02391

.68825

-.07501

MUNICIP

.03571

-.13159

.56055

.17536

FNPU

-.23806

-.05739

-.48550

.12091

RESTIT

.11788

-.23954

-.09534

.60831

.09523

-.26072

-.09980

-.77060

INDUSTRIAL AND REGION DUMMIES

Final Statistics:

Variable

Communality

Factor

Eigenvalue

Pct of Var

Cum Pct

REGPR

.71175

1

1.62413

10.2

10.2

REGCB

.77162

2

1.42843

8.9

19.1

REGSB

.78782

3

1.30713

8.2

27.2

REGWB

.66740

4

1.22647

7.7

34.9

REGNB

.91044

5

1.18826

7.4

42.3

REGEB

.83807

6

1.14780

7.2

49.5

REGSM

.81869

7

1.12987

7.1

56.6

INDAGR

.89983

8

1.07716

6.7

63.3

INDHEAVY

.93932

9

1.04877

6.6

69.9

INDLIGHT

.93502

10

1.00187

6.3

76.1

INDCONST

.98148

INDTRANS

.56058

INDTRADE

.79686

INDRANDD

.43757

INDSERV

.49452

INDFIN

.62892

FACTOR 1

FACTOR 2

FACTOR 3

FACTOR 4

FACTOR 5

INDTRADE

.81044

.04419

.11316

-.04087

.00043

REGPR

.73853

-.12646

-.04426

-.03649

.08767

INDLIGHT

-.15545

.92013

.17047

-.07088

-.05309

INDHEAVY

-.32013

-.64833

.46438

-.17592

-.13363

INDCONST

-.08394

-.07968

-.97760

-.02971

-.00418

REGWB

-.14560

.06810

-.06560

.74553

.17034

INDSERV

.04783

-.06748

.06322

.64939

-.08485

INDTRANS

-.06160

.01433

.17913

.09426

.55693

REGEB

-.13963

.01817

.12090

.01004

-.83420

REGSM

-.24158

-.01289

-.01562

-.42301

.32883

REGNB

-.11440

.05259

.01577

-.02100

.06821

INDRANDD

.15962

-.02818

-.04197

-.14280

.06603

REGCB

-.15842

.02482

.06856

-.04910

.05152

REGSB

-.02303

.01158

.01585

-.07835

.04837

INDFIN

-.00168

.00435

.00961

-.07734

-.01553

INDAGR

-.08063

-.04162

.07130

.03142

-.03486

FACTOR 6

FACTOR 7

FACTOR 8

FACTOR 9

FACTOR 10

REGPR

.11875

-.05334

.31242

-.14018

-.07176

REGWB

-.03322

-.20145

-.05069

.07925

-.04355

REGEB

-.14907

-.12503

.15867

-.21117

-.00310

INDHEAVY

.06949

-.02016

-.15162

.09269

-.33948

INDLIGHT

.03611

.04814

-.05173

.04850

-.13664

INDCONST

-.03608

-.01844

-.03474

-.00271

-.09284

INDTRANS

-.12235

-.05709

.32680

-.27556

-.06685

INDTRADE

-.16696

-.07050

-.28485

.09557

-.02241

INDSERV

-.06051

.12394

-.04943

-.16214

.08379

REGCB

.80637

-.20281

-.20857

.01141

-.03383

INDRANDD

.44593

.20925

.18177

-.26989

.19045

REGSM

-.44885

-.29860

-.28260

-.27463

.16412

REGNB

-.07296

.93494

-.07661

-.01372

-.06121

INDFIN

-.06437

-.05334

.77805

.10101

-.00477

REGSB

-.05051

-.00878

.10544

.87185

.06754

INDAGR

.02465

-.06173

-.02525

.06648

.93532

(WAVE 1 continued)

FACTOR ANALYSIS

DESCRIPTIVE VARIABLES

(SIZE, PROFIT, DEBT, EMPL)

Final Statistics:

Variable

TNS

D89

D90

D91

E89

E90

E91

P89

P90

P91

S89

S90

S91

Varimax Rotation 1, Extraction 1, Analysis 1 - Kaiser Normalization.Varimax converged in 4 iterations.

Rotated Factor Matrix:

FACTOR 1

FACTOR 2

FACTOR 3

P90

.99520

.00546

.02330

S91

.99185

-.01168

-.00198

S90

.99034

-.02097

.00086

S89

.98976

-.02616

.00356

P91

.82900

.21681

.08229

D89

.01185

.95329

.02306

D91

.02766

.94758

-.01487

D90

.00097

.94288

.00979

E90

.01222

.06388

.95475

E91

.02059

.00581

.90334

E89

.01414

.10073

.87911

P89

.10987

.42206

.36221

TNS

-.00010

.00948

-.17107