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 2

FACTOR ANALYSIS

INDUSTRIAL AND REGION DUMMIES

Variable

Communality

Factor

Eigenvalue

Pct of Var

Cum Pct

REGPR

.66261

1

1.78509

9.4

9.4

REGCB

.80963

2

1.39521

7.3

16.7

REGSB

.91644

3

1.35484

7.1

23.9

REGWB

.83896

4

1.26595

6.7

30.5

REGNB

.91852

5

1.18775

6.3

36.8

REGEB

.86953

6

1.14528

6.0

42.8

REGSM

.90017

7

1.13482

6.0

48.8

IND1

.81357

8

1.11376

5.9

54.6

IND2

.89503

9

1.08886

5.7

60.4

IND3

.90006

10

1.07514

5.7

66.0

IND4

.88563

11

1.02403

5.4

71.4

IND5

.82522

12

1.01469

5.3

76.8

IND6

.80566

IND7

.58653

IND8

.62681

IND9

.60255

WAVE1

.56053

CAPITAL

.61235

HOLDING

.55562

Variable

Factor 1

Factor 2

Factor 3

Factor 4

Factor 5

Factor 6

IND1

-.76199

-.21047

-.02679

-.05022

.19532

-.14163

WAVE1

.69758

.03631

.00544

-.08263

.07154

-.15914

IND2

.61155

-.60927

-.06380

.04458

-.11260

.17648

IND3

.18243

.91145

-.07311

.02473

-.05497

.07126

REGEB

-.03109

.06432

-.89262

-.13237

-.13024

-.02436

REGNB

-.05480

.01305

.08837

.93984

-.11546

.00695

REGWB

-.09029

-.01751

.08824

-.12790

.88719

.02674

CAPITAL

-.10355

.14034

.00024

.00460

-.01611

.62202

IND9

.18832

.11493

.11058

.19494

.16708

-.58028

HOLDING

.24833

-.00487

.11630

.18328

.27280

.57435

Variable

Factor 7

Factor 8

Factor 9

Factor 10

Factor 11

Factor 12

IND6

.88062

-.07718

-.10988

.04341

.06592

-.01731

IND8

-.15542

.75435

-.10900

.09929

.04116

-.05772

REGPR

.34295

.56546

.09641

-.06939

-.19249

.02237

REGCB

-.17669

-.12281

.83535

.13801

.02352

-.11426

REGSM

-.22039

-.17659

-.56598

.38276

.08554

-.08908

REGSB

-.05310

-.09338

-.08064

-.92578

.03641

-.01218

IND4

-.05687

.01050

-.00260

.02480

-.93436

.05861

IND5

.03341

.03192

.09650

.01032

.06228

-.88943

IND7

.19068

-.03172

.24426

.19915

.07520

.35720

(continued WAVE 2)

FACTOR ANALYSIS

OWNESHIP DUMMIES

Variable

Communality

Factor

Eigenvalue

Pct of Var

Cum Pct

FOREIGN

.59040

1

1.08206

15.5

15.5

DOMESTIC

.80197

2

1.06632

15.2

30.7

RESTIT

.47920

3

1.04269

14.9

45.6

FNPT

.74338

4

1.03022

14.7

60.3

FNPU

.94396

5

1.00669

14.4

74.7

INTERM

.80688

MUNIC

.86221

Variable

Factor 1

Factor 2

Factor 3

Factor 4

Factor 5

FOREIGN

.71467

.01351

-.26677

-.08853

.02121

RESTIT

.66546

-.06763

.16516

.00934

-.06651

INTERM

-.16030

.84277

-.16536

-.17283

-.11705

FNPT

-.26127

-.57734

-.35390

-.40402

-.23089

DOMESTIC

-.04946

-.06279

.88490

-.09900

-.05228

MUNIC

-.09608

-.08050

-.11139

.91108

-.06343

FNPU

-.05829

-.03884

-.04684

-.04542

.96685

Variable

Communality

Factor

Eigenvalue

Pct of Var

Cum Pct

S90

.19307

1

11.52411

60.7

60.7

P90

.41614

2

2.54798

13.4

74.1

D90

.77675

3

1.04069

5.5

79.5

E90

.82504

...

...

Variable

Factor 1

Factor 2

Factor 3

P91

.96539

.06022

-.05697

P92

.95964

.04318

-.05336

P93

.94025

.06241

-.07204

D93

.88920

.37785

.00859

D90

.81688

.27613

.18222

S92

.80241

.50348

.01164

D91

.76731

.36915

.25955

S93

.76611

.52863

-.06471

D92

.73642

.35529

.28529

S91

.68563

.44741

-.02817

P90

.62099

.13028

-.11638

E92

.25604

.95309

.02670

E91

.23468

.95141

.03061

E93

.29742

.92756

-.00663

E90

.14598

.89613

-.02615

DEP_R93

.00862

.06647

.80665

S90

.01117

.04403

-.43705