Abstract:

The efficiency of firms in the market economies is conditioned by their efficient management, which is, in the theory and practise of market economies, called by an Anglo-Saxon term corporate governance. By the management of the firms (corporations) is usually meant an institutional and instrumental way of control of a firm by its owners. These are means by which the owners of a company realize their management and control on behalf of themselves, in other words they are executing their ownership rights.

At the beginning of the Czech economy transformation from the centrally planned system of the economic management to the market system becomes, within this context, the most important a thesis that the basic starting – point of the whole transformation process has to be a privatisation. Only under this condition the market forces would be enabled to direct the firms to efficiency  and to start the process of their restructuring. It was expected that by means of privatisation would be found such owners who will dispose of the acquired property responsibly and efficiently. The privatisation process became along the years 1991 – 1993 the most important moment in the life of all Czech firms.