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Michael Bartek

Thesis topic

Relationship between ownership structure and corporate performance among listed companies in Central and Eastern Europe


The doctoral research explores the relationship between corporate governance and firm performance in transition economies of Central and Eastern Europe with particular reference to Poland. It focuses on the impact of ownership structures on profitability and shareholder return of listed firms over the last decade. The initial shareholder structures emerged from privatisation or, in the case of more recently established firms, they remain under the control of the original founding family or its strategic partner. The study is founded on a substantial dataset and attempts to find a relationship between different levels of ownership concentration (and ownership type category) and profitability. In addition, it distinguishes between different types of ‘dominant ownership’ to determine whether or not belonging to an entity of particular type (government, original founder, foreign strategic investor, etc) plays a role in determining relative profitability. I also explore the role played by institutional investors – namely the domestic pension and investment funds with blocking minority and whether or not their presence plays a role with regard to profitability.

Research interests / research methods

I use quantitative methods. The study is based on multiple regression using ownership structure as the key explanatory variable along with a range of control and dummy variables. I use panel data over a number of years. I investigate the possible presence of endogeneity.  The study is based on disclosures to the stock exchange from hundreds of listed firms.



  • I have a degree in Economics from the London School of Economics and Political Science.
  • I also hold Masters in Finance degree from the London Business School
  • I am a CFA charterholder.

Professional / employment background

I spent four years as equity research analyst with focus on Emerging Europe. Most of my career was spent in asset management - mainly at New Star Asset Management where I was part of a small team managing global equity portfolios on behalf of institutional clients. I currently work as financial services tutor at BPP Professional Education. I teach a number of courses that cover topics such as asset allocation, analysis of different asset classes, regulations and derivatives.


I teach courses that lead toward exams set by the Chartered Institute for Securities and Investment as well as those set by the CFA Institute and the CFA Society of the UK:

  • CISI Capital Markets - Regulations
  • CISI Capital Markets - Derivatives
  • CISI Investment Advice Diploma Regulations and Professional Integrity
  • CISI Investment Advice Diploma Derivatives
  • Investment Management Certificate
  • CFA - Chartered Financial Analyst