Specifika správy a vztahů zastoupení obchodních korporací vlastněných samosprávami se zvláštním zřetelem na hl. m. Prahu

The dissertation analyzes the specifics of governance and principal–agent relationships in companies owned by local governments, with special emphasis on the City of Prague. After providing a basic characterization of the municipal-company segment, the thesis offers an overview of the relevant literature and establishes a theoretical framework based on agency theory, the OECD Guidelines on Corporate Governance of State-Owned Enterprises, and the legal particularities of municipally owned companies. The aim of the dissertation is to expand corporate finance theory in the area of governance and principal–agent relations in municipally owned corporations—again with specific regard to Prague—through qualitative research. Drawing on the theoretical framework, three research questions are formulated: I. Why do municipalities establish and own commercial companies? II. How does the governance of municipally owned companies differ from that of privately owned firms? III. Where do inefficiencies arising from public ownership of municipal companies originate? The methodology used to answer these questions is based on qualitative research, combining a case-study approach with in-depth interviews to enrich corporate finance theory in this domain. To answer the first question, a categorization of companies was developed that yields a typology of municipal corporations, followed by an analysis of tax and accounting aspects of establishing such entities, as well as the political motivations associated with their operation. To address the second question, agency theory was adapted to the setting of municipal companies, and various mechanisms through which the municipality exercises ownership rights over its portfolio of companies were examined. To answer the third question, inefficiencies associated with public ownership were identified and analyzed in terms of the political dimension of municipal companies’ functioning, the statutory obligations they must comply with, and the organizational culture linked to public ownership. Based on the findings, the dissertation discusses the implications of the research. The concluding chapter summarizes the results, which are subsequently validated through inquiries directed at other regional cities.