Cooperative and corporate farms have retained an important role for agricultural production in many transition countries of Central and Eastern Europe. Despite this importance, their ownership structure and particularly the ownership's effect on their investment activity vital for efficient restructuring and the sector's future development are still not well understood. This paper aims to analyze the ownership-investment relationship using data on Czech farms from 1997 to 2008. We allow for ownership-specific variability in farm investment behavior analyzed by means of error-correction accelerator model. Empirical results suggest significant differences in the level of investment activity, responsiveness to market signals, investment lumpiness of investment as well as sensitivity to financial variables among farms with different ownership characteristics. Resulting increase in farm performance differences among farms can be expected to lead to farm restructuring in direction of lowering number of owners and increasing ownership concentration.