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Governance Structures,Multidimensional Efficiency and Firm Profitability
Authors:ERIK LehmanN  SUSANNE Warning  JÜRGEN Weigand
Institution:(1) Max Planck Institute Jena and University of Konstanz, MPI Jena, Kahlaische Strasse 10, Jena, D-07745, Germany;(2) Institute for Labour Law and Industrial Relations in the EU (IAAEG), University of Trier, Trier, D-54286, Germany;(3) Otto Beisheim Graduate School of Management WHU Koblenz, Burgplatz 2, Vallendar, D-56179, Germany
Abstract:Using a panel data set of 361 German corporations for the period 1991–1996 we test the hypothesis that firms with more efficient governance structures have higher profitability. To determine efficiency we compare firms with respect to ownership concentration, the identity of owners, capital structure, investment and firm growth by a multi-input/multi-output Data Envelopment Analysis (DEA). This non-parametric linear programming technique considers both multiple in- and out- puts. Based on the concept of pareto efficiency, it computes an efficiency score where the associated weights of the inputs and outputs are determined endogenously. The DEA efficiency scores are then used as explanatory variables in panel data regressions of profitability. Our main finding is that the efficiency scores indeed contribute significantly to explaining profitability differences between firms, even after controlling for industry effects and unobserved systematic firm effects.
Keywords:firm performance  managerial discretion  ownership concentration  owner identity
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