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dc.contributor.authorLehmann, Erik E.en_US
dc.contributor.authorWarning, Susanneen_US
dc.contributor.authorWeigand, Jürgenen_US
dc.coverage.temporal1991-1996en_US
dc.date.accessioned2009-01-28T16:09:57Z-
dc.date.available2009-01-28T16:09:57Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/19967-
dc.description.abstractUsing a panel data set of 361 German corporations for the period 1991 to 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 outputs. 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.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesPapers on entrepreneurship, growth and public policy 2204en_US
dc.subject.jelG3en_US
dc.subject.jelL1en_US
dc.subject.ddc330en_US
dc.subject.keywordfirm performanceen_US
dc.subject.keywordownership concentrationen_US
dc.subject.keywordowner identityen_US
dc.subject.keywordmanagerial discretionen_US
dc.subject.stwCorporate Governanceen_US
dc.subject.stwEigentümerstrukturen_US
dc.subject.stwRentabilitäten_US
dc.subject.stwData-Envelopment-Analyseen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleGovernance structures, efficiency and firm profitabilityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn390722332en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Discussion Papers on Entrepreneurship, Growth and Public Policy, MPI für Ökonomik

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