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Title:Corporate governance, market discipline, and productivity growth PDF Logo
Authors:Köke, Jens
Issue Date:2001
Series/Report no.:ZEW Discussion Papers 01-55
Abstract:Using a large panel of German manufacturing firms over the years 1986?1996, this study examines the impact of corporate governance and market discipline on productivity growth. We find that firms under concentrated ownership tend to show significantly higher productivity growth. Financial pressure from creditors influences productivity growth positively, particularly for firms in financial distress. Regarding market discipline, productivity grows faster when competition on product markets is intense, but only when owner concentration is high. We do not find evidence that the type of the owner, ownership complexity, or the size of the supervisory board is significantly related to productivity growth.
Subjects:competition
corporate governance
productivity
ownership structure
JEL:G32
D43
D24
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des ZEW
ZEW Discussion Papers

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