Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/121264 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
IOS Working Papers No. 346
Verlag: 
Institut für Ost- und Südosteuropaforschung (IOS), Regensburg
Zusammenfassung: 
Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less conductive to efficiency than moderate or low competition. In terms of ownership, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic majority owners improve efficiency more than foreign majority owners when no minority shareholders are present, but (vi) the opposite is true when minority shareholders hold a substantial fraction of the firm´s equity. In the analysis, we distinguish between a pre-crisis period (2001-2008) and a post-crisis period (2009-2011), and find that our results are sensitive to the period of observation.
Schlagwörter: 
efficiency
ownership structure
firms
panel data
stochastic frontier
Europe
JEL: 
C33
D24
G32
L60
L80
M21
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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