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dc.contributor.authorLehmann, Erik E.en
dc.contributor.authorWarning, Susanneen
dc.contributor.authorWeigand, Jürgenen
dc.date.accessioned2009-01-28T16:09:57Z-
dc.date.available2009-01-28T16:09:57Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aMax Planck Institute for Research into Economic Systems |cJenaen
dc.relation.ispartofseries|aPapers on Entrepreneurship, Growth and Public Policy |x2204en
dc.subject.jelG3en
dc.subject.jelL1en
dc.subject.ddc330en
dc.subject.keywordfirm performanceen
dc.subject.keywordownership concentrationen
dc.subject.keywordowner identityen
dc.subject.keywordmanagerial discretionen
dc.subject.stwCorporate Governanceen
dc.subject.stwEigentümerstrukturen
dc.subject.stwRentabilitäten
dc.subject.stwData-Envelopment-Analyseen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleGovernance Structures, Efficiency, and Firm Profitability-
dc.typeWorking Paperen
dc.identifier.ppn390722332en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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