| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10500 |
| DP10500 Corporate Efficiency in Europe | |
| Jan Hanousek; Evžen Kočenda; Anastasiya Shamshur | |
| 发表日期 | 2015-03-29 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics |
| 关键词 | Efficiency Europe Firms Ownership structure Panel data Stochastic frontier |
| URL | https://cepr.org/publications/dp10500 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539341 |
| 推荐引用方式 GB/T 7714 | Jan Hanousek,Evžen Kočenda,Anastasiya Shamshur. DP10500 Corporate Efficiency in Europe. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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