登入
選單
返回
Google圖書搜尋
Efficient Governance Structures, Corporate Investment, and Profitability
Erik E. Lehmann
出版
SSRN
, 2002
URL
http://books.google.com.hk/books?id=6wbKzgEACAAJ&hl=&source=gbs_api
註釋
Using 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 profitabilities. 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). 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.