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Corporate efficiency in Europe
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SYSNO ASEP 0444299 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Corporate efficiency in Europe Author(s) Hanousek, Jan (NHU-C) RID
Kočenda, E. (CZ)
Shamshur, Anastasiya (NHU-C) RIDSource Title Journal of Corporate Finance. - : Elsevier - ISSN 0929-1199
Roč. 32, June (2015), s. 24-40Number of pages 17 s. Publication form Print - P Language eng - English Country NL - Netherlands Keywords efficiency ; ownership structure ; firms Subject RIV AH - Economics R&D Projects GA15-15927S GA ČR - Czech Science Foundation (CSF) Institutional support NHU-C - PRVOUK-P23 UT WOS 000356635300002 EID SCOPUS 84927593535 DOI 10.1016/j.jcorpfin.2015.03.003 Annotation 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. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2016
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