Hanousek, Jan and Kocenda, Evzen and Shamshur, Anastasiya (2014) EFFICIENCY OF EUROPEAN FIRMS. POLITICKA EKONOMIE, 62 (3). pp. 303-322. ISSN 0032-3233,
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This paper analyzes the technological efficiency of companies in the European Union (EU). Our extensive database covers more than 4 million firm/year observations from many EU countries including both manufacturing and service sectors in 2001-2007. Methodologically we apply a model of a stochastic production productivity frontier. We show that: the economic significance of company age is negligible, the higher the debt the greater the efficiency, bigger companies are less efficient, and a medium-level concentration of the market benefits companies. Majority ownership, in contrast, does not lead to higher efficiency, but a combination of majority and minority ownership has a positive disciplinary influence leading to higher efficiency. As to the origins of ownership, it does not seem that foreign-(co-)owned companies imply greater efficiency in old European countries, whereas foreign ownership is a significant driver of efficiency in new EU members through FDI.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | OWNERSHIP STRUCTURE; CORPORATE PERFORMANCE; AGENCY COSTS; PRIVATIZATION; GOVERNANCE; efficiency; ownership structure; foreign direct investment; panel data; stochastic productivity frontier |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Central Institutions > Wissenschaftszentrum Ost- und Südosteuropa Regensburg |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 29 Nov 2019 08:59 |
| Last Modified: | 29 Nov 2019 08:59 |
| URI: | https://pred.uni-regensburg.de/id/eprint/10972 |
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