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  3. The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations

The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations

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The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations
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Using a catalog of seven agency problem identifier variables such as block ownership and market segment traded in, 237 German industrial stock corporations are analyzed for the time period 1986-1992. Five sectors are also analyzed separately. Agency-problem related differences in financial behavior, performance, and cost efficiency are tested for using t-tests for mean differences and logistic regressions. The cost efficiency is estimated via stochastic maximum likelihood frontier functions. Manager-controlled firms prefer free cash flows as predicted. Owners favor debt and avoid new stock issues. Contrary to theory, manager-controlled companies do not show a poorer performance than owner-controlled firms. They do, however, operate more inefficiently than firms controlled by owners.

Informacija

Autorius: J. Benedict Wolf
Leidėjas: Peter Lang GmbH, Internationaler Verlag der Wissenschaften
Išleidimo metai: 1999
Knygos puslapių skaičius: 411
ISBN-13: 9783631345740
Formatas: 5.8 x 1.4 x 8.2 inches. Knyga minkštu viršeliu
Kalba: Anglų

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