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The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations.
・ISBN 978-3-631-34574-0 paper SFR 124.55
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| 著者・編者 | Wolf, J. Benedict, |
|---|---|
| シリーズ | European Univ. Studies. Series 5: Economics and Management |
| 出版社 | (P. Lang, SZ) |
| 出版年月 | 1999 |
| ページ数 | xxx, 411 pp. |
| 言語 | ENG |
| ニュース番号 | ＜457-264＞ |
解説
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.