Corporate efficiency in Europe

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F15%3A10295386" target="_blank" >RIV/00216208:11230/15:10295386 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/00216208:11640/15:00444299

Výsledek na webu

<a href="http://www.sciencedirect.com/science/article/pii/S0929119915000437" target="_blank" >http://www.sciencedirect.com/science/article/pii/S0929119915000437</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.jcorpfin.2015.03.003" target="_blank" >10.1016/j.jcorpfin.2015.03.003</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Corporate efficiency in Europe

Popis výsledku v původním jazyce

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. (C) 2015 Elsevier B.V. All rights reserved.

Název v anglickém jazyce

Corporate efficiency in Europe

Popis výsledku anglicky

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. (C) 2015 Elsevier B.V. All rights reserved.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

—

Projekt

<a href="/cs/project/GA15-15927S" target="_blank" >GA15-15927S: Chování podniků, jejich efektivita a finance z mezinárodní perspektivy</a><br>

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2015

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Journal of Corporate Finance

ISSN

0929-1199

e-ISSN

—

Svazek periodika

32

Číslo periodika v rámci svazku

červen

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

17

Strana od-do

24-40

Kód UT WoS článku

000356635300002

EID výsledku v databázi Scopus

2-s2.0-84927593535