The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations
Book Details
Format
Paperback / Softback
Book Series
European University Studies
ISBN-10
3631345747
ISBN-13
9783631345740
Publisher
Peter Lang GmbH
Imprint
Peter Lang GmbH
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Mar 1st, 1999
Print length
441 Pages
Weight
580 grams
Dimensions
15.10 x 21.00 x 2.60 cms
Product Classification:
Industry & industrial studiesIndustry and industrial studies
Ksh 13,400.00
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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.
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.
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