Band 2424
The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations
-
- Englisch ausgewählt
Fr. 155.00
inkl. gesetzl. MwSt.,
Beschreibung
Produktdetails
Einband
Taschenbuch
Erscheinungsdatum
01.03.1999
Verlag
Peter Lang GmbH, Internationaler Verlag der WissenschaftenSeitenzahl
414
Maße (L/B/H)
21/14.8/2.4 cm
Gewicht
570 g
Auflage
1. Auflage
Sprache
Englisch
ISBN
978-3-631-34574-0
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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