Patterns of corporate governance and technical efficiency in Italian manufacturing

Sergio Destefanis and Vania Sena
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Vania Sena: Aston Business School, Aston University, UK, Postal: Aston Business School, Aston University, UK

Managerial and Decision Economics, 2007, vol. 28, issue 1, 27-40

Abstract: The purpose of this paper is to analyse the relationship between the corporate governance system and technical efficiency in Italian manufacturing. We use a non-parametric frontier technique (DEA) to derive technical efficiency measures for a sample of Italian firms taken from nine manufacturing industries. These measures are then related to the characteristics of the corporate governance system. Two of these characteristics turn out to have a positive impact on technical efficiency: the percentage of the company shares owned by the largest shareholder and the fact that a firm belongs to a pyramidal group. Interestingly, a trade-off emerges between these influences, in the sense that one is stronger in industries where the other is weaker. Copyright © 2007 John Wiley & Sons, Ltd.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:wly:mgtdec:v:28:y:2007:i:1:p:27-40

DOI: 10.1002/mde.1310

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