Ownership Structure and Building Society Efficiency

Tiffany Hutcheson () and Ian G. Sharpe
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Ian G. Sharpe: School of Banking and Finance, University of New South Wales, Sydney NSW 2052

Australian Journal of Management, 1998, vol. 23, issue 2, 151-168

Abstract: This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutually†owned societies were found to be, on average, more cost efficient than those under stock ownership. Moreover, mutual and share†owned societies have significantly different cost functions or production technologies. The results are consistent with the US results of Mester (1993).

Keywords: COST EFFICIENCY; OWNERSHIP DIFFUSION (search for similar items in EconPapers)
Date: 1998
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Working Paper: Ownership Structure and Building Society Efficiency (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:23:y:1998:i:2:p:151-168

DOI: 10.1177/031289629802300202

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