PATTERNS OF CORPORATE GOVERNANCE AND TECHNICAL EFFICIENCY IN ITALIAN MANUFACTURING

Sergio Destefanis and Vania Sena
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Vania Sena: University of Leeds, UK

Finance from University Library of Munich, Germany

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 9 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.

JEL-codes: G (search for similar items in EconPapers)
Date: 2004-05-21
Note: Type of Document - pdf
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Patterns of corporate governance and technical efficiency in Italian manufacturing (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpfi:0405026

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