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The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations

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The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations Synopsis

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.

About This Edition

ISBN: 9783631345740
Publication date:
Author: J Benedict Wolf
Publisher: Peter Lang Edition an imprint of Lang, Peter, GmbH, Internationaler Verlag der Wiss
Format: Paperback
Pagination: 411 pages
Series: Europaische Hochschulschriften : Reihe 5: Volks- Und Betriebswirtschaft
Genres: Economics
Economic systems and structures
Budgeting and financial management