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The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations (Europäische ... / P

The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations (Europäische ... / P

ISBN: 9780820432410
Publisher: Peter Lang Pub Inc
Publication Date: 1999-03
Number of pages: 411
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$28.66 $110.95

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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