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Patterns of corporate governance and technical efficiency in Italian manufacturing

✍ Scribed by Sergio Destefanis; Vania Sena

Publisher
John Wiley and Sons
Year
2006
Tongue
English
Weight
174 KB
Volume
28
Category
Article
ISSN
0143-6570

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✦ Synopsis

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.

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