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Cartels, Managerial Incentives, and Productive Efficiency in German Coal Mining, 1881–1913

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  • Burhop, Carsten
  • Lübbers, Thorsten

Abstract

Managerial firms and cartels were central components of the German economy during the late nineteenth and early twentieth century. Based on stochastic frontier regressions, we show for a sample of coal mining corporations and the period 1881–1913 that cartelization did not affect productive efficiency. Bonuses paid to board members, however, did increase the efficiency of coal mining firms. Thus, one pillar of the German economic model did not negatively affect economic efficiency, whereas another pillar had a positive impact. Furthermore, our results suggest that coal was mined with slightly decreasing returns to scale.

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  • Burhop, Carsten & Lübbers, Thorsten, 2009. "Cartels, Managerial Incentives, and Productive Efficiency in German Coal Mining, 1881–1913," The Journal of Economic History, Cambridge University Press, vol. 69(2), pages 500-527, June.
    • Handle: RePEc:cup:jechis:v:69:y:2009:i:02:p:500-527_00
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    Cited by:

    1. John E. Murray & Javier Silvestre, 2020. "Integration in European coal markets, 1833–1913," Economic History Review, Economic History Society, vol. 73(3), pages 668-702, August.
    2. Uribe-Bohorquez, María-Victoria & Martínez-Ferrero, Jennifer & García-Sánchez, Isabel-María, 2018. "Board independence and firm performance: The moderating effect of institutional context," Journal of Business Research, Elsevier, vol. 88(C), pages 28-43.
    3. Tobias A. Jopp, 2015. "Did closures do any good? Labour productivity, mine dynamics, and rationalization in interwar Ruhr coal-mining," Working Papers 0085, European Historical Economics Society (EHES).
    4. Joost Veenstra & Herman Jong, 2016. "A Tale of Two Tails: Establishment Size and Labour Productivity in United States and German Manufacturing at the Start of the Twentieth Century," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 56(2), pages 198-220, July.
    5. María Victoria Uribe‐Bohorquez & Jennifer Martínez‐Ferrero & Isabel‐María García‐Sánchez, 2019. "Women on boards and efficiency in a business‐orientated environment," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(1), pages 82-96, January.
    6. Nakabayashi, Masaki, 2019. "Ownership structure and market efficiency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 61(C), pages 189-212.
    7. Isabel-María García-Sánchez, 2010. "The effectiveness of corporate governance: board structure and business technical efficiency in Spain," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 18(3), pages 311-339, September.

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