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Patterns of corporate governance and technical efficiency in Italian manufacturing

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Author Info
Sergio Destefanis (CELPE and CSEF, University of Salerno, Italy)
Vania Sena (Aston Business School, Aston University, UK)

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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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File URL: http://hdl.handle.net/10.1002/mde.1310
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 28 (2007)
Issue (Month): 1 ()
Pages: 27-40
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Handle: RePEc:wly:mgtdec:v:28:y:2007:i:1:p:27-40

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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