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Do Stock Markets Value Firm-Level Technical Efficiency? Some UK Evidence

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  • Sourafel Girma

    ()

  • Kevin Amess

    ()

Abstract

An empirical model determining the relationship between changes in firm-level productivity and changes in firm value is estimated using an unbalanced panel of 706 public limited companies observed over the period 1996-2002. The main findings are: (1) changes in technical efficiency and labour productivity are reflected in changes in the value of manufacturing firms, and (2) changes in earnings per share and return on capital employed explain changes in the value of service sector firms but technical efficiency and labour productivity do not. For manufacturing firms, the evidence is consistent with the stock market valuing the adoption of better management practices that lead to better resource utilisation.

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File URL: http://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp04-23.pdf
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Bibliographic Info

Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 04/23.

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Date of creation: Aug 2004
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Handle: RePEc:lec:leecon:04/23

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Keywords: Firm value; resource utilisation;

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