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Cartels, managerial incentives, and productive efficiency in German coal mining, 1881-1913

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  • Carsten Burhop

    ()
    (Max Planck Institute for Research on Collective Goods)

  • Thorsten Luebbers

    ()
    (Max Planck Institute for Research on Collective Goods)

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    Abstract

    In this paper, we evaluate the impact of cartelisation and managerial incentives on the productive efficiency of German coal mining corporations. We focus on coal mining in the Ruhr district, Germany’s main mining area. We use stochastic frontier analysis and an unbalanced dynamic panel data set for up to 28 firms for the years 1881-1913 to measure productive efficiency. We show that coal was mined with decreasing returns to scale. Moreover, it turns out that cartelisation did not affect productive efficiency. Controlling for corporate governance variables shows that stronger managerial incentives were significantly correlated with productive efficiency, whereas the debt-equity ratio did not influence it.

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    File URL: http://www.coll.mpg.de/pdf_dat/2008_13online.pdf
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    Bibliographic Info

    Paper provided by Max Planck Institute for Research on Collective Goods in its series Working Paper Series of the Max Planck Institute for Research on Collective Goods with number 2008_13.

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    Length: 33 pages
    Date of creation: Apr 2008
    Date of revision:
    Handle: RePEc:mpg:wpaper:2008_13

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    Related research

    Keywords: Economic history; Germany pre-1913; Cartel; Productive efficiency; Corporate Governance;

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