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Patterns Of Corporate Governance And Technical Efficiency In Italian Manufacturing

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Author Info
Sergio Destefanis (Universita' di Salerno, Italy)
Vania Sena (University of Leeds, 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 9 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.

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Paper provided by EconWPA in its series Finance with number 0405026.

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Date of creation: 21 May 2004
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Handle: RePEc:wpa:wuwpfi:0405026

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G - Financial Economics

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