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Corporate governance, market discipline, and productivity growth

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  • Köke, Jens
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    Abstract

    Using a large panel of German manufacturing firms over the years 1986?1996, this study examines the impact of corporate governance and market discipline on productivity growth. We find that firms under concentrated ownership tend to show significantly higher productivity growth. Financial pressure from creditors influences productivity growth positively, particularly for firms in financial distress. Regarding market discipline, productivity grows faster when competition on product markets is intense, but only when owner concentration is high. We do not find evidence that the type of the owner, ownership complexity, or the size of the supervisory board is significantly related to productivity growth. --

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    Bibliographic Info

    Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 01-55.

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    Date of creation: 2001
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    Handle: RePEc:zbw:zewdip:5411

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    Keywords: competition; corporate governance; productivity; ownership structure;

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    Cited by:
    1. Manoranjan Pattanayak Author- Workplace-Name: CRISIL LIMITED & Manoj Pant, . "Corporate Governance, Competition and Firm Performance: Evidence from India," Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi Discussion Papers, Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi, India 10-07, Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi, India.

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