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Efficiency and Market Power in Greek Food Industries

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  • K. Oustapassidis
  • A. Vlachvei
  • O. Notta

Abstract

This paper uses firm level data to examine the market power versus efficiency hypothesis by taking into consideration both the long-run behavior of profitability and the possible endogeneity bias among profitability, market share, and advertising variables. In a sample of 266 Greek food manufacturing firms in the period 1987–95, two-stage least-squares results show both a direct effect of firm characteristics and an indirect effect of industry characteristics on profitability which do not provide support for the efficiency hypothesis alone but they do show that profitability is affected by both firm and industry variables. Copyright 2000, Oxford University Press.

Suggested Citation

  • K. Oustapassidis & A. Vlachvei & O. Notta, 2000. "Efficiency and Market Power in Greek Food Industries," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(3), pages 623-629.
  • Handle: RePEc:oup:ajagec:v:82:y:2000:i:3:p:623-629
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    File URL: http://hdl.handle.net/10.1111/0002-9092.00051
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    Citations

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    Cited by:

    1. Rezitis, Anthony N. & Kalantizi, Maria A., 2012. "Investigating market structure of the Greek food and beverages manufacturing industry: A Hall-Roeger approach," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 13(1), pages 1-17.
    2. Sizhong Sun, 2014. "Foreign Entry and Firm Advertising Intensity: Evidence from China," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 45(1), pages 79-97, August.
    3. Emilio Galdeano Gómez, 2002. "Competitividad de las cooperativas hortofrutícolas: análisis del impacto económico de las acciones de calidad y medioambientales en las OPFH andaluzas," CIRIEC-España, revista de economía pública, social y cooperativa, CIRIEC-España, issue 41, pages 53-83, August.
    4. Chang-Yang Lee, 2002. "Advertising, Its Determinants, and Market Structure," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 21(1), pages 89-101, August.
    5. Pascal L. Ghazalian, 2016. "Processed Food Trade of Greece with EU and Non-EU Countries: An Empirical Analysis," International Journal of Food and Beverage Manufacturing and Business Models (IJFBMBM), IGI Global, vol. 1(2), pages 15-30, July.
    6. Korner, Julia & Weiss, Christoph R., 2001. "Die Zyklik der Profite in der Ernährungswirtschaft: Ein internationaler Vergleich," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 50(03), pages 1-5.
    7. Anthony Rezitis & Maria Kalantzi, 2011. "Investigating Market Structure of the Greek Manufacturing Industry: A Hall-Roeger Approach," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 39(4), pages 383-400, December.
    8. Ourania Notta & Kostas Oustapassidis, 2001. "Profitability and Media Advertising in Greek Food Manufacturing Industries," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 18(1), pages 115-126, February.
    9. Drescher, Klaus & Weiss, Christoph R., 2001. "Bestimmungsgründe der regionalen Marktstruktur im deutschen Lebensmitteleinzelhandel," FE Working Papers 0104, Christian-Albrechts-University of Kiel, Department of Food Economics and Consumption Studies.

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