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Profit-sharing, Technical Efficiency Change and Finance Constraints

  • Ornella Maietta

    (University of Naples, Italy)

  • Vania Sena

    (University of Leeds, UK)

This paper analyses the mechanisms through which profit-sharing schemes may induce debt constrained firms to improve technical efficiency over time to guarantee positive profits. This hypothesis is first formalised in a partial equilibrium framework and then is tested on a sample of Italian traditional and cooperative firms. Technical efficiency change indexes are computed by DEA. These are regressed on a measure of finance constraints to analyse their impact on firms' efficiency growth. The results support the hypothesis that a restriction in the availability of financial resources can affect positively the growth in efficiency in firms with profit-sharing schemes.

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File URL: http://128.118.178.162/eps/mic/papers/0405/0405006.pdf
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Paper provided by EconWPA in its series Microeconomics with number 0405006.

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Date of creation: 21 May 2004
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Handle: RePEc:wpa:wuwpmi:0405006
Note: Type of Document - pdf. Tables and Figure 1 are in two separate (pdf) files
Contact details of provider: Web page: http://128.118.178.162

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