Corporate Governance, Market Discipline, and Productivity Growth


Köke, F. Jens


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URL: https://ub-madoc.bib.uni-mannheim.de/461
URN: urn:nbn:de:bsz:180-madoc-4619
Document Type: Working paper
Year of publication: 2001
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: D43 G32 D24 ,
Subject headings (SWD): Deutschland , Produktivitätszuwachs , Eigentümer
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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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Köke, F. Jens (2001) Corporate Governance, Market Discipline, and Productivity Growth. Open Access [Working paper]
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