Artikel

Sunk Costs, Managerial Incentives and Firm Productivity

In this paper, we use a production function approach to examine the impact of ownership concentration, product market competition and financial pressure on German firm productivity. Additionally, we are interested in the influence of ownership identity and changes in ownership structure. We also test whether the specificity of assets affects productivity performance. Based on a panel of 361 German manufacturing companies for the time period of 1991-1996 we find that supplier concentration has a positive influence on firm productivity. There is also some evidence for a discipline-of-debt effect. Interestingly, the presence of several strong shareholders affects productivity negatively. In high sunk costs industries an owner change is negatively correlated with firm productivity whereas in low sunk costs industries productivity increases after owners have changed.

Sprache
Englisch

Erschienen in
Journal: Vierteljahrshefte zur Wirtschaftsforschung ; ISSN: 1861-1559 ; Volume: 70 ; Year: 2001 ; Issue: 2 ; Pages: 275-287 ; Berlin: Duncker & Humblot

Klassifikation
Wirtschaft
Thema
Corporate Governance
Eigentümerstruktur
Produktivität
Kapitalstruktur
Sunk Costs
Industrie
Deutschland

Ereignis
Geistige Schöpfung
(wer)
Groß-Schuler, Alexandra
Weigand, Jürgen
Ereignis
Veröffentlichung
(wer)
Duncker & Humblot
(wo)
Berlin
(wann)
2001

DOI
doi:10.3790/vjh.70.2.275
Handle
Letzte Aktualisierung
20.09.2024, 08:23 MESZ

Datenpartner

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Objekttyp

  • Artikel

Beteiligte

  • Groß-Schuler, Alexandra
  • Weigand, Jürgen
  • Duncker & Humblot

Entstanden

  • 2001

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