Corporate governance, market discipline, and productivity growth

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ZEW Discussion Papers ; No. 01-55

Classification and Topics

• Classification: Wirtschaft ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection ; Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
• Subject: competition ; corporate governance ; productivity ; ownership structure ; Produktivität ; Verarbeitendes Gewerbe ; Corporate Governance ; Eigentümerstruktur ; Wettbewerb ; Schätzung ; Deutschland

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Köke, Jens
• Event: Veröffentlichung
• (who): Zentrum für Europäische Wirtschaftsforschung (ZEW)
• (where): Mannheim
• (when): 2001

Further information

• Handle: http://hdl.handle.net/10419/24476
• Last update: 10.03.2025, 11:42 AM CET