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 | | The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations by J. Benedict Wolf ISBN-10: 9780820432410 ISBN-10: 0-8204-3241-5 ISBN-13: 9780820432410 ISBN-13: 978-0-8204-3241-0 Paperback 1999-03 Peter Lang Publishing Find Lowest Price |
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Book Description Using a catalog of seven agency problem identifier variables such as block ownership and market segment traded in, 237 German industrial stock corporations are analyzed for the time period 1986-1992. Five sectors are also analyzed separately. Agency-problem related differences in financial behavior, performance, and cost efficiency are tested for using t-tests for mean differences and logistic regressions. The cost efficiency is estimated via stochastic maximum likelihood frontier functions. Manager-controlled firms prefer free cash flows as predicted. Owners favor debt and avoid new stock issues. Contrary to theory, manager-controlled companies do not show a poorer performance than owner-controlled firms. They do, however, operate more inefficiently than firms controlled by owners. | ||