TY - JOUR
T1 - Patterns of corporate governance and technical efficiency in Italian manufacturing
AU - Destefanis, Sergio
AU - Sena, Vania
PY - 2007/1
Y1 - 2007/1
N2 - The purpose of this paper is to analyse the relationship between the corporate governance system and technical efficiency in Italian manufacturing. We use a non-parametric frontier technique (DEA) to derive technical efficiency measures for a sample of Italian firms taken from nine manufacturing industries. These measures are then related to the characteristics of the corporate governance system. Two of these characteristics turn out to have a positive impact on technical efficiency: the percentage of the company shares owned by the largest shareholder and the fact that a firm belongs to a pyramidal group. Interestingly, a trade-off emerges between these influences, in the sense that one is stronger in industries where the other is weaker. Copyright © 2007 John Wiley & Sons, Ltd.
AB - The purpose of this paper is to analyse the relationship between the corporate governance system and technical efficiency in Italian manufacturing. We use a non-parametric frontier technique (DEA) to derive technical efficiency measures for a sample of Italian firms taken from nine manufacturing industries. These measures are then related to the characteristics of the corporate governance system. Two of these characteristics turn out to have a positive impact on technical efficiency: the percentage of the company shares owned by the largest shareholder and the fact that a firm belongs to a pyramidal group. Interestingly, a trade-off emerges between these influences, in the sense that one is stronger in industries where the other is weaker. Copyright © 2007 John Wiley & Sons, Ltd.
KW - corporate governance system
KW - Italian manufacturing
KW - technical efficiency
UR - http://www.scopus.com/inward/record.url?scp=33846390047&partnerID=8YFLogxK
UR - http://onlinelibrary.wiley.com/doi/10.1002/mde.1310/abstract
U2 - 10.1002/mde.1310
DO - 10.1002/mde.1310
M3 - Article
SN - 0143-6570
VL - 28
SP - 27
EP - 40
JO - Managerial and Decision Economics
JF - Managerial and Decision Economics
IS - 1
ER -