Patterns of corporate governance and technical efficiency in Italian manufacturing

Sergio Destefanis, Vania Sena*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


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.

Original languageEnglish
Pages (from-to)27-40
Number of pages14
JournalManagerial and Decision Economics
Issue number1
Publication statusPublished - Jan 2007


  • corporate governance system
  • Italian manufacturing
  • technical efficiency


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