{"product_id":"the-effects-of-agency-problems-on-the-financial-behavior-performance-and-efficiency-of-german-industrial-stock-corporations-von-j-benedict-wolf","title":"The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations","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.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783631345740\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783631345740","offer_id":55033728041285,"sku":"9783631345740","price":123.95,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/73461_7ee3b728-bbd0-4c72-a1b9-8c9ca493ff7f.jpg?v=1786078086","url":"https:\/\/shop.autorenwelt.de\/products\/the-effects-of-agency-problems-on-the-financial-behavior-performance-and-efficiency-of-german-industrial-stock-corporations-von-j-benedict-wolf","provider":"Autorenwelt Shop","version":"1.0","type":"link"}