Wolf, J. Benedict creator text xx Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften 1999 9999 monographic d d

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456 pages 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. Wolf, J. Benedict Business & Economics 338.740943 WOL 9783631345740 260225 20260225135611.0