TY  - BOOK
AU  - Wolf, J. Benedict
TI  - The Effects of Agency Problems on the Financial Behavior, Performance, and Efficiency of German Industrial Stock Corporations / 
SN  - 9783631345740
U1  - 338.740943 
PY  - 1999///
PB  - Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften, 
KW  - Business & Economics
N2  - 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
ER  -