Specification and estimation of nonstandard profit functions

Cost function, Profit maximization, Non-competitive market, Technical inefficiency, Commercial banks, C31, D21,

FDI and Ownership in Czech Firms: Pre- and Post-crisis Efficiency

We analyze how efficiency of firms in the Czech Republic is affected by their size, age, competition, capital structure, ownership types, and global financial crisis. We employ the stochastic frontier approach, use a large and detailed dataset, and cover time span 2001-2012. We show that larger firms cannot be associated with better efficiency in general. Effect of their age has only negligible impact. Impact of the capital structure is shown to be strong in large and more leveraged firms. Higher competition is not contributive to efficiency neither on individual nor aggregate levels. While effects of firm characteristics are small, the effects of ownership are economically substantial. We show that majority owners are most contributive with respect to firm's efficiency when compared to other categories we analyze. Minority owners with legally grounded power are able to impose significant efficiency improvement. The effect of the foreign ownership is strongest when foreign owners control firms with less than majority of voting power. Minority owners sharing the control do not seem to contribute to efficiency. The impact of crisis is not balanced but can be regarded as negative in general. The firms' characteristics change only a little. In contrast, worsening impact of the crisis is evidenced for controlling ownership categories. Minority owners exhibit a limited disciplining effect to improve efficiency after the crisis

Efficiency in European Seaports with DEA: Evidence from Greece and Portugal

In this paper, we compare the seaport efficiency of two European countries, Greece and Portugal, using data envelopment analysis (DEA). The international benchmarking procedure is implemented, in which the seaports in each country are compared against each other. The broader aim of this study is to seek out those best practices that will lead to improved performance in the context of European seaport policy. We rank the seaports according to their total productivity for the period 1998–2000. Economic implications arising from the study are considered. Maritime Economics & Logistics (2004) 6, 122–140. doi:10.1057/palgrave.mel.9100099

Productivity drivers and market dynamics in the Spanish first division football league

Spanish football clubs, Data envelopment analysis, Truncated regression, Bootstrapping, L83, C69,