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Large shareholders, control contestability and firm productive efficiency

Author

Listed:
  • Sabri Boubaker

    (Métis Lab
    Université Paris Est)

  • Riadh Manita

    (Neoma Business School)

  • Wael Rouatbi

    (Montpellier Research in Management)

Abstract

This paper investigates the effect of the largest controlling shareholders on firm productive efficiency. Using a sample of French listed firms, we employ parametric (linear regression), semi-parametric (Olley and Pakes) and non-parametric (Data Envelopment Analysis) approaches to estimate productive efficiency. We find a negative association between the excess control rights of dominant owners and firm productive efficiency, indicating that their private benefits of control prevent them from favoring productive projects. Our findings withstood several sensitivity and endogeneity tests. Additional analysis shows that multiple large shareholders, beyond the controlling owner, play a governance role that neutralizes the effect of excess control on productive efficiency.

Suggested Citation

  • Sabri Boubaker & Riadh Manita & Wael Rouatbi, 2021. "Large shareholders, control contestability and firm productive efficiency," Annals of Operations Research, Springer, vol. 296(1), pages 591-614, January.
    • Handle: RePEc:spr:annopr:v:296:y:2021:i:1:d:10.1007_s10479-019-03402-z
    DOI: 10.1007/s10479-019-03402-z
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    More about this item

    Keywords

    Data Envelopment Analysis; Productivity; Olley and Pakes; Large shareholders; Multiple large shareholders;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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