Lehmann, Erik; Warning, Susanne; Weigand, Jürgen - Max-Planck-Institut für Ökonomik <Jena> - 2004
more efficient governance structures have higher profitability. To determine efficiency we compare firms with respect to … regressions of profitability. Our main finding is that the efficiency scores indeed contribute significantly to explaining … profitability differences between firms, even after controlling for industry effects and unobserved systematic firm effects. …