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1.
This study measures productivity growth on Irish dairy farms over the period 1984–2000. A total factor productivity index
is constructed for the dairy system and is decomposed into technical change, efficiency change, and changes in scale efficiency.
This is achieved by estimating a stochastic output distance function model of the production technology in use on Irish dairy
farms. Overall, productivity on Irish dairy farms grew by 1.2% per annum over the sample period.
相似文献
Alan Matthews (Corresponding author)Email: |
2.
In this paper, we address the question of Data Envelopment Analysis (DEA) evaluation of efficiency when aggregate cost or
revenue data must be used. We show that the DEA technical inefficiency measure using total revenues as the single output variable
or total costs as the single input variable equals the aggregate technical and allocative inefficiency. We employ this result
to estimate allocative inefficiency and construct statistical tests of the null hypothesis of no allocative inefficiency analogous
to those of the null hypothesis of no scale inefficiency. We illustrate our method using revenue and personnel data for the
top U.S. public accounting firms over 1995–1998. Our empirical results indicate the existence of statistically significant
allocative inefficiency in the public accounting industry.
相似文献
Ram NatarajanEmail: |
3.
Decompositions of total factor productivity (TFP) shed light on the driving factors behind productivity change. We develop
the first exact decomposition of the Fisher ideal TFP index which contains no debatable mixed-period components or residuals.
We systematically isolate five effects of (1) technical change, (2) technical efficiency, (3) scale efficiency, (4) allocative
efficiency, and (5) price effect. The three efficiency components (2–4) represent the efficiency of achieving a given target
point. Components (1) and (5) capture the changes of the target point. While the technical change component is well-established,
changes in the relative input–output prices can have real effects on the scale and scope of the target. Such changes are captured
by the new price effect component (5). The new decomposition is compared with existing decompositions both in theory and by
means of an empirical application to a panel data of 459 Finnish farms in years 1992–2000.
相似文献
Timo KuosmanenEmail: |
4.
Thijs ten Raa 《Journal of Productivity Analysis》2008,30(3):191-199
Debreu’s coefficient of resource utilization is freed from individual data requirements. The procedure is shown to be equivalent
to the imposition of Leontief preferences. The rate of growth of the modified Debreu coefficient and the Solow residual are
shown to add up to TFP growth. This decomposition is the neoclassical counterpart to the frontier analytic decomposition of
productivity growth into technical change and efficiency change. The terms can now be broken down by sector as well as by
factor input.
相似文献
Thijs ten RaaEmail: |
5.
Internal and external restructuring over the cycle: a firm-based analysis of gross flows and productivity growth in Portugal 总被引:1,自引:0,他引:1
This paper discusses the role played by internal restructuring vis-à-vis external restructuring in industry productivity growth,
arguing that the contribution of these two components is expected to be sensitive to the economic cycle. The study describes
gross flows (job and output) over a period of one decade, and analyses the productivity differential among continuing, entering
and exiting firms in the Portuguese manufacturing sector. The results of the decomposition of industry productivity growth
suggest that the share of external restructuring is stronger in recession, while internal restructuring seems to be predominant
in expansion. The strong and positive contribution of the net entry effect, in 1991–1994, was not followed by any between
and cross effects of equivalent magnitude in the 1994–1997 sub-period. The within effect is, as expected, stronger when output
growth is at its peak, but in no case large enough to turn productivity growth procyclical.
相似文献
Carlos CarreiraEmail: |
6.
Robert G. Chambers 《Journal of Productivity Analysis》2008,30(2):107-120
Stochastic productivity indicators are defined, and superlative measures of these indicators are derived. It is shown that,
in the presence of complete markets or a common-expectations equilibrium, differences in the market values of firms are superlative
indicators of cross-sectional productivity differences. Exactness results are used to decompose nonstochastic productivity
indicators into a measure of true productivity change and a measure of ‘luck’. The decomposition is illustrated empirically.
相似文献
Robert G. ChambersEmail: |
7.
In this paper we argue that the standard approach for measuring output and productivity in the trade sector has become obsolete.
The key problem is that changes in prices of goods purchased for resale are not accounted for. We outline a consistent accounting
framework for measuring trade productivity and provide new estimates, taking into account purchase prices of goods sold in
a double deflation procedure. We find strong productivity improvements in the UK and US compared to France, Germany and The
Netherlands since the mid-1990s. This finding is robust for various productivity measurement models.
相似文献
Marcel P. TimmerEmail: |
8.
Hayashi and Prescott (Rev Econ Dyn 5(1):206–235, 2002) argue that the ‘lost decade’ of the 1990s in Japan is explained by
the slowdown in exogenous TFP growth rates. At the same time, other research suggests that Japanese banks’ support for inefficient
firms prolonged recessions by reducing productivity through misallocation of resources. Using the data on large manufacturing
firms between 1969 and 1996, the paper attempts to disentangle the factors behind the slowdown in productivity growth during
the 1990s. The main results show that there was a significant drop in within-firm productivity, the component that is not
affected by reallocation of input and output shares across firms over time, during the 1990s. Although we find that misallocation
among large continuing firms represents a substantial drag to overall TFP growth for these firms throughout the sample period,
the negative impact of misallocation was least visible during the 1990s. The significant reduction in within-firm productivity
growth suggests that, as the Japanese economy has matured, a policy which fosters technological innovations via greater competition,
R&D, and fast technological adoption may have become increasingly important in promoting economic growth.
相似文献
Kazuhiko OdakiEmail: |
9.
This study recognizes explicitly the efficiency gain or loss as a source in explaining the growth. A theoretically consistent
method to estimate the decomposition of dynamic total factor productivity growth (TFP) in the presence of inefficiency is
developed which is constructed from an extension of the dynamic TFP growth, adjusted for deviations from the long-run equilibrium
within an adjustment-cost framework. The empirical case study is to U.S. electric utilities, which provides a measure to evaluate
how different electric utilities participate in the deregulation of electricity generation. TFP grew by 2.26% per annum with
growth attributed to the combined scale effects of 0.34%, the combined efficiency effects of 0.69%, and the technical change
effect of 1.22%. The dynamic TFP grew by 1.66% per annum for electric utilities located within states with the deregulation
plan and 3.30% per annum for those located outside. Electric utilities located within states with the deregulation plan increased
the outputs by improving technical and input allocative efficiencies more than those located outside of states with deregulation
plans.
相似文献
Spiro E. StefanouEmail: |
10.
The joint hypotheses of informationally efficient markets, transparent financial statements, and adequate accounting disclosure
suggest that announcements of changes in the accounting treatment of employee stock options from footnote disclosure to expense
recognition should not trigger stock price reactions because free-cash-flows will not change. Event study results from a sample
of 241 firms that announce such changes reveal statistically significant negative price changes followed by positive price
changes about equal in magnitude. We propose the learning, sophisticated investor, neglected firm, and firm size hypotheses
to explain the observed announcement-period stock price reaction.
相似文献
Ting-Heng ChuEmail: |
11.
This study introduces an Environmental Performance Index (EPI) to assess the performance of firms that produce both good and bad outputs. In the one good output one bad output case, the EPI simplifies to the ratio of good–bad output for period t + 1 and period t. After deriving the index, data for U.S. coal-fired power plants from 1985 to 1998 are used to demonstrate insights that the EPI can provide. We find that power plants with units participating in Phase I of the Acid Rain Program experience a dramatic improvement in their EPI during 1994–1995.
相似文献
Carl A. Pasurka Jr.Email: Phone: +202-566-2275Fax: +202-566-2373 |
12.
Sources of profit change for Telstra, Australia’s largest telecommunications firm, are examined. A new method allows for changes, in a firm’s profits to be broken down into separate effects due to productivity change, price changes, and growth in the firm’s size. This in turn allows us to calculate the distribution of the benefits of productivity improvements between consumers, labor, and shareholders. The results show that around half the benefits from Telstra’s productivity improvements from 1984 to 1994 were passed on to consumers in the form of real price reductions.
相似文献
Kevin J. FoxEmail: |
13.
Partial derivatives of production functions are necessary in many instances to characterize the technology of firms. We present here a general method to recover the first derivatives of the production function of a profit maximizing firm. The method is systematic and applies even when the optimization problem of the firm is subject to additional constraints. It allows researcher to recover returns to scale and technological progress in complex situations.
相似文献
Stéphane VigeantEmail: |
14.
Wendy Chapple Richard Harris Catherine J. Morrison Paul 《Journal of Productivity Analysis》2006,26(3):245-258
Manufacturing produces both good and “bad” outputs, such as waste, which have negative environmental effects. Economic (e.g., tax) and non-economic (e.g., reputation) incentives encourage firms to reduce waste. However, such practices are costly because decreases in output produced or increases in inputs used may accompany waste reduction. We employ a cost function approach to evaluate patterns of output and waste production and capital, labor, and materials use, for UK manufacturing plants. We find that costs of waste reduction generally imply increasing materials use and capital and labor input saving, but vary by county, region, and industry.
相似文献
Wendy ChappleEmail: |
15.
The 1990s were tumultuous times for the US Real Estate Investment Trusts (REITs) industry. Significant structural changes
occurred during the decade, especially after the 1993 Revenue Reconciliation Act, which tremendously boosted the flow of funds
into the system by allowing the participation of institutional investors in REITs. As a result, the industry experienced remarkable
asset growth during the decade, with a large number of initial public offerings and substantial increases in market capitalization.
Employing the Data Envelopment Analysis-type Malmquist index approach, this paper explores the impact of such environmental
changes on productivity growth, efficiency change, and technological progress of REITs. Our results indicate that while efficiency
of the REITs significantly increased, their average productivity declined and technology regressed during this decade. It
appears that the typical REIT has failed to improve technically, but exerted substantial effort to catch up with the best
practice ones relying mainly on aggressive growth strategies. However, our empirical results indicate that they might have
overextended themselves as most began to suffer from diseconomies of scale.
相似文献
Ihsan IsikEmail: |
16.
Isabel M. Correia Orlando Petiz 《The International Entrepreneurship and Management Journal》2007,3(2):145-157
This paper aims to assess if geographic proximity from universities enhances small firms’ performance, by means of knowledge
spillovers. A sample of micro data is used on 390 manufacturing firms and 11 public universities in Portugal. Performance
is measured by labour productivity. The estimation was made using OLS as well as Quantile Regression. Results seem to confirm
that both domains of knowledge do produce distinct effects, but there is no evidence that a firm’s performance improves with
the proximity to a university. Likewise, the quality of universities does not seem to influence the labour productivity of
firms.
相似文献
Orlando PetizEmail: |
17.
This article generalizes production risk from a single output production function to a multiple output cost frontier, which is able to examine input-oriented technical efficiencies and production risk simultaneously in the context of a panel data. Furthermore, the joint confidence interval estimates for technical efficiencies are constructed by means of multiple comparisons with the best approach. Whether taking production risk into account or not offers quite dissimilar implications in terms of the average technical efficiency measure and the identification of multiple efficient banks achieving the optimal cost frontier. It is suggested that inferences drawn on the basis of the confidence intervals of technical efficiency provide much more fruitful and insightful information than the point estimation alone. Bank specific risk parameters are found to be highly and positively correlated with fixed-effect estimates, implying that the more risk-averse a bank is, the more technically efficient it will be.
相似文献
Tong-Liang KaoEmail: |
18.
Productivity and efficiency of state-owned enterprises in China 总被引:1,自引:0,他引:1
Feng-Cheng Fu Chu-Ping C. Vijverberg Yong-Sheng Chen 《Journal of Productivity Analysis》2008,29(3):249-259
The purpose of this paper is to evaluate the variations in SOE efficiency and productivity from the perspectives of macroeconomic
fluctuations and systematic reform in China during 1986–2003. We use Data Envelopment Analysis to measure SOE efficiency.
Subsequently, we use the Malmquist Index of Productivity change to measure productivity growth. The empirical results show
that SOE efficiency and productivity exhibited obvious improvements during periods of strong systematic reform and a prosperous
economy. The systematic reform after 1998 had a clear-cut impact on SOE performance.
相似文献
Chu-Ping C. VijverbergEmail: |
19.
Subal C. Kumbhakar Luis Orea Ana Rodríguez-Álvarez Efthymios G. Tsionas 《Journal of Productivity Analysis》2007,27(2):87-100
In this paper, we estimate parametric input and output distance functions and discuss how to estimate a mixture/latent class
model (LCM) involving the output and input distance functions in the context of multi-input and multi-output production technology.
The proposed technique is applied to a panel data on European Railways (1971–1994). This model allows us to identify determinants
of the efficiency orientation, thereby providing useful information that can help researchers to choose between the input
and the output-oriented approaches. In addition, we develop cross-indices that can be used to compute input (output) technical
inefficiency from the estimates of output (input) distance function.
相似文献
Subal C. KumbhakarEmail: |
20.
The paper contributes to the explanation of the large differences in cross-country productivity performance by modelling and
testing the effects of social barriers to communication on productivity and capital accumulation. In an optimal growth model,
social barriers to communication, which impede the formation of knowledge connections, are shown to reduce both transitory
and steady-state levels of total factor productivity (TFP), per capita consumption and reproducible capital. Empirical testing
yields a robust and theoretically consistent result: linguistic barriers to communication reduce productivity and capital
accumulation. The findings provide an explanation for cross-country differences in TFP, and fresh insights into how productivity
‘catch up’ may be initiated.
相似文献
P. Dorian OwenEmail: |