Estimates of the Productivity of Management Practices in Local Agribusiness Firms
1964
Baumel, C Phillip | Fuller, Wayne A.
In this study, the level of income and profit of a sample of firms was correlated with indices of management practices and of environment. The indices were included in a production function and a reduced form equation. Management indices were constructed for areas of management defined as personnel and member relations, retail credit, inventory and wholesale merchandising, and strategic planning and sales management. Environmental indices were constructed for personal characteristics of the manager, competition and the board of directors. The indices made a significant contribution to the explanation of both total income and return on fixed investment. The results suggest that it is feasible to construct measures of management behavior and to associate these measures with firm profitability.
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