Market power or relative efficiency? An examination of the profitability performance in the Greek food and beverage sector
1996
Michael, M.
The food and beverage sector is one of the most important sectors is the Greek economy from both efficiency and the profitability performance point of view. The thesis examines how much is due to differences in the performance. Efficiency is measured as the ratio of actual output to potentional output. This method is more direct although less elegant than those that estimate efficiency from the residuals derived from a production function. The simultaneous nature of the structure conduct performance was taken into account by estimating a system of equations. The two stage least squares results provided some support of the hypothesis that firm effects and industry effects are both important and act simultaneously through structural and conduct elements. The regression results also suggested that firm profitability is negatively affected by market share and negatively affected by minimum efficient size.
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