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PRIVATE SHAREHOLDERS AND EFFICIENCY OF GERMAN MUNICIPAL UTILITIES
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Christian Kammlott, Jens J. Krüger 
, Dirk Schiereck
Abstract
The aim of this paper is to investigate whether and to what extent ownership structure affects cost efficiency in a sample of mainly state-owned but partially privately controlled municipal utilities in Germany. Using an empirical approach which permits the joint measurement of efficiency and assessment of the effect of ownership structure we find significantly, sizeable and robustly larger efficiency of utilities when private control is present. The findings show that the mere presence of private shareholders is suitable to improve efficiency, irrespective of the number of the shareholders.
Keywords: Efficiency Measurement, Municipal Utilities, Private Control
Date received: 12 September 2016
Date accepted: 12 December 2016
How to cite this paper: Kammlott, C., Krüger, J., & Schiereck, D. (2017). Private shareholders and efficiency of German municipal utilities. Corporate Ownership & Control, 14(2), 137-141. https://doi.org/10.22495/cocv14i2art13
