Ownership Structure and Building Society Efficiency by Tiffany Hutcheson †
نویسنده
چکیده
This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutually-owned societies were found to be, on average, more cost efficient than those under stock ownership. Moreover, mutual and share-owned societies have significantly different cost functions or production technologies. The results are consistent with the US results of Mester (1993).
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