Under the variable return to scale specification, technical efficiency decreased to 90% in 2007 from 94% in 1994. In order to explain the factors influencing technical efficiency, the efficiency scores estimated in this study were regressed by using specific variables of sample firms and industry context.
The results of the regression analysis show statistically significant positive impacts on performance are factors like market size, productive flexibility and being a member of a firm group, with size and innovation activity of the firm being negative influences.
In contrast, the integration of Greece into European Economic and Monetary Union and several other capabilities of firms, related to age, vertical integration, capital intensity and skill of employees, did not have any influence. These results may help managers and policy-makers to determine adequate policies and practices for achieving performance.
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