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Changes in Operational Efficiency and Firm Performance: A Frontier Analysis Approach


  • Accepted by Dan Segal. We thank two anonymous reviewers, Tae-Sik Ahn, Rajiv Banker, Larry Brown, Jong-Hag Choi, Lynn Hannan, Chris Ittner, Marilyn Johnson, Steve Orpurt, Arianna Pinello, Willie Reddic (discussant), Dan Segal, Robin Sickles, Ramgopal Venkataraman (discussant), Teri Yohn, Yong Zhang, and participants at the SNU-SMU-HKUST research camp, the 2011 AAA annual meeting, the 2011 FARS mid-year meeting, Georgia State University, and McGill University for their helpful comments and suggestions. Bok Baik and Joon Chae acknowledge financial support from the Institute of Management Research, Seoul National University.