Efficiency, leverage and profitability: The case of Greek manufacturing sector

Christos Floros, Fotini Voulgaris

Research output: Contribution to journalArticle


In this article, we analyse manufacturing sector efficiency in Greece over the period 1996-2011. We compute DEA efficiency scores which we combine with a Tobit analysis to see whether efficiency scores play a role in explaining profitability and leverage. The results from 27 sub-sectors show that: 1) leverage has no effect on sectors' performance in terms of technical efficiency; 2) sub-sectors with a high level of technical efficiency enjoy a higher level of profitability. We argue that competitiveness may be an important indication for Greek firms.

Original languageEnglish
Pages (from-to)385-401
Number of pages17
JournalGlobal Business and Economics Review
Issue number3-4
Publication statusPublished - 2016


  • Data envelopment analysis
  • DEA
  • Efficiency
  • Greece
  • Leverage
  • Manufacturing sector
  • Profitability
  • Tobit

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