“…Although research revealed that the most efficient firms seem to have higher risks than inefficient firms, unambiguous results emerged about the performance of portfolios over time (Nguyen & Swanson, 2009;Frijns, Margaritis, & Psillaki, 2012). The relationship between efficiency and firm performances, measured by various proxies and analysed with different approaches, has also been addressed by focusing on several specific issues such as agency costs in publicly held corporations (Habib & Ljunqvist, 2005), firm size (Halkos & Tzeremes, 2007), service quality (Talluri, Kim, & Schoenherr, 2013) and managerial ability (Demerjian, Lev, & McVay, 2012).…”