Corporate governance in Germany : institutional background and empirical results

Corporate governance is currently a topic of great worldwide interest to academics, legislators, and practitioners. In addition to several academic articles, it has prompted active involvement of the OECD, the EU, the German Monopolkommission, the Bundestag, and several other institutions. Especially in comparison to the Anglo-American system, German corporate governance is characterized by lesser reliance on capital markets and outside investors, but a stronger reliance on large inside investors and financial institutions to achieve efficiency in the corporate sector. Since data on German corporations have become more easily available in recent years, the discussion has lately become more scientific and started to focus on studying the benefits and costs of the German system. The empirical results presented in this survey focus on the relation between ownership structure and firm performance in Germany. I summarize several empirical studies on this topic and put them into context to the institutional and legal environment in Germany. Due to data restrictions on unlisted firms, most results are based on corporations trading in official markets, representing the first-tier stock market in Germany. These firms have to publish large blockholdings exceeding 25% in their annual report. While this type of ownership data has been accessible for several years, information on voting control has only become available with the 1995 transposition of the European Union’s Transparency Directive into national law (Wertpapierhandelsgesetz, WpHG).

Download full text files

Export metadata

  • Export Bibtex
  • Export RIS

Additional Services

    Share in Twitter Search Google Scholar
Metadaten
Author:Ekkehart Boehmer
URN:urn:nbn:de:hebis:30-7786
Series (Serial Number)Arbeitspapiere // Johann-Wolfgang-Goethe-Universität, Institut für Bankrecht (078)
Document Type:Working Paper
Language:German
Date of Publication (online):11.04.2005
Year of first Publication:1999
Publishing Institution:Univ.-Bibliothek Frankfurt am Main
Source:Institut für Bankrecht, Arbeitspapiere 78
HeBIS PPN:19799573X
Institutes:Rechtswissenschaft
Dewey Decimal Classification:340 Recht
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen ohne Print on Demand

$Rev: 8725 $