Who controls Germany? : An exploratory analysis

  • I analyze the most powerful shareholders in Germany to illustrate the concentration of control over listed corporations. Compared to other developed economies, the German stock market is dominated by large shareholders. I show that 77% of the median firm’s voting rights arecontrolled by large blockholders. This corresponds to 47% of the market value of all firms listed in Germany’s official markets. About two thirds of this amount is controlled by banks, industrial firms, holdings, and insurance companies. I show that due to current legislation it is clear for neither group who ultimate exerts control over the shareholding firm itself. For the remaining blockholders, only blocks controlled by voting pools and individuals can be traced back to the highest level of ownership. In the aggregate, both groups control only 5.6% of all reported blocks. The German government controls 8%, and it is not clear who ultimately is responsible for the consequences of decisions.

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Author:Ekkehart Boehmer
Parent Title (English):Institut für Handels- und Wirtschaftsrecht (Osnabrück): Arbeitspapiere ; Nr. 71
Parent Title (German):Institut für Bankrecht (Frankfurt, Main): Arbeitspapiere ; Nr. 71
Series (Serial Number):Arbeitspapiere / Johann-Wolfgang-Goethe-Universität, Institut für Bankrecht (71)
Publisher:Institut für Handels- und Wirtschaftsrecht
Place of publication:Osnabrück
Document Type:Working Paper
Year of Completion:1998
Year of first Publication:1998
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2005/04/11
GND Keyword:Deutschland; Aktionärsstruktur; Finanzkapital; Stimmrecht
Page Number:54
Institutes:Rechtswissenschaft / Rechtswissenschaft
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
3 Sozialwissenschaften / 34 Recht / 340 Recht
Licence (German):License LogoDeutsches Urheberrecht