TY  - UNPD
A1  - Boehmer, Ekkehart
T1  - Who controls Germany? : An exploratory analysis
T2  - Institut für Handels- und Wirtschaftsrecht (Osnabrück): Arbeitspapiere ; Nr. 71
T2  - Institut für Bankrecht (Frankfurt, Main): Arbeitspapiere ; Nr. 71
N2  - 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.
T3  - Arbeitspapiere / Johann-Wolfgang-Goethe-Universität, Institut für Bankrecht - 71 
KW  - Deutschland
KW  - Aktionärsstruktur
KW  - Finanzkapital
KW  - Stimmrecht
Y1  - 1998
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4719
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-7855
UR  - http://www.jura.uni-frankfurt.de/42780841/arbeitspapiere
PB  - Institut für Handels- und Wirtschaftsrecht
CY  - Osnabrück
ER  -