Year: 2001
Author: Köke, F. Jens
Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 2 : pp. 257–292
Abstract
This study documents the ownership structures of large listed and non-listed German manufacturing firms as an important element of corporate governance. We find that shares are concentrated in the hands of few large shareholders. This limits agency problems resulting from a separation of ownership and control. Also, pyramid structures and cross-ownership exist but are not as widespread as commonly assumed. However, mostly the largest shareholder is another non-financial enterprise giving rise to a different kind of agency problem. But significant variation in the corporate ownership structures suggest that there is an active market for large share stakes which could act as a control device. (JEL G 32)
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/ccm.34.2.257
Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 2 : pp. 257–292
Published online: 2001-02
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 36
Author Details
-
Adams, M. (1994): Die Usurpation von Aktionärsbefugnissen mittels Ringverflechtung in der “Deutschland AG”, Die Aktiengesellschaft 4, 148-158.
Google Scholar -
Baums, T. and C. Fraune (1995): Institutionelle Anleger und Publikumsaktiengesellschaft: eine empirische Untersuchung, Die Aktiengesellschaft 40, 97-112.
Google Scholar -
Bebchuk, L., R. Kraakman and G. Triantis (1998): Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Creation and Agency Costs of Separating Control From Cash Flow Rights, NBER Working Paper No. 6951.
Google Scholar -
Becht, M. (1997): Beneficial Ownership of Listed Companies in the United States, Working Paper, Universite Libre de Bruxelles.
Google Scholar -
Becht, M. and E. Böhmer (1999): Transparency of Ownership and Control in Germany, Working Paper, Universite Libre de Bruxelles.
Google Scholar -
Berle, A. A. and G. C. Means (1932): The Modern Corporation and Private Property, New York.
Google Scholar