Dynamics in ownership and firm survival : evidence from corporate Germany

Heiss, Florian ; Köke, F. Jens

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URL: https://ub-madoc.bib.uni-mannheim.de/309
URN: urn:nbn:de:bsz:180-madoc-3097
Document Type: Working paper
Year of publication: 2002
The title of a journal, publication series: None
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 330 Economics
Classification: JEL: G34 G32 G33 ,
Subject headings (SWD): Corporate Governance , Unternehmensentwicklung , Konkurs
Abstract: This study investigates the determinants of changes in corporate ownership and firm tailure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when perfomance is poor, financial pressure is high , and firm size is small. Cross-ownership deters control changes, and ownership concentration has a non-linear impact on the likelihood of control transfer. In contrast to corporate shareholders, private shareholders tend to sell control blocks when financial pressure increases.
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