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/453
URN: urn:nbn:de:bsz:180-madoc-4532
Document Type: Working paper
Year of publication: 2001
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G32 G33 G34 ,
Subject headings (SWD): Deutschland , Gemeinsamer Betrieb , Übernahme
Abstract: This study investigates the determinants of changes in corporate ownership and firm failure, 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 performance 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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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Heiss, Florian ; Köke, F. Jens (2001) Dynamics in Ownership and Firm Survival: Evidence from Corporate Germany. Open Access [Working paper]
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