Control transfers in corporate Germany: Their frequency, causes, and consequences

Köke, F. Jens

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URL:	https://ub-madoc.bib.uni-mannheim.de/518
URN:	urn:nbn:de:bsz:180-madoc-5181
Document Type:	Working paper
Year of publication:	2000
The title of a journal, publication series:	None
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 J63 G34 ,
Subject headings (SWD):	Deutschland , Eigentümer , Unternehmen , Management
Abstract:	This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely for firms with high leverage, while they are less likely for larger firms and firms with high ownership concentration. Only for listed firms poor performance is related to more frequent control transfers. Control transfers are followed by increased management turnover, and for listed firms also by asset divestitures and employee layoffs.
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