New Evidence on Ownership Structures in Germany


Köke, F. Jens


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URL: http://ub-madoc.bib.uni-mannheim.de/583
URN: urn:nbn:de:bsz:180-madoc-5831
Document Type: Working paper
Year of publication: 1999
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 ,
Subject headings (SWD): Deutschland , Corporate Governance , Kapitalgesellschaft , Aktiengesellschaft
Abstract: Ownership structures are an important element of the theory explaining corporate governance. This study presents detailed descriptive evidence on the ownership structures of German manufacturing firms. It addresses several shortcomings of the previous German empirical literature: First, we study all legal forms of a Kapitalgesellschaft, firms that generally have a separation of ownership and control. We do not focus exclusively on the listed Aktiengesellschaft (AG) but include many non-listed firms. Second, we examine changes in the ownership structure. This is a new and important approach because these changes are frequently related to corporate performance. Third, we analyze the higher levels of ownership structures, i.e. ownership structures of the direct owners. Thereby we address an issue quant itatively which only recently became subject of empirical studies. Finally, we find that crossownership is of minor relevance in the German manufacturing sector. However, our measure of cross-ownership represents only a lower bound.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Köke, F. Jens (1999) New Evidence on Ownership Structures in Germany. Open Access [Working paper]
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