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New Evidence on Ownership Structures in Germany

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Köke, F. New Evidence on Ownership Structures in Germany. Credit and Capital Markets – Kredit und Kapital, 34(2), 257-292. https://doi.org/10.3790/ccm.34.2.257
Köke, F. Jens "New Evidence on Ownership Structures in Germany" Credit and Capital Markets – Kredit und Kapital 34.2, 2001, 257-292. https://doi.org/10.3790/ccm.34.2.257
Köke, F. Jens (2001): New Evidence on Ownership Structures in Germany, in: Credit and Capital Markets – Kredit und Kapital, vol. 34, iss. 2, 257-292, [online] https://doi.org/10.3790/ccm.34.2.257

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New Evidence on Ownership Structures in Germany

Köke, F. Jens

Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 2 : pp. 257–292

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F. Jens Köke, Mannheim

References

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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)