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Schwiete, M., Weigand, J. Bankbeteiligungen und das Verschuldungsverhalten deutscher Unternehmen. Credit and Capital Markets – Kredit und Kapital, 30(1), 1-34. https://doi.org/10.3790/ccm.30.1.1
Schwiete, Mark and Weigand, Jürgen "Bankbeteiligungen und das Verschuldungsverhalten deutscher Unternehmen" Credit and Capital Markets – Kredit und Kapital 30.1, 1997, 1-34. https://doi.org/10.3790/ccm.30.1.1
Schwiete, Mark/Weigand, Jürgen (1997): Bankbeteiligungen und das Verschuldungsverhalten deutscher Unternehmen, in: Credit and Capital Markets – Kredit und Kapital, vol. 30, iss. 1, 1-34, [online] https://doi.org/10.3790/ccm.30.1.1

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Bankbeteiligungen und das Verschuldungsverhalten deutscher Unternehmen

Schwiete, Mark | Weigand, Jürgen

Credit and Capital Markets – Kredit und Kapital, Vol. 30 (1997), Iss. 1 : pp. 1–34

1 Citations (CrossRef)

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Article Details

Author Details

Mark Schwiete, Nürnberg

Jürgen Weigand, Nürnberg

Cited By

  1. Financial Structure and Stability

    Evolution of Financial Systems: Convergence Towards Higher or Lower Stability?

    Neuberger, Doris

    2000

    https://doi.org/10.1007/978-3-642-57674-4_2 [Citations: 5]

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Abstract

Bank Equity Participations and the Corporate Financial Behaviour of German Firms

The paper discusses the financial behaviour of German stock corporations. Starting from agency theory, which attributes real deviations from Modigliani / Miller’s theorem of the irrelevance of the financial policy to asymmetric information and the existence of agency costs, empirically testable hypotheses are derived for potential determinants of corporate leverage. Special account is taken of fea- tures of the German financial system, such as a bank’s possibility of acquiring equity participations in industrial enterprises. For the sample of German stock corporations the results of regression analysis are significantly different from those reported in the literature for US firms. The financial behaviour of the German sample corporations resembles that of Japanese corporations. The empirical findings indicate that the corporate financial behaviour in bank-oriented financial systems is different from that in market-oriented systems. However, these results are not due to bank participations. Other factors like close long-term bank-firm relationships appear to be more important