-shaped relationship between the degree of managerial ownership and R&D. Thus, managers become entrenched, i.e. powerful enough to pursue …

concentration distribution that is dominated by a 'private benefits of control' problem with rising ownership concentration. …This paper analyzes the relationship of ownership concentration and firm performance in the context of different … 2009 we find an inverted u-shaped relation of ownership concentration and firm performance for those firms that operate in …

Germany?s bank-based system of internal control, ownership concentration is harmful for productivity growth. …

deters control changes, and ownership concentration has a non-linear impact on the likelihood of control transfer. In …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 …

We analyze the relationship between managerial ownership and company performance, testing the incentive and … managerial ownership up to around 40 percent. We do not find a significant entrenchment effect, possibly because at levels at …

ownership (control transfers). Such changes are more likely for firms with high leverage, while they are less likely for larger …This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency … firms and firms with high ownership concentration. Only for listed firms poor performance is related to more frequent …

have a separation of ownership and control. We do not focus exclusively on the listed Aktiengesellschaft (AG) but include …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 …