Hat sich die Orientierung am Shareholder Value weltweit durchgesetzt? Diese Untersuchung der über 100 größten börsennotierten Aktiengesellschaften in Deutschland zeigt erstmals, dass sich nur eine verschwindende Minderheit zur Bevorzugung der Aktionäre bekennt. Vermeidet man diesen Begriff...

Using a data set for 162 largest Hungarian firms during the period of 1994-1999 this paper explores the determinants of equity shares held by both foreign investors and by Hungarian corporations. We find evidence of a post-privatisation evolution towards more homogeneous equity structures, where...

Der Aufsatz leistet einen Beitrag zur Diskussion um zusätzliche Beschränkungen der Beteiligung und Mitwirkung von Investoren an Aktiengesellschaften. Teil 1 stellt die Diskussion um die Beteiligung ausländischer Staatsfonds und die Einflussnahme von Hedge Fonds an deutschen Unternehmen in den...

Within the context of debates over national varieties of capitalism, this paper discusses the shareholder value orientation of the 40 largest listed German companies. Three dimensions of shareholder value are distinguished: the communicative dimension, the operative dimension and the dimension...

This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...

Basierend auf einem neuen, die deutschen Prime-Standard-Unternehmen für die Jahre 2005 bis 2007 umfassenden Datensatz untersuchen wir die Determinanten der Höhe der Vorstandsvergütung. Dabei unterscheiden wir drei Kategorien möglicher Einflussfaktoren: Unternehmens-, Performance- und...

This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual class stock firms using the voting premium...

We provide an analysis of corporate governance networks implied by members of board of directors of 319 companies listed in Istanbul Stock Exchange (ISE) for the year 2007. Our configuration yields a bipartite network for which we provide small world statistics in addition to the usual measures...

This paper explores the reasons why an increasing number of firms in continental Europe are unifying their shares into a single class, and analyzes the consequences of this restructuring. Interestingly, recent changes in corporate governance environment have created a situation when the reasons...

This paper uses clinical evidence to show how the German system of corporate control and governance is both more active and more hostile than has previously been suggested. It provides a complete breakdown of ownership and take-over defence patterns in German listed companies and finds highly...