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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10010297767
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
contrast to corporate shareholders, private shareholders tend to sell control blocks when financial pressure increases. …
Persistent link: https://www.econbiz.de/10010297800
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Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?
Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - 2010
Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders … are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in … family and non-family controlling shareholders and tensions within the founding family are important determinants of payout …
Persistent link: https://www.econbiz.de/10010305703
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Capital structure decisions in family firms: empirical evidence from a bank-based economy
Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009
This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...
Persistent link: https://www.econbiz.de/10010305690
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On the relevance of ownership structure in determining the maturity of debt
Marchica, Maria - 2008
identity of shareholders. Robustness tests provide support for the hypothesis that less diversified shareholders tend to trade …
Persistent link: https://www.econbiz.de/10010277921
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Control transfers in corporate Germany: their frequency, causes and consequences
Köke, Jens - 2000
This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...
Persistent link: https://www.econbiz.de/10010297730
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Monitoring managers: does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed 'hard' information about the board's...
Persistent link: https://www.econbiz.de/10010272503
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The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany
Achleitner, Ann-Kristin; Kaserer, Christoph; … - 2009
Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an...
Persistent link: https://www.econbiz.de/10010305735
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Does Culture Affect Corporate Governance?
Gantenbein, Pascal; Volonté, Christophe - 2012
The legal environment is one important determinant of corporate governance. However, within legal families, also cultural differences can explain the level of corporate governance to some extent. We analyze this relationship for the case of Switzerland. Swiss firms are mainly located in two...
Persistent link: https://www.econbiz.de/10011390668
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Benefits of Control, Capital Structure and Company Growth
Mueller, Elisabeth - 2005
This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...
Persistent link: https://www.econbiz.de/10010297463