Although there has been an intensive debate on the relative merits of different systems of corporate governance, empirical evidence on the link between corporate governance and firm performance almost exclusively refers to the market-oriented Anglo-Saxon system. This paper therefore investigates...

Using a panel data set of 361 German corporations for the period 1991 to 1996 we test the hypothesis that firms with more efficient governance structures have higher profitability. To determine efficiency we compare firms with respect to ownership concentration, the identity of owners, capital...

Using a panel data set of 361 German corporations for the period 1991-1996 we test the hypothesis that firms with more efficient governance structures have higher profitabilities. To determine efficiency we compare firms with respect to ownership concentration, the identity of owners, capital...

Although there has been an intensive debate on the relative merits of different sys-tems of corporate governance, empirical evidence on the link between corporate governance andfirm performance almost exclusively refers to the market-oriented Anglo-Saxon system. This papertherefore investigates...

Bankbeteiligungen und das Verschuldungsverhalten deutscher Unternehmen Der Beitrag beschäftigt sich mit dem Finanzierungsverhalten deutscher Aktiengesellschaften. Ausgehend von der Agency-Theorie, die reale Abweichungen von Modigliani/Millers Irrelevanztheorem der Finanzierungsart auf...

Due to potential abuse of the market power at wholesale and retail market level for natural gas the Federal Cartel Office in Germany prohibited further forward integration of gas importing firms with retail incumbents from 2005/2006 to 2010. The Authority argued that the very few dominant gas...

Nach dem Vorbild börsennotierter britischer Vereine wird es auch deutschen Profifußballvereinen in absehbarer Zukunft möglich sein, sich in Aktiengesellschaften umzuwandeln. Der anschließende Börsengang soll dann den nach den jüngsten Entwicklungen im Profifußballbereich gestiegenen...

The anomalous inverse concentration-price relationship observed by some researchers in the newspaper market has been attributed to scale economies. In this paper we suggest that the newspaper's (or magazine's) double-product feature (i.e., news supplied to readers and advertising space supplied...

Die bundesdeutschen Fußballvereine weisen ein Umsatzvolumen auf, das dem mittelständischer Unternehmen entspricht. Gleichzeitig zeigt die hohe Verschuldung vieler Vereine, daß sie diesen Anforderungen nur unzureichend gewachsen sind. In diesem Beitrag soll anhand statistischer Auswertungen...