The German corporate governance system has long been cited as the standard example of an insider-controlled and stakeholder-oriented system. We argue that despite important reforms and substantial changes of individual elements of the German corporate governance system, the main characteristics...

Until the end of the last decade, German banking and corporate governance and the financial system as a whole were characterized by a remarkable degree of stability. The most important characteristics of the German financial system were bank dominance of the entire financial sector, a strong...