different measures produce very different results. But, whichever measure is used, taking account of pyramid ownership … ultimate control rights measures are adequate on their own, suggesting that further work on ownership structure and pyramids is …

ownership structure of 826 listed corporations and find that government shareholding is surprisingly large. Its effect on … shareholding stakes increase, but beyond this corporate value begins to increase. We interpret this in terms of ownership …

This paper demonstrates that the current literature on cross-ownership among firms underestimates the true degree of … show that under cross-ownership the voting rights associated with ownership are typically underestimated. We demonstrate by … example that control and ownership of dividend rights may be entirely separated, and that multiple equilibria may exist in …

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

This study investigates the determinants of changes in corporate ownership and firm failure, taking into account … likely to fail or to be sold when performance is poor, financial pressure is high, and firm size is small. Cross ownership … deters control changes, and ownership concentration has a non-linear impact on the likelihood of control transfer. In …

the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the … contrast, the influence of ownership and supervisory board representation is insignificant in almost all of our models. In line …

-float are likely to grant stock-based long-term incentives. Furthermore, we find that high inside ownership and large … blockholders are negatively correlated with the probability of granting stock-based long-term incentives. Finally, we find that an …

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders … 1995 to 2006 period from Germany, an economy that is traditionally characterized by concentrated ownership structures and … total payouts. This result is driven by family ownership rather than family management. Conflicts between the founding …

listed companies. This article introduces the concept of an ownership-based style index of listed firms in Germany, the …